UPL Q4 2024 Results: Net Loss of ₹80 cr, and Revenue down by 15% on a YOY basis

Synopsis

UPL announced its quarterly results for the period ending in March 2024 on 13th May. The company reported a net loss of ₹80 cr for Q4 FY2024. Its revenue for Q4 FY2024 declined by 15.35% on a YOY basis reaching ₹14204 cr. PAT margin stood at -0.06% for Q4 FY2024.

Quarter Result Performance

UPL ’s revenue for Q4 FY2024 decreased by 15.35% on a YOY basis, reaching ₹14204 cr from ₹16780 cr in Q4 FY2023. However, the quarterly growth in revenue of the company increased by 41.50%. UPL reported a net loss of ₹80 cr for Q4 FY2024 from a profit of ₹1080 cr in Q4 FY2023, which is a decrease of 107.41%. On a quarterly basis, the net profit improved by 95.02%.

For the full financial year ending in March 2024, the net loss stood at ₹1878 cr compared to a profit of ₹4414 cr in FY 2023. For FY 2024, its revenue stood at ₹43581 cr compared to ₹54053 cr in FY 2023. EBITDA for Q4 FY2024 was ₹1933 cr slashed by 36% on a YOY basis from ₹3030 cr for the same period in FY2023.

Commenting on the company’s result announcement, Mike Frank, CEO, UPL said, “We delivered significantly improved financial results in Q4 versus the two preceding quarters, inspite of the prevailing volatile and challenging market conditions. As compared to Q3, volumes recovered well and were in-line with LY, largely led by the strong performance of our high-margin differentiated and sustainable portfolio, which contributed 36% of crop protection revenue vs 29% LY. Our recent launches of Evolution, Feroce and Shenzi did exceedingly well, growing volumes by >50%.”

“In addition, Europe and Rest of the World regions, had a strong performance posting double-digit growth. 2 Contribution margins were in-line with last year, adjusted for the transitory impact of high-cost inventory liquidation and higher rebates to support channel partne₹Our cost optimization efforts paid off as we reduced Q4 SG&A expenses by 17% YoY. Furthermore, Advanta, our global seeds platform continued to see robust traction delivering revenue growth of 34% and 38% respectively for the quarter. As we look ahead to FY25, we expect a return to growth and normalization in margins driven by the agchem market returning to normality. Further, our foremost priority remains to deleverage our balance sheet which we plan to achieve through operational cash flows, completion of rights issue, and pursuing capital raise opportunities within our platforms.” he added.

About UPL

UPL Limited is a global leader in sustainable agricultural solutions, providing a wide range of products and services to enhance farm productivity and food safety. With a presence in almost 140 countries and a significant role in the agriculture industry, UPL boasts over 14,000 product registrations, serving as a testament to its extensive reach and expertise in the field. Through its OpenAg® network, UPL champions an open agriculture system that aims for sustainable growth without limits or borders, reflecting its vision for a future where farming is more sustainable, inclusive, and productive.