UPL (UPL) Q4 01/02 earnings summary

Executive summary

• FY02 sales rose 13% to Rs 617.06 crore; PBT more than doubled to Rs 50.37 crore and PAT reached Rs 49.55 crore, supported by exports, stronger price realization and cost controls.

• Export sales reached Rs 282.74 crore; exports represented 47% of sales in the segment review, with a longer-term target of 65%.

Financial highlights

• Sales increased from Rs 531.18 crore to Rs 617.06 crore; PBT rose from Rs 23.64 crore to Rs 50.37 crore, while PAT increased from Rs 22.04 crore to Rs 49.55 crore.

• Export sales grew from Rs 244.14 crore to Rs 282.74 crore; total income was Rs 652.05 crore, including export incentives and other income.

• Operating cash flow was Rs 63.32 crore; net cash from investing activities was Rs 8.23 crore, while financing activities used Rs 74.69 crore.

Outlook and guidance

• Agrochemical industry outlook was described as promising, supported by product registrations, expected export opportunities, a growing local market and planned production-volume increases.

• Export share was targeted to rise to 65% over coming years; production capacity was to be increased to address demand.

• Guidance remained conditional on normal monsoons; drought, policy changes, tariff barriers, registration delays and shifts in domestic or overseas markets could affect results.