Business
UPL LTD – Q3FY25 RESULTS – Q3FY25 Revenue at ₹10,907 crore and EBITDA at ₹2,163 crore
MUMBAI, INDIA, January 31, 2025 – UPL Ltd. (NSE: UPL & BSE: 512070, LSE: UPLL), today reported financial results for the third quarter and nine months ended December 31, 2024.
Financial Performance Update
| (₹ Crore) | Q3FY25 | Q3FY24 | YoY % | 9MFY25 | 9MFY24 | YoY% |
| Revenue | 10,907 | 9,887 | 10% | 31,064 | 29,020 | 7% |
| Contribution Profit | 4,476 | 2,689 | 66% | 12,239 | 10,847 | 13% |
| Contribution Margin | 41.0% | 27.2% | 1,380bps | 39.4% | 37.4% | 200bps |
| EBITDA | 2,163 | 416 | 420% | 4,884 | 3,583 | 36% |
| EBITDA margin | 19.8% | 4.2% | 1,560bps | 15.7% | 12.3% | 340bps |
| Net Profit* | 828 | (1,217) | n.a. | 1 | (1,240) | n.a. |
Note: *Net Profit attributable to equity shareholders of the company
- Revenue for the third quarter was up by 10%, driven by 9% increase in volumes, 5% increase in price and 4% decline due to Fx, mainly in Brazil.
- Contribution margin increase led by product mix, rebate normalization and COGS improvement
- Strong performance with accretive margins in differentiated and sustainable segment
- Overall robust performance in seeds business, driven by grain sorghum, sunflower and corn
- Net Debt lower by $745M vs. last year; $363M increase in net debt vs. Mar ’24, significantly lower than ~$1.7Bn increase over the same period last year
Commenting on the Q3FY25 performance, Jai Shroff, Chairman and Group CEO, said “We are seeing strong bounce back versus last year, with normalization of business, and recovery of volumes and prices. This has helped in regaining our contribution margins back to our previous higher levels.
Through strong focus, the team has done a commendable job in bringing down the working capital, resulting in a significant reduction of our net debt versus September, 2024.
With this strong performance, we are confident of delivering our EBITDA and free cash flow guidance for the full year.”
Mike Frank, CEO, UPL Corporation Ltd., said: “The global crop protection market continues to rebound as farmers and dealer buying patterns are now reset. Our volume growth of 14% in this past quarter demonstrates continued strong demand across regions, and our ability to increase market share.
Through our focus on customers, driven by investments in marketing excellence, new launches and differentiated solutions, we have improved our margins, as compared to the last few quarters. We expect benefits from this to continue in Q4 as well as in the next financial year”
Regional Performance Update
| Revenue (₹ Crore) | Q3FY25 | Q3FY24 | YoY % | 9MFY25 | 9MFY24 | YoY% |
| Latin America | 4,815 | 4,287 | 12% | 12,517 | 12,284 | 2% |
| Europe | 1,285 | 1,006 | 28% | 4,078 | 3,529 | 16% |
| Rest of the World | 2,131 | 2,744 | -22% | 6,557 | 6,538 | 0% |
| North America | 1,571 | 990 | 59% | 3,365 | 2,368 | 42% |
| India | 1,105 | 860 | 28% | 4,548 | 4,301 | 6% |
| Total | 10,907 | 9,887 | 10% | 31,064 | 29,020 | 7% |
The presentation will be available on the company website at https://www.upl-ltd.com/investors/financial-results-and-reports/financial-results
