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 is expected to give good quarter
Company has been maintaining a healthy dividend payout of 22.95%
Cons:
Promoter holding is low: 27.88%
Tax rate seems low
Company might be capitalizing the interest cost
Company has high debtors of 197.43 days.
** 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 Consolidated Figures in Rs. Crores / View Standalone

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
3,919 5,342 3,723 3,770 4,194 5,691 4,134 4,257 4,921 8,525 7,906 7,817
3,193 4,304 3,032 3,093 3,478 4,270 3,337 3,470 3,983 7,234 6,666 6,370
Operating Profit 726 1,038 691 677 716 1,421 797 787 938 1,291 1,240 1,447
OPM % 19% 19% 19% 18% 17% 25% 19% 18% 19% 15% 16% 19%
Other Income 131 147 82 45 112 112 119 -25 -54 -251 -33 -281
Interest 183 213 80 182 111 410 175 181 202 405 398 381
Depreciation 162 187 158 165 169 184 175 181 182 431 577 608
Profit before tax 512 785 535 375 548 939 566 400 500 204 232 177
Tax % 9% 7% 9% 20% -3% 18% 9% 29% 6% -15% 5% 37%
Net Profit 459 741 473 237 574 736 510 270 461 206 178 89
EPS in Rs 6.04 9.74 6.24 3.10 7.53 9.65 4.45 3.51 6.03 1.79 1.55 1.17
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
3,516 4,802 5,290 5,761 7,671 9,186 10,771 12,091 14,048 16,312 17,378 21,837 29,169
3,054 4,018 4,465 4,708 6,321 7,567 8,795 9,793 11,700 13,398 13,961 18,036 24,253
Operating Profit 462 784 825 1,053 1,351 1,619 1,976 2,298 2,348 2,914 3,417 3,801 4,916
OPM % 13% 16% 16% 18% 18% 18% 18% 19% 17% 18% 20% 17% 17%
Other Income 138 168 182 137 85 107 73 54 149 415 346 -185 -619
Interest 169 292 194 312 415 429 485 517 704 735 783 963 1,386
Depreciation 152 193 215 214 292 354 407 425 676 672 675 969 1,798
Profit before tax 279 468 599 664 729 944 1,157 1,410 1,117 1,922 2,305 1,684 1,113
Tax % 15% 6% 14% 11% 18% 22% 19% 17% 15% 10% 12% 10%
Net Profit 257 456 526 558 556 775 950 1,144 940 1,727 2,022 1,447 934
EPS in Rs 3.79 6.75 7.76 7.83 7.75 11.39 14.32 17.11 14.57 22.80 26.43 18.91 10.54
Dividend Payout % 17% 14% 17% 17% 21% 14% 18% 19% 23% 20% 20% 28%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:16.35%
5 Years:15.18%
3 Years:15.84%
TTM:59.60%
Compounded Profit Growth
10 Years:14.47%
5 Years:12.18%
3 Years:21.11%
TTM:-45.19%
Stock Price CAGR
10 Years:18.37%
5 Years:17.30%
3 Years:7.47%
1 Year:5.67%
Return on Equity
10 Years:20.75%
5 Years:22.52%
3 Years:22.56%
Last Year:14.87%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Sep 2019
44 88 88 92 92 89 86 86 86 183 102 102 153
Reserves 2,109 2,500 2,904 3,634 4,081 4,557 5,162 5,775 2,006 7,214 9,067 14,543 14,268
Borrowings 1,654 2,134 2,419 2,679 3,389 4,203 3,349 3,281 5,258 6,361 6,638 29,140 31,066
1,464 1,819 1,569 1,890 2,832 3,605 4,262 5,317 9,638 6,705 7,236 19,263 18,722
Total Liabilities 5,271 6,541 6,981 8,295 10,394 12,453 12,858 14,458 16,988 20,381 23,043 63,048 64,209
1,458 1,725 1,772 2,321 3,223 3,489 3,821 4,031 3,862 4,071 4,437 31,901 33,949
CWIP 142 124 41 57 306 378 228 583 484 792 1,319 1,783 849
Investments 743 433 761 823 795 1,025 737 764 335 378 1,034 708 678
2,929 4,258 4,407 5,094 6,071 7,561 8,072 9,080 12,307 15,140 16,253 28,656 28,733
Total Assets 5,271 6,541 6,981 8,295 10,394 12,453 12,858 14,458 16,988 20,381 23,043 63,048 64,209

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
62 123 1,294 815 162 1,699 1,441 1,409 1,396 2,585 2,839 2,356
-523 -440 -241 -895 -680 -765 -427 -463 -1,734 -1,022 -2,059 -31,282
659 162 11 -17 -178 -72 -1,680 -991 469 140 -801 28,893
Net Cash Flow 198 -155 1,064 -97 -696 862 -667 -45 131 1,703 -21 -33

Ratios Consolidated Figures in Rs. Crores / View Standalone

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 % 15% 18% 16% 16% 16% 17% 19% 22% 23% 26% 21% 10%
Debtor Days 89 87 84 94 116 107 109 115 133 127 127 197
Inventory Turnover 3.30 3.47 3.93 4.77 4.67 4.66 4.74 4.46 4.18 4.11 4.00 3.16