BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
UPL Ltd. reported strong revenue growth of 27% YoY driven by improved price realisation (up 18% YoY).
Higher double-digit sales growth was witnessed in key markets such as Latin America, North America and rest of world except India (8% YoY).
UPL's gross debt increased to Rs 301 billion in Q1 FY23 from Rs 259 billion in Q4 FY22 with net debt rising by Rs 76 billion QoQ to Rs 265 billion due to an increase in working capital requirement.
Factoring in its positive Q1 FY23 performance, we raise our FY23E/FY24E earnings by 8%/9%, respectively.
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