Slide 1: Exchange filing cover letter
30th October 2023 BSE Limited National Stock Exchange of India Ltd Mumbai Mumbai SCRIP CODE: 512070 SYMBOL: UPL Sub: Investor presentation Dear Sir / Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing the investor presen
Slide 2: Q2 FY24 Performance Presentation
Q2 FY24 Performance Presentation October 2023
Slide 3: Safe Harbor Statement
Safe Harbor Statement This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of UPL Limited (UPL) and certain of the plans and objectives of UPL with respect to these items. Examples of forward- looking statements include
Slide 4: Q2 FY24: Industry Destocking Continues; Gained Market Share in International CP Business
Q2 FY24: Industry Destocking Continues; Gained Market Share in International CP Business ₹ 10,170 Cr ₹ 4,060 Cr ₹ 1,573 Cr $3,696 Mn Revenue Contribution EBITDA Net Debt (19%) (24%) (43%) Sharp reduction in payables Volume: -7%, FX +3%, and lower factoring led to Price: -15% Margin: 39.9% 265 bps Ma
Slide 5: UPL Group: CP Market Headwinds Continued to Impact Q2; Seeds Reported a Healthy H1
UPL Group: CP Market Headwinds Continued to Impact Q2; Seeds Reported a Healthy H1 (₹ Crore ) Q2 FY24 Q2 FY23 YoY% H1 FY24 H1 FY23 YoY% Q2FY24 vs Q2FY23 Revenue 10,170 12,506 (19%) 19,133 23,328 (18%) Revenue Variance EBITDA Variance Contribution Profit 4,060 5,324 (24%) 8,158 10,058 (19%) Volume Pr
Slide 6: Platform-wise Performance Update - Q2 & H1FY24
Platform-wise Performance Update - Q2 & H1FY24 - UPL Corporation - UPL SAS - Advanta Enterprises - UPL Specialty Chemicals
Slide 7: UPL Corporation: Continue to Gain Market Share Driven by Volumes
UPL Corporation: Continue to Gain Market Share Driven by Volumes (₹ Crore ) Q2 FY24 Q2 FY23 YoY% H1 FY24 H1 FY23 YoY% Q2FY24 Performance Update Revenue 7,415 9,288 (20%) 13,721 16,946 (22%) • Volumes up despite high channel inventory across key regions Contribution Profit 2,402 3,449 (30%) 4,507 6,4
Slide 8: UPL Corporation: Pricing, De-stocking Impact; Gradual Recovery Across regions from H2
UPL Corporation: Pricing, De-stocking Impact; Gradual Recovery Across regions from H2 Q2FY23 Q2FY24 (₹ crore) Latin America North America Europe Rest of World -20% -65% -8% +2% 5,462 4,382 1,493 1,519 1,026 1,200 1,108 357 • Brazil: pricing decline led impact • Sharp drop in post-patent AI • Channel
Slide 9: UPL SAS: Lower Acreages in Key Crops, High Channel Stock Hit Q2; Expect Improved H2 vs H1
UPL SAS: Lower Acreages in Key Crops, High Channel Stock Hit Q2; Expect Improved H2 vs H1 (₹ Crore ) Q2 FY24 Q2 FY23 YoY% H1 FY24 H1 FY23 YoY% Revenue 843 1,310 (36%) 2,046 2,705 (24%) Q2FY24 Performance Update Contribution 144 368 (61%) 478 794 (40%) • Revenue Variance: Volume: -27% YoY, Price: -9%
Slide 10: Advanta: Continues to see Healthy Growth Momentum
Advanta: Continues to see Healthy Growth Momentum (₹ Crore ) Q2 FY24 Q2 FY23 YoY% H1 FY24 H1 FY23 YoY% Revenue 1,070 972 10% 2,131 1,814 17% Q2 FY24 Performance Update • Volume: +1%, Price: +5%, FX: +4% Contribution 602 531 13% 1,264 1,013 25% Profit • Revenue Growth driven by higher prices and volu
Slide 11: UPL Specialty Chemicals: Lower Agchem Demand Led Revenue Drop; Margins Higher vs LY
UPL Specialty Chemicals: Lower Agchem Demand Led Revenue Drop; Margins Higher vs LY (₹ Crore ) Q2 FY24 Q2 FY23 YoY% H1 FY24 H1 FY23 YoY% Revenue 3,500 4,580 -24% 6,668 8,648 -23% Q2 FY24 Performance Update Contribution • Lower demand from AgChem business Profit 508 537 -5% 1,166 1,359 -14% • Non-Agc
Slide 12: Increase in NWC Primarily due to Reduced Factoring and Lower Payable Days
Increase in NWC Primarily due to Reduced Factoring and Lower Payable Days Sep-22 Sep-23 (No. of days) 141 147 149 135 130 135 121 124 Inventory Days Recievable Days Payable Days Net Working Capital Days Sep 2023: ₹ 18,246 Cr Sep 2023: ₹ 18,268 Cr Sep 2023: ₹ 16,398 Cr Sep 2023: ₹ 20,116 Cr Sep 2022:
Slide 13: Net Debt at $3.7 Bn as of Sep'23; Higher vs LY due to Sharp Drop in Payables & Lower Factoring
Net Debt at $3.7 Bn as of Sep’23; Higher vs LY due to Sharp Drop in Payables & Lower Factoring Gross & Net Debt Position – Sep 2023 vs Sep 2022 All figures are in US$ Mn and ₹ Crore Particulars Sep’23 Sep’22 Change $4,086 $3,995 $91 Gross Debt ₹ 33,934 ₹ 32,550 ₹ 1,384 $390 $496 ($106) Cash and cash
Slide 14: UPL Group - FY24 Revised Guidance
UPL Group - FY24 Revised Guidance Revised Guidance Flat 0% to (-5%) Revenue Growth EBITDA Growth Old Guidance (end of Q1FY24) + 1% to +5% + 3% to +7% Revenue Growth EBITDA Growth Presentation for Second Quarter ended 30th September 2023 13
Slide 15: ANNEXURE
ANNEXURE 14
Slide 16: Breakdown of Net Finance Cost – Q2 FY24 and H1 FY24
Breakdown of Net Finance Cost – Q2 FY24 and H1 FY24 Net Finance Cost Breakdown (₹ crore) Particulars Q2FY24 Q2FY23 Change H1FY24 H1FY23 Change Interest on Borrowings 559 274 285 926 489 437 Interest on Leases & Others 181 261 (80) 468 524 (56) Other Financial Charges 31 49 (18) 69 74 (5) NPV – Inter
Slide 17: Thank You
eo Thank You