UPL Ltd

upl-ltd.com BSE: 512070 NSE : UPL
About

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

Key Points

Global Leadership[1]
UPL has its presence across 138+ nations and is the 5th largest Agro chemical company and 4th largest seed manufacturing company in the world. UPL has market access to 90%[2] of the world’s food basket and is a global provider of sustainable agriculture products and solutions with an annual revenue exceeding 5 Bln $.

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Website BSE NSE
  • Market Cap ₹ 57,139 Cr.
  • Current Price ₹ 748
  • High / Low ₹ 865 / 399
  • Stock P/E 18.1
  • Book Value ₹ 273
  • Dividend Yield 1.34 %
  • ROCE 13.8 %
  • ROE 15.0 %
  • Face Value ₹ 2.00
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Pros

  • Company has been maintaining a healthy dividend payout of 26.62%
  • Company's median sales growth is 16.19% of last 10 years

Cons

  • Stock is trading at 2.74 times its book value
  • Company might be capitalizing the interest cost

Peer comparison

Sector: Agro Chemicals Industry: Pesticides / Agrochemicals - Indian

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
4,257 4,921 8,525 7,906 7,817 8,892 11,141 7,833 8,939 9,126 12,796 8,515
3,470 3,983 7,234 6,594 6,370 6,790 9,237 6,001 7,272 6,931 10,145 6,745
Operating Profit 787 938 1,291 1,312 1,447 2,102 1,904 1,832 1,667 2,195 2,651 1,770
OPM % 18% 19% 15% 17% 19% 24% 17% 23% 19% 24% 21% 21%
Other Income -25 -54 -251 -33 -281 -55 -127 42 -136 145 29 -15
Interest 181 202 405 398 381 515 187 551 343 745 421 607
Depreciation 181 182 431 446 476 495 595 522 533 542 576 551
Profit before tax 400 500 204 435 309 1,037 995 801 655 1,053 1,683 597
Tax % 29% 6% -15% 18% 32% 19% 21% 18% 17% 10% 19% -25%
Net Profit 270 461 206 285 166 701 617 551 463 794 1,063 677
EPS in Rs 3.53 6.03 2.70 3.73 2.17 9.17 8.08 7.21 6.06 10.39 13.91 8.86
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
5,290 5,761 7,671 9,186 10,771 12,091 14,048 16,312 17,378 21,837 35,756 38,694 39,376
4,465 4,714 6,321 7,531 8,753 9,728 11,700 13,346 13,966 18,024 28,984 30,342 31,093
Operating Profit 825 1,047 1,351 1,654 2,018 2,363 2,348 2,966 3,412 3,813 6,772 8,352 8,283
OPM % 16% 18% 18% 18% 19% 20% 17% 18% 20% 17% 19% 22% 21%
Other Income 182 144 85 72 30 -11 149 363 351 -197 -515 62 23
Interest 194 312 415 429 485 517 704 735 783 963 1,481 2,060 2,116
Depreciation 215 214 292 354 407 425 676 672 675 880 2,012 2,173 2,202
Profit before tax 599 664 729 944 1,157 1,410 1,117 1,922 2,305 1,773 2,764 4,181 3,988
Tax % 14% 11% 18% 22% 19% 17% 15% 10% 12% 11% 21% 16%
Net Profit 526 558 556 775 950 1,144 940 1,727 2,022 1,491 1,776 2,871 2,997
EPS in Rs 7.98 8.05 8.02 11.67 14.77 17.79 14.62 22.71 26.51 19.52 23.24 37.58 39.22
Dividend Payout % 17% 17% 21% 14% 18% 19% 23% 20% 20% 27% 26% 27%
Compounded Sales Growth
10 Years:21%
5 Years:22%
3 Years:31%
TTM:10%
Compounded Profit Growth
10 Years:19%
5 Years:25%
3 Years:13%
TTM:41%
Stock Price CAGR
10 Years:23%
5 Years:10%
3 Years:21%
1 Year:60%
Return on Equity
10 Years:18%
5 Years:17%
3 Years:14%
Last Year:15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions Corp actions Equity History
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
88 92 92 89 86 86 86 183 102 102 153 153
Reserves 2,904 3,634 4,081 4,557 5,162 5,775 2,006 7,214 9,067 14,613 19,129 20,734
Borrowings 2,419 2,679 3,389 4,203 3,349 3,281 5,258 6,361 6,638 29,139 29,388 24,413
1,483 1,800 2,713 3,487 4,162 5,143 9,519 6,536 7,148 18,581 19,758 23,465
Total Liabilities 6,894 8,205 10,275 12,336 12,759 14,284 16,869 20,212 22,955 62,435 68,428 68,765
1,772 2,321 3,223 3,489 3,821 4,031 3,862 4,071 4,437 32,149 35,321 34,765
CWIP 41 57 306 378 228 583 484 792 1,319 1,855 2,073 2,117
Investments 761 823 795 1,025 737 764 335 378 1,034 708 558 618
4,320 5,004 5,952 7,444 7,973 8,906 12,188 14,971 16,165 27,723 30,476 31,265
Total Assets 6,894 8,205 10,275 12,336 12,759 14,284 16,869 20,212 22,955 62,435 68,428 68,765

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,294 815 162 1,699 1,441 1,409 1,396 2,585 2,839 2,356 8,739 7,212
-241 -895 -680 -765 -427 -463 -1,734 -1,022 -2,059 -31,282 -2,666 -2,426
11 -17 -178 -72 -1,680 -991 469 140 -801 28,893 -2,175 -6,713
Net Cash Flow 1,064 -97 -696 862 -667 -45 131 1,703 -21 -33 3,898 -1,927

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 84 94 116 107 109 115 133 127 127 195 121 119
Inventory Days 125 177 169 161 166 178 204 194 204 306 153 180
Days Payable 121 140 135 163 181 195 213 228 255 330 199 239
Cash Conversion Cycle 87 131 150 104 95 98 124 93 76 171 75 59
Working Capital Days 89 95 134 111 101 93 126 106 110 173 74 68
ROCE % 16% 16% 16% 17% 19% 22% 23% 26% 21% 11% 10% 14%

Shareholding Pattern

Numbers in percentages

Insider trades
Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
27.91 27.92 27.89 27.89 27.89 27.89 27.89 27.88 27.88 27.85 27.96 27.96
42.37 41.94 42.80 42.95 43.86 43.51 41.92 40.57 37.16 35.36 37.83 37.87
8.62 9.55 9.10 9.56 10.62 11.13 12.27 12.85 15.92 16.33 15.83 16.17
0.35 0.35 0.35 0.35 0.31 0.31 0.31 0.31 0.31 0.31 0.10 0.00
20.75 20.24 19.86 19.25 17.32 17.16 17.61 18.39 18.73 20.15 18.28 18.00

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