UPL, is the 5th largest agrochemicals company in the world post acquisition of Arysta which has strengthened its position, particularly in Europe and Africa and provided considerable cost and revenue synergies. However, performance has been mixed due to volatile weather patterns and lower crop output / prices. The company is well placed to benefit from increased genericization within the agrochemical space. We expect steady volume growth over the next 2-3 years without margin dilution. However, there could be quarterly earnings volatility. Main risk factor is climatic conditions in key markets. Despite strong near term performance, we have neutral rating due to structure of business and mature trends in the industry. UPL story is all about increasing productivity of global acquisitions which is still work in progress – 12-05-2021 Price: 692.00 Rating : Neutral Weight Recommendation: Hold
Elixir Equities Private Limited (hereinafter referred to as “EEPL”) is a registered Member of National Stock Exchange of India Limited, BSE Limited and Depository Participant of the Central Depository Services Ltd. It is also a SEBI registered Portfolio Manager. We have been granted certificate of Registration as a Research Analyst with SEBI. Registration no. is INA000004787 for the period of 5 (Five) Years from 19th May, 2017.
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