UPLNSE8 May 2023

UPL Limited has informed the Exchange about Investor Presentation

UPL Limited

Download PDF ↗View UPL Stock →

8th May 2023

BSE Limited Mumbai

National Stock Exchange of India Ltd. 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 presentation for the year ended 31st March 2023.

We request you to take the above information on records.

Thanking you,

Yours faithfully, For UPL Limited

Sandeep Deshmukh Company Secretary and Compliance Officer (ACS-10946)

Encl.: As above

CAPITAL MARKETS DAY 2023

May 2023

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 statements made about our strategy, estimates of sales growth, future EBITDA and future developments in our organic business. Forward-looking statements can be identified generally as those containing words such as “anticipates”, “assumes”, “believes”, “estimates”, “expects”, “should”, “will”, “will likely result”, “forecast”, “outlook”, “projects”, “may” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances and there are many factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, domestic and global economic and business conditions, the successful implementation of our strategy and our ability to realize the benefits of this strategy, our ability to develop and market new products, changes in legislation, legal claims, changes in exchange and interest rates, changes in tax rates, raw materials and employee costs, our ability to identify and complete successful acquisitions and to integrate those acquisitions into our business, our ability to successfully exit certain businesses or restructure our operations, the rate of technological changes, political, economic and other developments in countries where UPL operates, industry consolidation and competition. As a result, UPL’s actual future results may differ materially from the plans, goals and expectations set forth in such forward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see also Risk management, of our Annual Report.

UPL Group

FY23 Key Performance Highlights

Jai Shroff, Chairman and Group CEO

Resilient Performance

Revenue Growth

EBITDA Growth

Net Debt (US$ Bn)

ROCE

FY23 Actuals

INR 536Bn

INR 112Bn

US$ 2.06Bn 15.3%

FY23 Guidance

+12-15%

+15-18%

US$ 2 Bn

17-17.5%

Achievement

+16%

+10%

US$ 440 Mn Reduction

(30 bps) vs LY

Firm prices drove double- digit growth

Subdued profitability in Q4 impacted EBITDA growth

Gross Debt reduced by >$600 Mn led by improved cash flows

ROCE flattish primarily due to lower-than- expected EBITDA

Unlocking Value & Unleashing Growth

Platforms

International Crop Protection Platform

India Crop Protection Platform

Global Seeds Platform

Manufacturing & Specialty Chemicals

UPL Corporation Ltd., Cayman

UPL Sustainable Agri Solutions Ltd.

Advanta Enterprises Ltd.

UPL Ltd.

UPL Ltd. Holding %

78%

91%

87%

100%

Partners

Growth Ambition

To be the fastest growing large crop protection player by offering innovative crop care solutions

Transform Indian agriculture with outcome-oriented solutions, enhancing economic resilience of >100 Mn growers

Establish leadership position in specialty crops through a combination of organic growth initiatives and bolt-on acquisitions

Continue scaling-up the platform rapidly, capitalizing on the strong sector tailwinds and enormous market potential

Creation of Separate Platforms Enhances Operational Freedom to Pursue Independent Objectives

Highly Experienced and Independent Board across Platforms

Platforms

International Crop Protection Platform

India Crop Protection Platform

Global Seeds Platform

Manufacturing & Specialty Chemicals

UPL Corporation Ltd., Cayman

UPL Sustainable Agri Solutions Ltd.

Advanta Enterprises Ltd.

UPL Ltd.

Number of Directors

Non-Executive Directors %

71%

57%

56%

50%

Driving Accelerated Growth with Focus on Shareholder Value Creation

Strengthening Cash Flow Generation

Faster Growth across platforms, with flexibility to pursue independent growth strategies

Driving Next Phase of Shareholder Value Creation

Enhance Profitability and ROCE

UPL Transforming Agriculture to Address Climate Change

Target

▪ To reduce CO2 and equivalent emissions by 1GT by 2040

through:

✓ Reduction at UPL’s own manufacturing and its supply chain

✓ Sustainable product portfolio

✓ Sustainable agri-service and technology solutions

Key Sustainable Farm Practices

Improved Water Management

BioSolutions

Crop Rotation

Cover Crops

▪ Enable ecosystems to empower and reward farmers through

carbon sequestration programs

Integrated Pest Management

Agro-Forestry

Ranked #1 Crop Protection Company in ESG Performance by Sustainalytics

Note: Ranking based on Sustainalytics rating of Dec’22

Integrated Livestock

No-Till Systems

8 8

UPL Commits to Emission and Water Targets

UPL targets to reduce Scope 1& 2 emissions by ~ 63%1 by FY35 vs FY20.

Approved by SBTi in line with below 2°C global temperature rise trajectory.

UPL Endorses UN Global Compact CEO Water Mandate to support global water security challenge

UPL is one of first three global companies to partner with WBCSD and commits for elimination of wastewater pollution by 2030.

1Reduction on per ton of production basis

UPL Group

FY23 Financial Performance

Anand Vora, Global CFO

Q4FY23 | Challenging Market Conditions Weighed on Profitability

Q4FY23

Q4FY22

Change %

Revenue Variance – Q4FY23 vs Q4FY22

Particulars

Revenue

Contribution Profit

Contribution Margin %

Fixed Overheads

EBITDA

EBITDA Margin %

Depreciation & Amortization

Net Finance Cost

FX Gain / (Loss)

Other Income / (Loss)

PBT

Tax

PAT

PAT after AI, MI and Exceptional Items

Earnings Per Share (EPS)

16,569

5,703

34.4%

2,670

3,033

18.3%

727

840

-232

1,301

312

989

792

10.68

15,860

6,236

39.3%

2,644

3,591

22.6%

642

578

-383

2,055

266

1,789

1,379

18.04

-9%

-489 bps

-16%

-434 bps

13%

45%

-39%

-37%

17%

-45%

-43%

-41%

All Figures In ₹ crore

Volume

-3%

Price

EBITDA Variance – Q4FY23 vs. Q4FY22

3,591

220

489

1,241

3,033

Q4FY22

Volume

Price & Currency

Production Cost, Product Mix

Fixed Overheads

Q4FY23

▪

Decline in post-patent product prices with ramp-up of supply from China, idle capacity costs to achieve competitive inventory position, and unfavourable regional mix (increase in share of LATAM) significantly impacted contribution margins in Q4.

Leaner inventory to support UPL to capture growth opportunities in FY24

‘UPL SAS’ delivered 16% YoY revenue growth and 31% EBITDA growth. ‘Advanta’ reported 12% YoY revenue growth, but a 5% YoY decline in EBITDA primarily due to higher fixed overheads and R&D expenses

FY23 | Resilient Operational Performance

Particulars

Revenue

Contribution Profit

Contribution Margin %

Fixed Overheads

EBITDA

EBITDA Margin %

Depreciation & Amortization

Net Finance Cost

FX Gain / (Loss)

Other Income / (Loss)

PBT

Tax

PAT

PAT after AI, MI and Exceptional Items

Earnings Per Share (EPS)

FY23

53,576

21,593

40.3%

10,415

11,178

20.9%

2,547

2,820

-777

129

5,163

736

4,427

3,569

45.79

FY22

46,240

19,002

41.1%

8,837

10,165

22.0%

2,359

1,809

-985

144

5,157

530

4,627

3,626

45.87

Change %

Revenue Variance – FY23 vs FY22

All Figures In ₹ crore

16%

14%

-79 bps

18%

10%

-112 bps

56%

-21%

-11%

39%

-4%

-1%

10%

0.2%

Volume

Price

EBITDA Variance – FY23 vs. FY22

7,264

4,746

10,165

1,577

11,178

FY22

Volume

Price & Currency

Production Cost, Product Mix

Fixed Overheads

FY23

▪

Strong performance of 9MFY23 offset by the subdued performance in Q4

Continued investments to strengthen customer relations and build capabilities to drive growth in differentiated & sustainable portfolio led to higher fixed overheads

Higher finance costs given the significant rise in benchmark rates led to net profit and EPS being flat

‘UPL SAS’ crop protection business delivered 10% YoY growth in revenue and 13% in EBITDA . While ‘Advanta’ reported strong growth of 26% YoY in revenue and 29% in EBITDA

FY23 Working Capital Analysis | Lower Receivable and Inventory Days improved WC Cycle by 5 days

FY23: 13,985 Cr

FY22: 13,078 Cr

FY23: 14,970 Cr

FY22: 14,287 Cr

104

114

102

FY23: 19,565 Cr

FY22: 18,733 Cr

149

133

FY23: 9,390 Cr

FY22: 8,632 Cr

Inventory

Receivables

Payables

Net Working Capital

FY2023

FY2022

Note: Receivables sold as of 31 March’23 were INR 115 Bn (US$ 1.4 Bn); 31 March’22: INR 121 Bn (US$ 1.6 Bn); 31 Dec’22: INR 91 Bn (US$ 1.1 Bn)

Focus on expediting cash collections and better inventory management drove lower inventory & receivable days

Reduced Gross Debt by US$ 617 Mn and Net Debt by US$ 440 Mn, FCF post Capex and Working Capital grew by 131% in FY23

Net Debt Position - FY23

Free Cash Flow Generated in FY23

All figures are in INR Crore and US$ Mn

Particulars

FY23

FY22

Change

+11% vs LY

758

All figures are in INR Crore

Gross Debt

Cash and cash equivalent

Net Debt

Net Debt ‘Adjusted for Currency Impact’

Net Debt to EBITDA

22,999 $2,799

6,097 $742

16,902 $2,057

25,866 $3,416

6,960 $919

18,906 $2,497

(2,867) ($617)

(864) ($177)

(2,004) ($440)

15,5751

18,906

(3,330)

1.53x

1.86x

473

3,472

+50% vs LY

10,381

2,637

+131% vs LY

1,852

2,105

6,624

3,987

3,734

1Excluding impact of INR Depreciation in FY23 (from INR 75.72 on 31 Mar’22 to INR 82.17 on 31 Mar’23). INR Depreciation impact was INR 1,327 crore

Operating cashflow before WC

Incremental WC

Others

Tax & Net finance cost paid

Cash generated by business

Capex & other investments (net)

FCF Generated post capex

Net Inflow - Realignment

Cash returned to shareholders

Net Surplus

▪ Strong Improvement in Cashflow Generation in FY23

▪ Utilized Higher Cash Flows to Deleverage and Return Cash to Shareholders: Reduced gross debt by INR 2,867 crore (US$ 617 Mn) and returned INR 2,100 crore to

shareholders through buyback and dividend

▪ Reduced Net Debt by US$ 440 Mn despite lower factoring vs LY (US$ 1.4 Bn in Mar’23 vs US$ 1.6 Bn in Mar’22)

Note: Cash returned to shareholder includes dividends and buybacks. USD/INR Rates – FY23 (31st March’23): INR 82.17, FY22 (31st March’22): INR 75.72.

Continued Focus on Shareholder Value

Revenue (In ₹ Bn)

EBITDA (In ₹ Bn) and EBITDA Margin (%)

EBITDA Margin %

20%

21%

22%

358

387

462

536

FY20

FY21

FY22

FY23

316

FY19

102

21%

112

FY20

FY21

FY22

FY23

Delivered Consistent and Healthy Growth in Operating Profitability

Gross Debt and Net Debt (In ₹ Bn) and Net Debt/EBITDA (x)

4.2x

3.0x

2.2x

1.85x

1.5x

291

265

287

221

238

189

259

189

230

169

FY19

FY20

FY21

FY22

FY23

Gross Debt

Net Debt

Cumulatively reduced Net Debt by INR 96 Bn (~US $1.8 Bn) and Returned INR 40+ Bn of cash to shareholders from FY19-23

Note: *Considers Arysta for full year FY2019 and before adjustment for purchase price allocation

Low Risk Debt Profile

Breakdown of $2.8 Bn Gross Debt

Debt by Security (%)

Debt by Fixed/Floating Rate (%)

As of March 31, 2023

0.4%

Unsecured

Secured

99.6%

As of March 31, 2023

Floating

27%

Fixed

Average cost of debt is 6%

73%

Debt by Maturity (%)

Debt by Currency (%)

As of March 31, 2023

47%

FY24

FY26-FY27

46%

FY28 & Beyond

As of March 31, 2023

USD

BRL

INR

Others

95%

Global Crop Protection (ex. India)

FY23 Performance Overview

Mike Frank, CEO – UPL Corporation Ltd.

Q4 | Revenue growth despite rapid post patent price decline in an unusual quarter

Particulars (in INR B)

Q4 FY23A

Q4 FY22A

B/(W) LY

Revenue (In ₹ Bn)

Revenue

Contribution Margin %

Fixed overheads

EBITDA

EBITDA %

137

29.9%

132

36.5%

-660bps

-20%

17.7%

23.1%

-530bps

Numbers after considering proforma adjustments

4% higher revenue vs. LY:

• Rapid decline in post patent prices due to post Covid volume ramp up in China

• Delays in planting season resulted in headwinds for product placement

Volume

-3%

Price

660 bps lower contribution margin vs LY:

• Rapid decline in post patent prices and clearance of higher cost inventory

• Unfavorable region mix (higher proportion of low margin LATAM revenue vs. NAM and Europe)

• Conscious decision to conserve cash and improve working capital, resulting in idle capacity cost

Q4 Crop Protection By Regions | Revenue growth across regions except NAM due to rapid decline of post patent product prices

(INR B)

Q4FY22

Q4FY23

NAM: (13%)

31.9

27.6

• Rapid decline in glufosinate

prices

• Low on ground movement

due to delayed spring impacted herbicides, insecticides

Europe: 7%

24.5

26.3

• Growth, despite macro- economic challenges, unfavorable weather

• Vol. flat, despite product

bans

India*: 16%

9.2

10.6

Rest of World: 8%

18.5

19.9

•Herbicides led, partially offset by insecticides

LATAM: 13%

62.1

54.7

• Growth led by insecticides vol.

• Brazil led by Perito®, Feroce®,

Evolution® vol.

• Mexico by herbicides vol, other

portfolios

• Herbicides (Sweep

Power®, Ferio®) and biosolutions led

* Not a part of UPL Corp, only for information

19 19

FY23 | Strong revenue growth, moderate EBITDA increase due to challenges in Q4

Particulars (in INR B)

Revenue

FY23

420

FY22

363

B/(W) LY

16%

Revenue (In ₹ Bn)

Contribution Margin %

35.1%

36.3%

-120bps

Fixed overheads

EBITDA

EBITDA %

-16%

12%

19.7%

20.9%

-120bps

Numbers after considering proforma adjustments

Pricing

Volume

FY23 growth%

LATAM

22%

NAM

12%

EUROPE

ROW

INDIA*

13%

10%

16% higher revenue vs. LY:

• Primarily driven by herbicides pricing

120 bps lower contribution margin vs LY:

• Rapid decline in post patent prices and idle capacity cost in Q4, resulted in overall margin

compression

~9% growth in EBITDA vs. LY: • EBITDA decline in Q4 resulted in moderation of overall annual performance

• Continued investments to strengthen customer relations, build capabilities to drive growth in

differentiated and sustainable portfolio

* Not a part of UPL Corp, only for information

H1 focus on improving business quality and pricing; H2 on maintaining market shelf space

Blockbuster new launches in FY23; expected to continue momentum in FY24

>2% Crop protection FY23 revenue

~14% FY23 sales innovation

~66% Differentiated/ Sustainable revenue share

Feroce®

Evolution®

Shenzi®

Portfolio and composition

Insecticide

Fungicide | MMX platform

Insecticide

Pain point and crop application

Launch period and regions

UPL value capture

Long residual control against bug and sucker insects on soybean and corn

Multi-site activity at various fungi metabolism point in soybean

Longer lasting protection from leps therefore, lesser frequency of spray

Q2, FY23 | BRAZIL

Q4, FY22 | BRAZIL

Q4, FY22 | BRAZIL, LATAM, NAM, ROW

Superior alternative to Perito® for improved efficacy

Better multisite tech., superior disease sol. and resistance mgmt.; stability for higher productivity

Focus to strengthen offering in soybean, corn and cotton, and increase share within the platform

FY23 revenue

~INR 4.0 Bn

~INR 7.1 Bn

~INR 2.0 Bn

Patent protected product launches to support creation of blockbusters in medium to long term

Differentiated & Sustainable Portfolio Grew 12% in FY23, Led by Volumes

Portfolio Revenue (in ₹ Bn) and Share (%)

Post Patent portfolio

100

Differentiated/ Sustainable portfolio

25%

167

FY22

16%

208

FY23

FY22

Differentiated/ Sustainable growth faster in Q4 vs. post patent products

>16%

FY23 growth

~12%

FY23 growth

~70% of FY23 revenue from new products is from Differentiated and Sustainable portfolio

Revenue share%

FY22

FY23

71% 72%

29% 28%

FY23 Key Highlights

+16% Revenue Growth

Strong growth

+9% EBITDA Growth % Moderate due to Q4 challenges

H1 FY23

FY23

•

Strong performance of new products; on path to become blockbusters

Improved Receivable and Inventory Days

• Leveraged pricing for business quality, margin improvement, and higher cash generation

H2 FY23

• Secured shelf space, improved working capital (collections, higher cost inventory clearance)

•

Improved share of Differentiated/ Sustainable products through vol. growth

Improved Receivable and Inventory Days

Agile business model to rapidly adapt to changing market conditions

Global Crop Protection (ex. India)

FY24 Outlook

Mike Frank, CEO – UPL Corporation Ltd.

Multi-pronged Approach to Support Growth

Product Innovation

Impactful launches Select Force®, Shenzi®, Nimaxxa®

Better value capture through improved margins

Accelerated growth of Differentiated products

New products vol. ramp up Feroce®, Evolution®, Preview®, new AIs (e.g., CTPR)

Targeted promotion programs for potential “blockbuster” products

Replacing existing products with superior offerings

Increase Post Patent market share

Gain shelf space for key products Well positioned in major markets

Favorable production backdrop for soybean, corn, with increased biofuel demand

Leverage strong supply/ manufacturing base in India

Productivity enhancement

Overheads optimization

Collections, inventory management

Focus on EBITDA and working capital management

Medium-term Growth Strategy – Advantage Through Unique Growth Accelerators

Smart R&D and robust new launch pipeline

Accelerated growth in select markets, segments

Leverage manufacturing excellence of UPL Group

Robust R&D capabilities and infrastructure: 30 R&D facilities (incl. 1 OpenAg Farm), 1,000+ professionals

Large near-term post- patent opportunity, strong new product pipeline of differentiated and sustainable products (~$2.5Bn risk adjusted annual sales by FY27)

Generating, protecting value through IP: 1,850+ granted patents, 4,000+ pending patents

‘Emerging Markets’ to grow faster; UPL well positioned to outperform

‘Marketing Excellence’ led growth; Differentiated and Sustainable share projected to be ~50% (FY27)

Enhanced focus on faster scale-up in large underpenetrated regions and segments

Reliable supply and flexibility: global footprint for assured supply

Low-cost manufacturing: low risk, high operating leverage model

Safety and sustainability: continued reduction of environmental footprint; zero liquid discharge, use of renewable power, investments in cleaner/ greener technologies

Crop Protection + NPP BioSolutions Pipeline Focus on delivering Superior Differentiated and Sustainable Solutions to Drive Higher Margins

Peak Pipeline Composition

Peak Pipeline Value (PPV) and other Pipeline Metrics

22%

78%

>$8.5Bn

+16%

$2.5Bn

Risk Adjusted Peak Sales2 Outlook

Increase in PPV from last year

Risk Adjusted Annual Sales2 expected by FY27

% Post Patent Solutions % Differentiated and Sustainable Solutions

New molecules3 in development pipeline

New platforms of solutions in development

~24%

Innovation Rate1 annual target

Note: • •

•

1 Defined as the % of total sales from products launched in the last 5 years 2 Considers the highest expected sales by project in any given year, risk adjusted per internal estimates assigning technical probability of success to the best of our knowledge at the time of the projection; does not consider commercial risks 3 New molecules defined as new active ingredients and biosolutions

Robust R&D Pipeline (1/2) New Products on Key Crops

Offering

Type

Key regions

Soybean

Corn

Sugarcane

Cotton

Others

Weed management

Preview®

Kashmere®

Triskele®

“AS 1”

“AM 1”

“NP mix”

Disease Management

2-way herbicide – pre-emergent

NAM

3-way herbicide

LATAM

LATAM/ ROW

Pre-plant burndown

LATAM

2-way herbicide - pre-emergent

NAM

Pre-emergent

EU/ ROW

Evolution®

3-way fungicide – ASR/SPOTS

LATAM

Fluarys®

“FL mix”

“CY ST”

3-way fungicide – broad spectrum

LATAM

3-way fungicide

ST fungicide

LATAM/ INDIA/ NAM/ EU

LATAM/ NAM

Insect/ nematode management

Feroce®

2-way insecticide – broad spectrum

LATAM

Shenzi® family

Leps, broad spectrum insecticide

LATAM/ NAM/ ROW/ INDIA

Kevuka®/ Imagine®

Broad spectrum insecticide

INDIA/ ROW

Nimaxxa®

“F ST”

Bionematicide

ST insecticide

GLOBAL

LATAM/ INDIA

Short term (0-2 yrs.)

Medium terms (3-5 yrs.)

Long term (5+ yrs.)

✔

Robust Pipeline Focused on Delivering for 2027 Target, by Leveraging Best-in-Class Technology

Building foundation for 2027 through strong product launches

Reinventing our current portfolio – legacy AIs into new ideas

Robust R&D Pipeline (2/2) New Products on Key Crops

Offering

Type

Key regions

Soybean

Corn

Sugarcane

Cotton

Others

Carbon and Bio-nutrients

Nitrogen Fixing

Submicron N

Phosphorous Solubilization

Soil Salinity

Submicron

New AIs

Insecticide (metadiamide)

Fungicide (3)

Improve N Fixation, positive carbon footprint

Reduce traditional N, positive carbon footprint

Phosphorous efficiency, positive carbon footprint

GLOBAL

Crop resilience on salinity soils

Improve fertilization efficiency

Chewing Pests – Multi-crop

LATAM/ ROW/ INDIA

Multiple

LATAM/ INDIA/ NAM/ ROW

New Technologies

RNAi based (5)

Multiple

Insecticides peptides

LEPS, Sucking Pests

GLOBAL

Short term (0-2 yrs.)

Medium terms (3-5 yrs.)

Long term (5+ yrs.)

✔

Our OpenAg makes us efficient in bringing new AIs, technologies, concepts to market

Leadership in Post-Patent AIs, Expanding Portfolio Focusing On Innovation and Differentiation

Innovation Rate*

Sales by Category

24%

FY23

FY27

14%

FY23

FY27

72%

28%

50%

*Innovation rate is defined as the % of total sales from products launched in the last 5 years

Post Patent

Differentiated/ Sustainable

30 30

Go-to-Market Strategy – Adopting a Multi-pronged Approach to Drive Holistic Growth

Geographical expansion

Customer proximity

• Farmer outreach through national distributors tie-ups/ acquisitions

• Retailer collaboration to improve shelf visibility, POS conversions, bulk engagement (Midwest, NAM for corn/

soybean)

• Expand penetration in select crops in specific regions

•

“Grower pain points” driven commercial excellence

• Customer engagement focus

• Demand generation through better channel touch points

•

Improve “brand recall” and be a “preferred supplier” in key regions

• Greater “Direct-to-Grower” (D2G) focus across select geographies

Continue building on B2B partnerships

Cross-selling

• Better Product Mix: post-patent to differentiated (Evolution®, Brazil)

•

Portfolio expansion

Increase B2C revenue share

Strategic alliances/ partnerships

• Offering “complete solution” for select crops in specific regions (e.g. NAM Midwest corn)

•

Pronutiva® expansion

• Higher D2G sales through select partners (Origeo/ Brazil, Unimarts/ India)

• Greater distributor collaboration for specific portfolios (e.g., NPP)

Use digital tools across regions • Pest scouting, field analysis, weather forecasting,

field/ data platforms

• Marketing initiatives

• Drone application

•

Improving dealer sales effectiveness

Leveraging “Machine Learning” insights

• Product Lifecycle Management tools

Increased D2G, using success stories from other regions

Leading Company in the Fast-Growing BioSolutions Market

BioSolutions Overview

Fast-growing frontier in global agchem space; to grow +11% CAGR1 in FY22-FY27

Ambition to grow faster than market in next 5 years

US$409Mn

FY23 Revenue, led by vol. growth in LATAM and India

FY23 BioSolutions Sales by Region

FY23 BioSolutions Sales by Type

21%

38%

33%

NAM

LATAM

Europe

ROW + India

Biocontrol

49%

51%

Biostimulants+

+ includes plant and soil health

Key Growth Driver Strategy

Portfolio strategy

▪ Focus on “hero

products”, portfolio rationalization

▪ New tech R&D:

partnering with start-ups, universities

▪ Accelerate licensing

collaboration with focus on biocontrol products

Go To Market strategy

▪ Geographical expansion

▪ Higher focus on “NPP demand generation”, customized for each region

▪ Carbon footprint reduction

and food value chain strategy based sustainable NPP growth

Expansion, promotion of pronutiva® integrated crop programs to enhance demand generation

>$0.7Bn

Risk Adjusted Peak Sales2 Outlook

New Molecules3 in Development Pipeline

Note: 1 Markets and Markets. 2. Considers highest expected sales by project in any given year, risk adjusted per internal estimates assigning technical probability of success to the best of our knowledge at the time of the projection; does not consider commercial risks.3 New Molecules defined as new active ingredients to be registered and sold by UPL.

UPL Corporation Ltd.: FY24 Outlook

4 - 8%

Revenue Growth

Headwinds

Pricing challenges in post patent products

Challenges in volume growth due to excess supply from China

Product bans in south Europe

6 - 10%

EBITDA Growth

Tailwinds

Strong farm gate demand

Increased demand for biosolutions

Continued ramp-up of new, innovative products

33 3 3

Key Takeaways

• On path to growth in FY24

• Long Term Revenue Growth Ambition of 7-10% p.a.

• Achieve 50%+ revenues from high margin differentiated and

sustainable solutions by FY27, and accelerate growth in select countries, crops and segments

➢ Deliver our R&D pipeline

➢ Accelerated growth of NPP BioSolutions

➢ Expand offerings of Digital and Other Services

➢ Superior growth in key underpenetrated markets by addressing

key farmer pain points and be in their proximity

• Continue to leverage UPL Group manufacturing excellence with

highest focus on safety and sustainability

• Continuous focus on increasing ROCE and cash generation

• Reimagine Sustainability in everything we do

UPL Sustainable Agri Solutions (UPL SAS)

Business Overview, FY23 Performance and Growth Strategy

Ashish Dobhal, India Head

UPL SAS - Transforming Indian Agriculture

Our Focus: Offering a broad portfolio of innovative agriculture solutions through products and services across the crop lifecycle to ‘build sustainability and resilience of 100 Mn+ farmers’

Innovative Crop Protection Solutions Package

• Wide Portfolio of Crop Protection Chemicals, BioSolutions, Crop Establishment and Post Harvest Solutions

Empower Farmers by Leveraging AgTech

• Providing easy

access to affordable farming solutions via ‘nurture.farm‘

Note: *Source - Crisil

Unique Outcome

Driven

Approach

Highly Penetrated Pan-India Market Presence

• Possess ability to reach and cater to farmer needs across India

Market Leadership

• #1 Crop Protection Player in India with ~13% market share* • Well-positioned to be the driver of agri transformation

Broad Portfolio of Crop Protection, Crop Establishment and Post Harvest Solutions

FY23 Revenue Mix – by Solution Type

FY23 Revenue Mix – by Super Category

Crop Establishment, 4%

Post Harvest, 4%

Sustainable Solutions, 10%

Fungicides, 20%

Differentiated & Sustainable Solutions, 35%

Solutions added in last few years; scaling-up at a faster pace

Herbicides, 36%

Insecticides, 26%

Post Patent, 65%

▪ Wide range of crop protection chemicals1: 300+ products covering >90% of

the number of crops grown in India

▪ Deep and superior portfolio of sustainable solutions - soil enhancers,

BioStimulants, silica-based products and others

▪ Unique offering of crop establishment solutions – Solutions that foster

resilience and proper nutrition during a plant’s growth phase (examples: zeba, mycorrhiza, pilatus, seed treatment, etc.)

▪ Leader in post harvest solutions - with a wide set of solutions

Note: 1Crop Protection Chemicals include herbicides, insecticides and fungicides

▪ Differentiated & Sustainable: High-margin value-added solutions that help improve yield, plant health & nutrition, crop quality and lowering residue

▪ Some key brands of Differentiated Solutions: Sweep Power, Ferio, Ulala,

Panama, and Centurion among others

▪ Some key brands of Sustainable Solutions include Neo Root, Tinto,

Plantonik, among others

Highly Penetrated Pan-India Market Presence

Superior Multi-Channel Distribution Infrastructure

Go-to-Market Brands

600

Unimarts

72 Depots in 42

Locations

5,000+

Feet on Ground

Serving Extensive Customer Base

25,000+

Dealers

300,000+

Indirect Retailers

340+

B2B Clients Served

>90% Coverage across Indian districts

with a significant agri presence >90% Coverage across

number of crops grown

Serving Farmer Needs Across India

‘Nurture’ AgTech Platform – Empowering Farmers and Retailers

‘AgTech platform’ offering farmers easy booking of agri services on ‘Nurture’ app. Serving ~3 Mn farmers across India

‘Ag Input E-commerce marketplace’ directly connecting retailers to manufacturers

Key Service Offerings

Key Metrics

Spraying Services

Harvester

85,000+

9,000+

Retailers

SKUs

▪ Offers options to select from multiple suppliers

▪ Wide range of crop protection, crop nutrition, seeds, animal

feeds and other ag inputs

▪

Improves discovery, convenience and price transparency

Farm Advisory

Soil Testing

Cumulatively Invested ~INR 800 crores in setting-up and scaling the platform

UPL SAS Crop Protection: Strong Growth in Revenue and EBITDA over FY20-23

Revenue (In ₹ Cr)

2,629

3,197

3,915

4,326

Delivered superior sales growth - significantly outperformed the market which grew by 11% CAGR^

FY20

FY21

FY22

FY23

EBITDA (In ₹ Cr) and EBITDA Margin %

EBITDA Margin %

1200.0

1100.0

1000.0

900.0

800.0

700.0

600.0

500.0

400.0

300.0

200.0

100.0

14%

380

FY20

19%

595

17%

651

17%

736

FY21

FY22

FY23

EBITDA Growth outperformed sales growth – led by higher share of differentiated & sustainable portfolio

Note: The above financials pertain to India Crop Protection business only based on proforma adjustments and exclude AgTech platform ‘Nurture’. ^Source: Crisil

UPL SAS Crop Protection - Q4FY23 and Full-year FY23 Performance Highlights

Q4FY23 vs Q4FY22

In INR Cr.

FY23 vs FY22

In INR Cr.

Particulars

Revenue

Contribution Profit

Contribution Margin %

Fixed Overheads

EBITDA

EBITDA Margin %

Q4FY23

Q4FY22

YoY%

916

226

16%

26%

Particulars

Revenue

Contribution Profit

24.6%

+210 bps

Contribution Margin %

133

17%

31%

Fixed Overheads

EBITDA

1,062

279

26.7%

103

175

FY23

4,326

1,226

28.4%

490

736

FY22

3,915

1,049

26.8%

398

651

YoY%

10%

17%

+170 bps

24%

13%

16.5%

14.6%

+190 bps

EBITDA Margin %

17.0%

16.6%

+40 bps

+16% Revenue Growth vs LY

• Primarily driven by higher volumes (+16% YoY)

• Witnessed strong traction in key herbicide and insecticide portfolios; and

BioSolutions

+31% EBITDA Growth vs LY

+10% Revenue Growth vs LY

• Driven by improved realizations (+10% YoY)

+13% EBITDA Growth vs LY

• Contribution margins improved on the back of higher realizations and better

performance of the high-margin BioSolutions and Crop establishment portfolio

• Robust contribution growth coupled with stable fixed overheads as % of sales

• Partially offset by higher fixed overheads as % of sales on account of costs incurred

• Expansion in contribution margins primarily led by higher differentiated and sustainable products – up ~600 bps from ~18% in Q4FY22 to ~24% in Q4FY23

for new launches, focus on new crop expansion and greater penetration in AP/Telangana/UP

Nurture –

Financial Update

• FY23: Revenue INR 72 crore; EBITDA INR (284) crore

Note: Above financials pertain to India Crop Protection business only based on proforma adjustments and exclude ‘Nurture’

UPL SAS - FY24 Outlook

Crop Protection (Only):

12-16%

14-18%

Revenue Growth

EBITDA Growth

‘Nurture’ Platform Outlook

Launch of new products such as Sperto, Fascinate flash, Larviron Spruce, among others

Full-year contribution from recent launches including Tridium, Apache and Viola

Reduce EBITDA level loss by 50% in FY24 with value pricing of services and overheads optimization. Target to reach EBITDA breakeven by FY25

Continue to increase the share of Differentiated and Sustainable portfolio

Expand Unimarts Network (Franchisee Model): 800+ experience centres vis-à- vis 600 centres at the end of FY23

Increase farmer reach to >5 Mn farmers and retailer onboards to 1,20,000+

42 42

Advanta Enterprises

Business Overview, FY23 Performance and Growth Strategy

Bhupen Dubey, CEO

Advanta - Key Strengths

Superior Product Portfolio backed by Proprietary Technology

• Focused player operating primarily in conventional

markets

• Strong Product Suite with 900+ Hybrid Varieties across

40+ Crops)

• Recognized ‘global brands’ (Advanta, Alta and Pacific

Seeds) associated with ‘high performance’

• Proprietary NextGen Technologies - a key differentiator

and performance driver

Strong Presence, Production & Distribution Capabilities

• Markets products in 80+ Countries with commercial

presence in 30+ countries

• 1,200+ employees backed by an experienced leadership

and strong on-ground sales team of 600+

• 30+ production sites spread across 24 countries

• Driving consistent market share gains at a global level

on our Focus crops

Note: 1Agbio.

Superior Innovation Capabilities

• Smart R&D: Leveraging presence across ‘lab-to- field’ value-chain to launch superior hybrid seeds

• Robust Infra: 60+ Years of Research Experience , 32 Research Centers across 11 countries, 70 experienced plant research scientist

• Unique germplasm through conventional

breeding platforms

•

Innovation: 43% of our Revenue is coming from products released in last 4 years

Robust Financial Performance Track Record

• Delivered superior operating performance: Revenue and EBITDA grew at 21% and 31%, CAGR respectively over FY20-FY23

• Outperformed market: 21% CAGR vs 9% for

industry1

• Strong FCF Generation: FCF / EBITDA Conversion

at 84% for FY23 vs 70% for FY22

Widely Recognized Brands Associated with High Performance

Key Crop Specific Brands

Key Technology Brands

Crop

FY23 Revenue Share* (%)

Key Brands

Field Corn

45%

Grain and Forage Sorghum

23%

Vegetables & Fresh Corn

12%

Sunflower and Canola

14%

World’s first imidazoline herbicide tolerant technology for Sorghum

Helps overcome early-stage growth challenges driving superior yields in corn and sorghum

Offers high level of tolerance to aphid pressure in Sugarcane

Technology transfer ground centers: Farmers and stakeholders invited to see Advanta’s portfolio & pipeline

Note: * Other Crops account for the balance 6%

Superior Product Portfolio backed by Proprietary Technology – (1/2)

Our Highly Successful Field Crop Portfolio with Strong Growth Potential

Tropical Corn (Conventional)

Sorghum

Description •

Position in major markets: #1 in LAN1, #2 in Thailand and #3 in India

•

Consistent and unique grain quality through >40 years of pure tropical genetic pools

Expanding across conventional Yellow Tropical Markets

Description •

Leadership position in major markets: #1 in Australia and Argentina and #2 in Bolivia

•

First company in the world to deliver a commercial herbicide tolerant technology for Sorghum

Sunflower

Description • #2 in Argentina

•

Introduced renewed Sunflower portfolio in Argentina. Gained 7% market share in last year, to reach 20%

• Delivers Sunflower with high oil

content and superior grain yield

1 LAN includes ANDEAN excluding Chile, Argentina and Brazil.

Superior Product Portfolio backed by Proprietary Technology – (2/2)

Our Highly Successful Vegetable Portfolio with Strong Growth Potential in Tropical Environments

Okra

Description • #1 in Okra globally with multi-virus

tolerant varieties and 40+ picking hybrids

• #1 in India and expanding position in

other ASEAN geographies

•

Focus on high-value added products

Hot chillies

Description

• Fast market penetration in high pungency red and green chillies

through our new hybrid

Sweet Corn

Description • #1 Sweet Corn company in Thailand with unmatched Cannery value-add; >75% market share

•

Expanding the Sweet corn genetics across ASEAN geographies and entering the B2C segment

Superior Innovation Capabilities

World-Class R&D Infrastructure and Capabilities

45%

Years of Experience in Plant Genetics Research

R&D Facilities across 11 Countries

70+

Scientists with robust expertise in breeding & applied research

Smart R&D – ‘Geared to Address Farmer Pain-points Effectively’

Commercial Breeding Focus

• Breeding goals based on market trends and

farmer pain-points

• Producibility as part of key traits

Target evolving cropping systems and climate change

• Large multi-environment testing network

• Heat stress and drought tolerance research

Unique Germplasm Library – ‘A Key Value Driver’

• Focus on maximizing Genetic Gain

• Wider adaptation / geographic expansion

• Differentiated germplasm base in multiple crops

Innovation Pipeline

Strategic Trait Discovery & Innovation

• Research on Biotic stress tolerance (against

herbicides, insects and diseases)

• Research on abiotic stress / Sustainability

(Carbon and Water footprint related projects)

60K+

hybrids / year

50K+ lines / year

500K+

testing plots / year

5 Mn

data points / year

Multiple data systems

Own genomic resources

15+

Open Ag Projects. trait discovery, new methods, germplasm enhancement

Strong Presence, Production & Distribution Capabilities

Diversified Production & Sourcing Base: ~30 production sites (both proprietary and tolling) in 24 countries

Diversified Global Presence

Marketing operations in 80+ countries with a commercial presence in over 35 countries employing a team of 1,260 people

Robust Distribution and Sales Infrastructure • Go-to-market ecosystem with 5,000+ dealers and retailers • Strong on-ground presence with a salesforce of 600 employees • Portfolio and on-ground team serve ~18 million farmers globally

4 Global ‘Go-to-Market’ Brands

24 Countries

Robust SCM Processes Drive Consistent Quality Output

Distribution Strategy Geared to Optimize Customer Value

• Experienced SCM team drives supply through proprietary and tolling facilities.

• Emphasis on driving on-ground farmer awareness of Advanta’s products

• Unique Multi Crop farmer approach for diversification

• Strong and long-term relationship with distribution channel

• Robust quality check processes

• Operate primarily via distributors and retailers; also, directly with large

farmers in regions like Argentina, Brazil, etc.

Robust Financial Performance Track Record

Over FY20-FY23, Revenue and EBITDA grew at a healthy pace of ~21% and ~31% CAGR

Revenue (In ₹ Crore)

EBITDA (In ₹ Crore) and EBITDA Margin (%)

3,558

2,832

2,015

2,331

EBITDA Margin %

20%

24%

25%

26%

568

698

411

921

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

Key Growth Drivers

Market share gains in Tropical Field Corn in India, LAN and Indonesia

Key Margin Drivers

Strong traction in Grain Sorghum in Argentina, Australia and USA driven by proprietary technologies – ‘Igrowth‘ and ‘Aphix’

Increase in share of value- added (Sorghum) and higher margin portfolios (Vegetables and Corn in India, Sweet corn in LATAM and ASEAN)

Higher Growth in high-margin geographies such as India, LATAM, Australia and ASEAN Leveraging value pricing and R&D traits

Continued growth of ‘Vegetables portfolio’ in India coupled with expansion of portfolio into MENA region

Healthy volume growth drove operating leverage (resulting in lower per unit supply chain cost)

Replacement of old capacities with new plants in Australia, Thailand, India and Argentina improved efficiency

Q4FY23 Financial Highlights – Healthy Revenue Growth Despite Headwinds

In INR Crore

+12% Revenue Growth vs LY

-5% EBITDA Change vs LY

Particulars

Revenue

Contribution Profit

Q4FY23

Q4FY22

YoY%

849

451

759

397

12%

14%

Contribution Margin %

53.2%

52.3%

84 bps

Fixed Overheads

R&D Expenses

EBITDA

252

145

199

153

27%

17%

-5%

EBITDA Margin %

17.1%

20.1%

-307 bps

• Price: +10%, Volume: -4%, FX: +6%

• Higher fixed overheads and R&D

• Higher volumes and improved

realizations in Corn and Sunflower portfolios

• Partially offset by lower volumes in

vegetable portfolio

costs as % of sales (36% in Q4FY23 vs 32% in Q4FY22)

• Fixed overheads increase due to impact of higher supply chain costs and inflation

Revenue Growth by Region

23%

29%

11%

Asia/AME

Americas

Australia

Europe

-6%

FY23 Financial Highlights – Strong All-round Operational Performance

In INR Crore

+26% Revenue Growth vs LY

+29% EBITDA Growth vs LY

Particulars

Revenue

Contribution Profit

Contribution Margin %

Fixed Overheads

R&D Expenses

EBITDA

FY23

3,558

1,996

56.1%

859

215

921

FY22

2,832

1,554

54.9%

689

167

698

YoY%

26%

28%

123 bps

25%

29%

EBITDA Margin %

25.9%

24.6%

125 bps

Regional Mix - FY23 vs FY22

10%

FY22

51%

38%

Asia /AME

Americas

Australia

Europe

38%

11%

FY23

50%

• Price: +10%, Volume: +11%, FX: +5%

•

• Strong traction in Field corn,

Sunflower, Canola, and Sorghum portfolios led by higher volumes and realizations

Robust Operating FCF Generation

• Operating FCF to EBITDA conversion

is 84%

• NWC days improved by 22 days from 105 days (FY22) to 83 days (FY23) as a result of healthier cash collections

Improvement in contribution margins driven by overall higher volume growth and favorable product mix

• Offset by higher fixed overheads

as % of sales

Revenue Growth by Region

36%

23%

27%

13%

Asia/AME

Americas

Australia

Europe

Advanta Enterprises - FY24 Outlook

11-15%

14-18%

Revenue Growth

EBITDA Growth

Tropical Yellow Field Corn growth expansion driven by market share gain in India and Indonesia

Grain Sorghum growth driven by Brazil and North America ramp-up leveraging on Igrowth and Aphix technologies

Vegetable & Fresh Corn expansion into tropical markets

Market share gains in Canola in Australia And South Africa through renewed portfolio on multi herbicide tolerant trait platforms

Growth in Sunflower portfolio in Argentina led by the renewed portfolio

Expanding B2C business across major geographies

Manufacturing and Specialty Chemicals

Business Overview and Growth Strategy

Raj Tiwari, Chief Supply Chain Officer

India Specialty Chemicals Market1 Expected to Grow at 11% CAGR over 2020-25

India Specialty Chemicals Market Size (INR Bn)1

India Specialty Chemicals Market to Grow Fastest1

148

11.2%

7.0%

4.0%

3.0%

2.5%

1.5%

2015

2020

2025

India

China

MEA

LATAM N. America

Europe

Japan

Key Growth Drivers

• Diversification of supply-chains by MNCs from China to India as they look to reduce dependence on China to make their supply-chains more resilient

• “Make in India” campaign adding further impetus to the emergence of India as a manufacturing hub

• Rising domestic consumption: India is expected to account for >20% of incremental global consumption of chemicals over the next two decades. Domestic

consumption and demand is expected to rise from USD 170-180 billion in 2021 to USD 850-1000 billion by 20402

• Changing consumer preferences: Growing demand for biofriendly products benefits India, as it is among leading producers of many chemicals used in these products

Note: 1Source: Frost and Sullivan. 2Source: McKinsey & Co. *Includes Agrochemical manufacturing market

UPL is Uniquely Positioned to Capitalise on Opportunity in Specialty Chemical Market

#1 specialty chemicals company in India with revenue of over INR 15,000 crore1

Vertically-integrated manufacturing set-up provides competitive edge in manufacturing cost

50+ years expertise of manufacturing hazardous / complicated chemistries, compliant with ISO 14000 global standards along with best-in-class ESG metrics

UPL Specialty Chemicals Manufacturing Platform

Immense opportunities to expand external B2B manufacturing collaborations and entering new chemistries

Opportunities for growth in supplies to UPL Group Companies on account of strong Agchem demand outlook

Note: 1Source: Frost and Sullivan

Global sourcing footprint and strategic contracts with key raw material suppliers & major logistics cos.

Business Overview – Specialty Chemicals Manufacturing Platform

Revenue (In ₹ Crore)

Manufactures and supplies chemicals to UPL Group Companies (UPL Corporation and UPL SAS)

Supplies chemicals to 600+ external B2B clients (~15% of platform revenue) including large MNC and domestic companies operating in high-growth sectors (Agchem, Pharma, Paints, etc.)

Major Chemistries: Grignard Reaction, Nitration, Phosphorus and Sulphur Derivatives, Chlorination, Hydrogenation, Phosgenation, Cynation and others

Strong manufacturing base of 15+ technical and formulation plants

50+ years of expertise in manufacturing complicated chemistry and vertically- integrated operations provide competitive edge

14,574

17,480

9,937

FY21

FY22

FY23

EBITDA (In ₹ Crore) and EBITDA Margin (%)

EBITDA Margin %

920

FY21

1,310

10%

1,860

FY22

FY23

Specialty Chemicals Manufacturing – FY24 Outlook

10-14%

12-16%

Revenue Growth

EBITDA Growth

Entering into new Chemistries

Expand capacities of existing molecules

Enter into more external B2B collaborations

Cater to expanding captive demand from UPL Group Companies

Occupational Health and Safety Committed to “Zero Harm”

Strengthened Personal and Process Safety Management and Enhancing Safety Culture

• Risk mitigation of critical

processes and storages with advanced tools like BowTie and LOPA

• Enhancing Digital

interventions- Manufacturing 4.0 & Robotics for ensuring people and asset safety

• External expert onboarded and commenced a Safety Culture Transformation exercise

Hazardous Chemical Management and Incident Learnings

Strengthened Global Warehouse Assessment Program

Process Safety Incidents (no.)

• Enhanced focus on inhouse process safety capacity building

• Global competence

framework established for process, people and operations risk assessment

• Emergency Transport Management system implemented - to attend on-road transport emergencies

• Health management for

toxic chemicals competence being developed

• Baseline assessment of all warehouses completed globally

• Onboarding external expert for warehouse assessment

• Cyber security and non-

technical crisis management strengthened by simulation exercises

• Crisis Management Plan rolled out for India and at advance stages for LATAM and North America - all regions to be completed in FY24

FY20

FY21

FY22

FY23

Total Recordable Frequency Rate (TRFR)

0.45

0.32

0.29

0.21

FY20

FY21

FY22

FY23

Note: TRFR is calculated per 200,000 manhours worked. FY2021 TRFR was impacted by Jhagadia fire incident

Industry leading performance on reducing Environment Footprint in Manufacturing

CO2 Emission (Kg/MT)

Water Consumption (KL/MT)

Waste Generation (Kg/MT)

1,337

1600

1500

1400

1300

1200

1100

1000

900

800

700

1,137

1,061

1,046

8.69

6.74

5.8

5.11

3,538

2,448

1,883

1,469

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

FY20

FY21

FY22

FY23

• Carbon emission targets approved by SBTi, target reduction of 63.12% per ton of production by FY2035 (vs. FY2020)

• Commenced tracking of

Scope 3 emissions, target reduction of 42% per ton of production by FY2035 (vs. FY2020)

• Partnered with Cleanmax to increase renewable power usage from 8% currently to 30%: benefit to commence from FY2024

• Recycled and reused 1 million cubic water wastewater in FY23 at our operations, equivalent to 93% of water demand in operations

Note: FY23 water,CO2 and waste numbers are based on per ton of production and are subject to verification by third party assurance

UPL Group

FY24 Outlook

Anand Vora, Global CFO

UPL Group: FY24 Outlook

+6-10%

+8-12%

+125-175 bps

Revenue Growth

EBITDA Growth

ROCE

UPL Corporation:

UPL SAS:

4-8% growth in revenue and 6-10% growth in EBITDA

12-16% revenue growth and 14-18% growth in EBITDA

Advanta Enterprises:

Specialty Chemicals Manufacturing:

11-15% growth in revenue and 14- 18% growth in EBITDA

10-14% growth in revenue and 12-16% growth in EBITDA

Annexure 1. Opening Statements

UPL Corporation Ltd.: Delivered Healthy Growth in Revenue and EBITDA over FY20-23

Revenue* (In INR Bn)

283

304

363

420

FY20

FY21

FY22

FY23

EBITDA* (In INR Bn) and EBITDA Margin %

20%

21%

20%

EBITDA Margin %

110

Note: Financials pertain to UPL Corporation Ltd., Cayman after considering proforma adjustments

FY20

FY21

FY22

FY23

Q4 & FY23 Net Finance Cost Breakdown

Particulars

Q4FY23

Q4FY22

Change

FY23

FY22

Change

₹ crore

Interest on Borrowings

Interest on Leases & Others

Other Financial Charges

NPV – Interest & Finance

Interest Income

Net Finance Cost

370

393

155

-127

840

162

346

-49

578

128%

1,278

13%

58%

74%

1,105

166

602

685

749

171

340

87%

47%

-3%

77%

159%

-330

-136

143%

45%

2,820

1,809

56%

Balance Sheet: FY23

Particulars

YTD Mar’23

YTD Mar'22

Particulars

YTD Mar’23

YTD Mar’22

₹ crore

Equity Share Capital

Perpetual bonds

150

2,986

153

2,986

Retained earnings

26,813

21,522

Total Equity

29,950

24,662

Minority Interest

5,480

4,647

Borrowings

22,999

25,866

Long term Finance lease obligation

Other long-term liabilities

Deferred Tax

Provisions and others

941

642

(198)

1,560

842

417

399

1,685

Fixed Assets

Tangible Assets

Intangible Assets

Right of use assets1

Goodwill

Total Fixed Assets

Investments

Inventory

Trade receivables

Trade payables

Other liabilities

Working Capital

Cash and Bank3

Loans and advances and other current assets

9,361

11,366

906

19,898

41,531

1,253

13,985

14,969

(17,614)

(1,952)

9,388

6,097

3,103

8,470

11,068

792

18,364

38,695

782

13,078

14,287

(16,553)

(2,181)

8,632

6,960

3,449

Total Liabilities

61,372

58,518

Total Assets

61,372

58,518

Note: 1IND-AS 116 accounting standard for lease implemented in FY2020. 3Cash and Bank include NIL liquid investments in FY23 and INR 840 crore of liquid investments in FY22 USD/INR Rate – 31 Mar’23: 82.17, 31 Mar’22: 75.72

GHG Emission Targets Approved by SBTi and Targets Committed to WBCSD for elimination of wastewater pollution

GHG emission targets approved by SBTi

Targets for elimination of wastewater pollution by 2030

▪ Reduce scope 1 and scope 2 GHG emission by 63.12 % per

ton of production by FY2035 from FY2020 base year,

equivalent to a 37.5 % absolute reduction

▪ Reduce scope 3 GHG emission by 42% per ton of production

by FY2035 from FY2020 base year

▪

20% of total water usage at own manufacturing in water scarce

regions will be reused or recycled by 2025

Reduction in emissions related to treatment and discharge

of wastewater by using low-carbon processes

60% of suppliers to be compliant with industry effluent

quality norms by 2025

60% of suppliers in water scarce regions to have reuse and

recycle capabilities by 2025

60% of suppliers to be motivated by UPL to have science-

based emission targets by 2025

Note: Scope 3 includes reduction from purchased goods and services, fuel and energy-related activities, and upstream transportation & distribution. Suppliers include only Tier1 suppliers

← All Transcripts UPL Stock Page →

UPL Limited has informed the Exchange about Investor Presentation

Market Movers