Agrochemical company UPL’s second quarter (July-September) consolidated net profit fell sharply by 67 percent due to one-time exceptional loss.
Profit during the quarter declined to Rs 89 crore, against Rs 270 crore reported in the same period last year.
The company reported a one-time loss of Rs 305 crore during the quarter against a loss of Rs 57 crore in corresponding quarter previous fiscal.
“Exceptional items for the period reported majorly included cost related to Agrofresh litigation in the USA and severance and integration cost due to acquisition of Arvsta group and LATAM restructuring expenses,” the company said in its BSE filing.
Revenue from operations increased substantially by 83.6 percent year-on-year to Rs 7,817 crore in the quarter ended September 2019.
The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 83.4 percent to Rs 1,539 crore compared to year-ago, and margin was unchanged at 19.7 percent YoY.
Tax expenses were lower at Rs 66 crore due to cut in the corporate tax rate, against Rs 116 crore in the same period last year.
The stock was quoting at Rs 568.30, down Rs 37.65, or 6.21 percent on the BSE at 1520 hours IST.
News Source:- Money Control