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Prabhudas Lilladher Report
UPL Ltd. reported better than expected results driven by higher than anticipated sales in Latin America.
Ebitda beat was driven by 90 basis points higher than expected gross margin.
Double digit growth in many Latin America countries, accelerated sales of sustainable solutions business in Europe and favourable weather in India drove growth, even as supply constraints restricted growth in North America.
In FY21, the company reduced gross/net debt by Rs 51/32 billion respectively.
The company’s transformation from being a crop protection player to a leading crop solutions provider is on track.
Collaborations, resistance management platforms and focus on sustainable solution business is driving this transformation.
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