Buy UPL; target of Rs 930: JM Financial

JM Financial’ research report on UPL

UPL reported 4Q18 Revenue/EBITDA/PAT of INR 57bn / INR 12.2bn / INR 7.7bn (+7%/+8%/+6% YoY respectively), in-line with JMFe of INR 59.1bn/11.3bn / 7.87bn. Geographically, (i) India business grew 6% YoY with growth in new fungicides and successful farmer reception of 3 new launches, (ii) LATAM business grew 7% YoY driven by product launches throughout the value chain

Outlook

UPL continued to grow across geographies and grew at 7% against flat growth in agro-chemical industry. We continue to remain positive on UPL driven by its consistent performance in a challenging industry environment. Re-iterate BUY with TP of INR 930.

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