UPL (UPL) Q4 02/03 earnings summary

Executive summary

• FY ended 31 Mar 2003: sales rose to Rs 670.39 crore and PBT to Rs 61.98 crore; exports drove profits while domestic operations were hurt by drought.

• Consolidated PBT was Rs 65.23 crore and profit after tax and minority interest was Rs 70.74 crore.

Financial highlights

• Sales after excise were Rs 634.94 crore versus Rs 574.33 crore; total income was Rs 690.40 crore versus Rs 608.58 crore.

• PBT rose to Rs 61.98 crore from Rs 50.37 crore; PAT was Rs 54.27 crore versus Rs 49.55 crore.

• Exports increased to Rs 350.81 crore from Rs 282.74 crore; rupee appreciation reduced export realizations late in the year.

• Consolidated revenue was Rs 1,013.30 crore versus Rs 873.93 crore; consolidated profit after tax and minority interest was Rs 70.74 crore versus Rs 26.46 crore.

Outlook and guidance

• FY 2003-04 outlook was described as promising, based on forecasts for near-normal monsoon and expected growth in exports.

• Growth plans included securing product registrations, pursuing acquisitions and business purchases, and seeking long-term export contracts.

• Management expected stronger export sales and improved performance if predicted rainfall materialized.