UPL Q2 Results: Firm reports net loss of ₹189 crore, cuts FY24 revenue, EBITDA guidance
UPL Q2 Results: UPL Ltd on Monday reported a consolidated net loss of ₹189 crore in the quarter ended September 2023, as against a consolidated net profit of ₹814 crore in the same quarter last year. UPL reported a consolidated net profit of ₹166 crore in the quarter ended June.
The company’s consolidated revenue from operations in Q2FY24 dropped 18.7% to ₹10,170 crore from ₹12,507 crore, YoY. Sequentially, revenue rose 13.5%.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) during the quarter under review slumped 43% to ₹1,573 crore from ₹2,768 crore, while EBITDA margin contracted by 666 basis points (bps) to 15.5% from 22.1%, YoY, according to company's exchange filing. The company stated in its exchange filing that higher price pressure and global channel destocking negatively impacted Q2 revenue and EBITDA.
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