Agrochem firm UPL expects to return to growth path in the ongoing financial year, normalisation in margins driven by agchem market returning to normality, the company said in its investor presentation on Monday.The company maintained that deleveraging its balancesheet is its first priority. “Our foremost priority remains to deleverage our balancesheet which we plan to achieve through operational cash flows, completion of rights issue, and pursuing capital raise opportunities within our platforms,” said , Mike Frank, CEO, UPL Corporation Ltd.
UPL’s net debt increased by $602 million from the last year to $2.66 billion at the end of FY24 due to reduced factoring, and cash flow impact of decline in profitability.
“We delivered significantly improved financial results in Q4 versus the two preceding quarters, inspite of the prevailing volatile and challenging market conditions,” Frank said.
Shares of UPL pared some of it gains to trade 2.6 per cent higher as on 2:20 pm, after it traded with gains of over 5 per cent around 2 pm.
