Global demand to keep UPL's sales growth trajectory strong
Business Standard|November 02, 2021
Despite rising debt and margin pressures, the company has maintained its FY22 guidance
RAM PRASAD

The September quarter (Q2) results of India's largest crop protection company, UPL, were largely in line with brokerage estimates, barring the pressure on gross margins and rise in debt.

These two factors led to a downward revision of earnings estimates for financial year 2021-22 (FY22), leading to a 2 per cent decline in the stock price.

In a tough environment, the company posted better-than-expected revenue growth with most markets seeing double-digit growth. Sales growth in Latin America, its largest market, was a robust 20 per cent, led by both higher volumes and realizations in Brazil, which was up 27 per cent. Growth in North America and Europe, too, was strong at 24-31 per cent.

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