UPL Ltd

UPL is engaged in the business of agrochemicals, industrial chemicals, chemical intermediates, speciality chemicals and production and sale of field crops and vegetable seeds.

Pros:
Company has been maintaining a healthy dividend payout of 106.49%
Cons:
Stock is trading at 5.64 times its book value
The company has delivered a poor growth of 11.75% over past five years.
Promoter holding is low: 27.88%
Tax rate seems low
Company has a low return on equity of 5.47% for last 3 years.
Earnings include an other income of Rs.503.00 Cr.
** Remarks:
Some businesses are provided tax benefits to encourage their development

Peer Comparison Sector: Agro Chemicals // Industry: Pesticides / Agrochemicals - Indian

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019
1,841 1,791 1,639 1,714 1,971 1,942 1,636 2,305 2,275 2,216 1,864 2,337
1,565 1,560 1,510 1,458 1,636 1,704 1,516 1,952 2,019 2,036 1,814 2,075
Operating Profit 276 231 129 256 335 238 120 353 256 180 50 262
OPM % 15% 13% 8% 15% 17% 12% 7% 15% 11% 8% 3% 11%
Other Income -2 19 39 11 380 23 14 74 433 15 34 21
Interest 25 22 59 16 31 38 50 66 68 1 50 62
Depreciation 162 164 168 162 165 167 172 174 176 181 193 204
Profit before tax 87 64 -59 89 519 56 -88 187 445 13 -159 17
Tax % 23% 178% -27% 16% 16% -159% -22% 29% 22% 23% 46% 24%
Net Profit 67 -50 -75 75 435 145 -107 133 348 10 -86 13
EPS in Rs 0.97 -0.77 -0.98 0.98 5.71 1.90 -1.41 1.16 4.55 0.13 -0.75 0.11
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 TTM
1,412 2,327 2,453 2,911 3,316 3,939 4,968 5,335 5,981 6,939 7,263 8,660 8,692
1,361 2,105 2,178 2,446 2,845 3,513 4,307 4,793 5,143 6,011 6,314 7,825 7,944
Operating Profit 52 222 275 465 471 427 661 542 838 928 949 835 748
OPM % 4% 10% 11% 16% 14% 11% 13% 10% 14% 13% 13% 10% 9%
Other Income 237 253 174 154 144 130 302 260 481 294 428 560 503
Interest 128 230 93 294 164 101 242 35 192 149 135 185 181
Depreciation 67 89 108 115 143 158 169 187 619 655 666 724 754
Profit before tax 94 157 248 210 307 297 552 581 508 418 576 486 316
Tax % 2% 6% 27% 25% 26% 30% 25% 20% 24% 41% 5% 17%
Net Profit 92 148 181 158 227 208 416 463 385 245 548 405 285
EPS in Rs 1.28 2.07 2.53 2.06 3.01 2.85 6.01 6.53 5.97 3.23 7.17 5.29 4.04
Dividend Payout % 48% 45% 48% 59% 51% 53% 41% 46% 56% 144% 74% 101%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:14.04%
5 Years:11.75%
3 Years:13.13%
TTM:10.67%
Compounded Profit Growth
10 Years:12.24%
5 Years:-2.82%
3 Years:-1.29%
TTM:-52.97%
Stock Price CAGR
10 Years:18.39%
5 Years:22.30%
3 Years:8.74%
1 Year:38.37%
Return on Equity
10 Years:7.56%
5 Years:7.06%
3 Years:5.47%
Last Year:4.65%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
44 88 88 92 92 89 86 86 86 183 102 102
Reserves 1,659 1,730 1,834 2,166 3,414 3,269 3,222 3,438 3,864 7,567 7,867 7,870
Borrowings 1,535 2,038 2,154 2,613 1,594 2,038 1,420 1,377 1,650 848 1,122 1,638
950 1,055 884 1,000 1,188 1,655 2,392 2,779 6,291 2,896 2,959 4,293
Total Liabilities 4,188 4,911 4,959 5,871 6,288 7,051 7,120 7,680 11,891 11,412 12,050 13,903
691 921 973 938 1,375 1,350 1,572 1,649 5,397 5,116 4,902 4,981
CWIP 127 100 29 43 114 236 118 370 209 272 663 889
Investments 831 374 688 1,012 782 904 671 873 588 593 594 1,441
2,539 3,516 3,269 3,878 4,017 4,560 4,758 4,787 5,697 5,431 5,891 6,592
Total Assets 4,188 4,911 4,959 5,871 6,288 7,051 7,120 7,680 11,891 11,412 12,050 13,903

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
152 -313 452 266 20 190 1,139 497 -63 1,021 497 664
-637 -256 -54 -566 1,066 -63 -84 -131 364 268 -305 -439
605 336 -45 269 -1,256 -21 -1,199 -459 -322 -1,295 -158 -241
Net Cash Flow 120 -233 353 -31 -170 105 -144 -93 -21 -6 34 -16

Ratios Standalone Figures in Rs. Crores / View Consolidated

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 7% 10% 9% 11% 9% 7% 16% 13% 13% 8% 8% 7%
Debtor Days 129 114 111 129 153 167 104 97 114 103 101 115
Inventory Turnover 5.03 5.45 5.85 8.36 6.91 6.73 6.66 5.21 4.87 5.26 5.17 5.22