UPL · Chemicals
UPL Ltd. reported revenue of ₹10,907 cr for October to December 2024, +10.3% on the year and −1.7% on the quarter.
Operating profit (EBITDA) was ₹1,678 cr, a margin of 15.4%, +1,471 bps on the year and +441 bps on the quarter. It is the widest margin of the last 7 quarters (range 0.7% to 15.4%). Operating costs grew −6.0% against revenue growth of +10.3%, so more of each rupee of sales reached operating profit.
The company swung to a net profit of ₹853 cr from a loss of ₹1,607 cr a year earlier, with earnings per share of ₹9.81.
Agri inputs are seasonal and move with the monsoon and with subsidy payments, so quarters are best compared with the same quarter a year earlier. The quarterly statements do not carry volumes, the monsoon and subsidy receivables; those come with the filing read.
On earnings per share of ₹0.48 over the last four quarters, the stock at ₹534.65 trades at 1,113.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Turned profitable from a loss a year ago.
Net profit ₹853 cr against a loss of −₹1,607 cr.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Tax rate lifting profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹9,887 cr | ₹14,078 cr | ₹9,067 cr | ₹11,090 cr | ₹10,907 cr | ₹15,573 cr | ₹9,216 cr | ₹12,019 cr | ₹12,269 cr | ₹18,335 cr | ₹10,181 cr | ₹11,860 cr |
| YoY | — | — | +1% | +9% | +10% | +11% | +2% | +8% | +12% | +18% | +10% | −1% |
| EBITDA margin | 0.7% | 13.1% | 11.8% | 11.0% | 15.4% | 20.3% | 15.1% | 16.6% | 18.2% | 19.0% | 14.2% | 18.5% |
| Other income, % of PBT | — | 220% | — | — | 27% | −12% | — | 32% | 5% | 9% | — | 30% |
| Exceptional items | — | — | — | — | — | — | — | −₹142 cr | — | — | ₹9.0 cr | ₹1.0 cr |
| Tax rate | — | — | — | — | — | 22% | — | 22% | 27% | 32% | — | 27% |
| Net profit | −₹1,607 cr | −₹80.0 cr | −₹527 cr | −₹585 cr | ₹853 cr | ₹1,079 cr | −₹176 cr | ₹612 cr | ₹490 cr | ₹1,294 cr | −₹73.0 cr | ₹452 cr |
| YoY | — | — | −617% | — | — | — | — | — | −43% | +20% | — | −26% |
| Core profit YoY | — | — | — | — | — | — | — | — | +144% | +12% | — | −37% |
| EPS | −₹14.41 | ₹0.47 | −₹4.55 | −₹5.25 | ₹9.81 | ₹10.61 | −₹1.04 | ₹6.75 | ₹4.70 | ₹12.57 | ₹0.12 | ₹4.99 |
| Flags | · | 1 | 1 | ✓ | ✓ | 1 | ✓ | 1 | ✓ | ✓ | ✓ | 3 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
UPL Ltd. reported revenue of ₹10,907 cr (+10.3% on the year) and net profit of ₹853 cr (— on the year) for October to December 2024.
None of the 5 checks that could run raised a question.
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