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UPL Announces Q4 Results – Sales up 16% and EBITDA up 10%



Sales up 16% to Rs 53,576 crore and EBITDA up 10% to Rs 11,178 crore in FY23

Reduced Net Debt by $440 Mn to $2.06 Bn driven by the significant increase in operating cash flows


MUMBAI, INDIA, May 8, 2023 – UPL Ltd. (NSE: UPL & BSE: 512070, LSE: UPLL), today reported financial results for the fourth quarter of FY23 (Jan-Mar 2023).

Financial Performance Update

INR crore

(Unless otherwise stated)

Q4 FY23 Q4 FY22 YoY % FY23 FY22 YoY %
Revenue 16,569 15,860 4% 53,576 46,240 16%
EBITDA 3,033 3,591 -16% 11,178 10,165 10%
EBITDA Margin (%) 18.3% 22.6% -338 bps 20.9% 22.0% -112 bps
Net Profit 792 1,379 -43% 3,569 3,626 -2%
  • Q4FY23 Revenue grew 4% YoY to INR 16,569 crore. The quarter was impacted by rapid decline in product prices and delays in planting season that resulted in headwinds for product placements
  • FY23 Revenue grew by 16% YoY to INR 53,576 crore, led by better product realizations (+10%), favourable currency impact (+5%) and flat volumes
  • FY23 EBITDA grew by 10% YoY to INR 11,178 crore as against INR 10,165 crore in FY22. EBITDA margins were lower mainly due to weaker-than-expected performance in Q4 impacted by headwinds in the post-patent space, which offset the healthy performance delivered during the first nine months

Commenting on the performance, Mr. Jai Shroff, Chairman and Group CEO – UPL Ltd., said “We delivered a resilient set of results for FY23 despite facing significant headwinds in the final quarter. Thanks to the dedication, agility, and tenacity of our teams, we were able to deliver on most of our commitments.

We reduced our gross debt by over $600 Mn and net debt by $440 Mn driven by improved cash flow from operations and a leaner working capital cycle.

In-line with our priority of creating shareholder value, we created distinct pure play platforms during the year to bring in enhanced focus and operational freedom to pursue independent growth strategies thereby unleashing the growth potential of each of our distinct platforms.

Going forward, as we look ahead to FY24, we are well-positioned to deal with the market headwinds and deliver better profitability growth. In the longer-term, we remain confident of achieving our growth ambitions and transforming the food value chain with emphasis on sustainability.”

Mike Frank, CEO – UPL Global Crop Protection, said “FY2023 was a tale of two distinct periods, our performance in the first nine months delivered >20% growth in Revenue and EBITDA. The fourth quarter was an unusual one with pricing pressure and delayed purchases by channel in the post-patent space due to oversupply of certain molecules. Our focus in the last quarter was to grow share in key markets, liquidating most of our high-cost inventory, closely manage working capital and smartly set-up our inventory position for the next year.

 As a result, given our lean inventory position, we are well-placed to deal with the challenging market conditions which are likely to persist for first half of FY24, but also to benefit once the market begins to normalize thereafter. Backed by our superior manufacturing and product innovation capabilities, we remain confident of growing significantly faster than the market in FY24 and beyond “

Regional Performance Update

Region (INR crore) Q4 FY23 Q4 FY22 YoY % Chg. FY23 FY22 YoY % Chg.
Latin America 6,444 5,761 12% 21,975 18,039 22%
Europe 2,800 2,629 7% 7,324 6,893 6%
North America 3,009 3,512 -14% 8,735 7,808 12%
India 1,588 1,384 15% 6,539 5,687 15%
Rest of the World 2,728 2,575 6% 9,002 7,812 15%
Total 16,569 15,860 4% 53,576 46,240 16%


Debt Update

During the year, the company generated strong cash flows and utilized it towards deleveraging the balance sheet and returning cash to shareholders.  The gross debt was reduced by $617 Mn and net debt by US$ 440 Mn (Net Debt of $2.06 Bn as of 31st March 2023).

Other Developments for the Quarter:

  • UPL’s GHG emission reduction commitments have been approved by Science Based Targets initiative (SBTi) in-line with below 2°C global temperature rise trajectory. As a part of this, UPL has committed to reduce scope 1 and scope 2 GHG emissions by 63% per ton of production by FY2035 from FY2020 base year and scope 3 emission by 42% per ton of production over same timeframe
  • UPL won KPMG India ESG Excellence Awards in the category for Environment Initiatives in Energy, Natural Resources and Chemicals

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