Motilal Oswal's research report on UPL
Revenue increased 17.3% YoY to INR49.2b (our estimate: INR47.7b) in 3QFY19, driven by volume growth of 6% YoY and price growth of 7% YoY. EBITDA increased 22.6% YoY to INR10,160m (our estimate: INR9,633m), with the margin expanding 90bp YoY to 20.6% (our estimate: 20.2%). Adj. PAT was flattish YoY at INR6,340m (our estimate: INR6,669m). For 9MFY19, revenue grew 14% YoY to INR133,120m, EBITDA increased 18% YoY (margin up 60bp YoY to 20.3%) and adj. PAT grew 6% YoY to INR15,510m.
Outlook
We believe the all-round performance will sustain and the set-back in the Indian market is temporary. Our TP of INR943 implies a 22% upside. Buy.
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Read More First Published on Feb 20, 2019 03:00 pm
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