Financials UPL Limited

Equities

UNITEDPHOS

INE628A01036

Agricultural Chemicals

Market Closed - Bombay S.E. Other stock markets 06:28:57 2024-04-26 am EDT			5-day change	1st Jan Change
508.5 ^INR	+0.51%		+4.41%	-13.45%

Apr. 23	UPL Limited completed the acquisition of Cortevas Mancozeb Business from Corteva, Inc..	CI
Mar. 28	UPL Limited(NSEI:UPL) dropped from Nifty 50	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	486,858	249,348	490,670	588,003	538,523	381,684	-	-
Enterprise Value (EV) ¹	743,838	466,368	678,610	770,143	716,483	597,066	569,827	556,205
P/E ratio	33.7 x	14 x	17.6 x	16.8 x	15.7 x	-39.7 x	18 x	11.3 x
Yield	0.84%	1.84%	1.56%	1.3%	1.39%	1.57%	1.85%	1.99%
Capitalization / Revenue	2.23 x	0.7 x	1.27 x	1.27 x	1.01 x	0.91 x	0.79 x	0.75 x
EV / Revenue	3.41 x	1.3 x	1.75 x	1.67 x	1.34 x	1.42 x	1.18 x	1.09 x
EV / EBITDA	18.1 x	6.56 x	7.93 x	8.08 x	6.42 x	11.9 x	6.54 x	5.5 x
EV / FCF	75.4 x	6.42 x	12.1 x	17.2 x	11.8 x	15.9 x	10.7 x	9.09 x
FCF Yield	1.33%	15.6%	8.24%	5.81%	8.48%	6.28%	9.36%	11%
Price to Book	3.33 x	1.29 x	2.74 x	2.72 x	2 x	1.39 x	1.29 x	1.19 x
Nbr of stocks (in thousands)	763,899	763,933	764,045	763,938	750,608	750,608	-	-
Reference price ²	637.3	326.4	642.2	769.7	717.4	508.5	508.5	508.5
Announcement Date	5/17/19	5/22/20	5/12/21	5/9/22	5/8/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	218,370	357,560	386,940	462,400	535,760	421,252	482,455	512,181
EBITDA ¹	41,120	71,040	85,590	95,290	111,600	50,300	87,130	101,092
EBIT ¹	31,430	50,920	61,790	71,700	76,490	24,945	59,758	72,375
Operating Margin	14.39%	14.24%	15.97%	15.51%	14.28%	5.92%	12.39%	14.13%
Earnings before Tax (EBT) ¹	16,700	27,610	41,810	48,320	51,500	-17,564	30,758	48,700
Net income ¹	14,470	17,760	28,710	36,260	35,700	-11,087	25,216	34,382
Net margin	6.63%	4.97%	7.42%	7.84%	6.66%	-2.63%	5.23%	6.71%
EPS ²	18.94	23.24	36.40	45.87	45.79	-12.81	28.30	44.91
Free Cash Flow ¹	9,860	72,640	55,930	44,740	60,790	37,526	53,361	61,156
FCF margin	4.52%	20.32%	14.45%	9.68%	11.35%	8.91%	11.06%	11.94%
FCF Conversion (EBITDA)	23.98%	102.25%	65.35%	46.95%	54.47%	74.6%	61.24%	60.5%
FCF Conversion (Net income)	68.14%	409.01%	194.81%	123.39%	170.28%	-	211.62%	177.87%
Dividend per Share ²	5.333	6.000	10.00	10.00	10.00	8.007	9.400	10.10
Announcement Date	5/17/19	5/22/20	5/12/21	5/9/22	5/8/23	-	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2024 S2	2025 Q1
Net sales ¹	167,720	91,260	127,960	85,150	105,670	112,970	158,610	108,210	125,070	136,790	165,690	89,630	108,468	106,909	123,783	-	-
EBITDA ¹	35,120	22,080	28,390	18,630	19,310	24,440	33,800	21,460	24,440	28,840	30,150	12,730	19,738	14,372	14,540	15,645	-
EBIT ¹	-	16,600	20,750	12,230	13,650	18,440	27,380	15,580	18,360	22,600	19,950	6,370	10,116	3,739	4,638	-	-
Operating Margin	-	18.19%	16.22%	14.36%	12.92%	16.32%	17.26%	14.4%	14.68%	16.52%	12.04%	7.11%	9.33%	3.5%	3.75%	-	-
Earnings before Tax (EBT) ¹	-	10,600	16,830	5,970	10,230	13,460	18,860	10,340	12,270	14,610	13,910	-620	7,308	13,392	3,410	-	-
Net income ¹	-	7,940	10,630	6,770	6,340	9,360	13,790	8,770	8,140	10,870	7,920	1,660	4,129	1,435	-204	-	-
Net margin	-	8.7%	8.31%	7.95%	6%	8.29%	8.69%	8.1%	6.51%	7.95%	4.78%	1.85%	3.81%	1.34%	-0.16%	-	-
EPS ²	-	10.38	12.75	8.080	8.290	11.46	18.04	10.76	10.83	13.52	10.68	1.330	9.160	9.230	-0.0767	-	0.5500
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/30/20	1/29/21	5/12/21	7/30/21	10/29/21	1/31/22	5/9/22	8/1/22	11/1/22	1/31/23	5/8/23	7/31/23	-	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	256,980	217,020	187,940	182,140	177,960	215,382	188,143	174,521
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	6.25 x	3.055 x	2.196 x	1.911 x	1.595 x	4.282 x	2.159 x	1.726 x
Free Cash Flow ¹	9,860	72,640	55,930	44,740	60,790	37,526	53,361	61,156
ROE (net income / shareholders' equity)	12.2%	10.4%	18%	18.3%	14.7%	-2.74%	8.4%	10.8%
ROA (Net income/ Total Assets)	3.36%	2.67%	4.37%	4.74%	4.17%	-1%	6.8%	4.1%
Assets ¹	430,450	666,242	657,040	765,544	856,279	1,108,748	370,632	838,585
Book Value Per Share ²	191.0	252.0	234.0	283.0	358.0	366.0	395.0	426.0
Cash Flow per Share ²	10.20	114.0	91.40	84.90	99.40	130.0	154.0	-
Capex ¹	13,700	14,750	16,190	20,220	16,720	21,012	24,258	26,578
Capex / Sales	6.27%	4.13%	4.18%	4.37%	3.12%	4.99%	5.03%	5.19%
Announcement Date	5/17/19	5/22/20	5/12/21	5/9/22	5/8/23	-	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for UPL Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

508.5 INR

Average target price

562.5 INR

Spread / Average Target

+10.62%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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