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HomePosts Tagged "Jai Shroff"
Agribusiness, Agro chems – Chemicals, Agro chems – Fertilizers, Agro chems – Pesticides, Company News, Finance, India

Company records overall robust performance in seeds business, driven by grain sorghum, sunflower and corn.

UPL Ltd. reported financial results for the third quarter and nine months ended December 31, 2024. Company’s revenue for the third quarter was up by 10 per cent, driven by 9 per cent increase in volumes, 5 per cent increase in price and 4 per cent decline due to Fx, mainly in Brazil.

Financial Performance Update

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Company’s EBITDA was at Rs 2,163 crores in Q3 FY25 compared to Rs 416 crores in Q3FY24 registering the growth of 420 per cent YoY. Company recorded revenue of Rs 10,907 crore in Q3 FY25 Vs Rs 9,887 in Q3FY24 witnessing 10 per cent growth. Contribution margin increase led by product mix, rebate normalisation and COGS improvement. Strong performance with accretive margins in differentiated and sustainable segment. Overall robust performance in seeds business, driven by grain sorghum, sunflower and corn. Net Debt lower by $745M vs. last year; $363M increase in net debt vs. March ’24, significantly lower than $1.7Bn increase over the same period last year.  

Commenting on the Q3FY25 performance, Jai Shroff, Chairman and Group CEO, said “We are seeing strong bounce back versus last year, with normalisation of business, and recovery of volumes and prices. This has helped in regaining our contribution margins back to our previous higher levels. Through strong focus, the team has done a commendable job in bringing down the working capital, resulting in a significant reduction of our net debt versus September, 2024. With this strong performance, we are confident of delivering our EBITDA and free cash flow guidance for the full year.”  

Mike Frank, CEO, UPL Corporation Ltd., said: “The global crop protection market continues to rebound as farmers and dealer buying patterns are now reset. Our volume growth of 14 per cent in this past quarter demonstrates continued strong demand across regions, and our ability to increase market share. Through our focus on customers, driven by investments in marketing excellence, new launches and differentiated solutions, we have improved our margins, as compared to the last few quarters. We expect benefits from this to continue in Q4 as well as in the next financial year”

Company records overall robust performance in seeds

Agribusiness, Animal Health, Animal Husbandry, Collaborations, Company News, Dairy, India, Live Stock, Sustainability

Under the multi-phase, multi-year agreement, the company and CH4 Global will develop a comprehensive roadmap targeting key livestock markets in India, Brazil, Argentina, Uruguay and Paraguay.

Agricultural solutions provider UPL Limited announced that company has signed a strategic partnership agreement with CH4 Global to distribute a methane-reducing feed supplement for cattle across major livestock markets. The multi-year collaboration will target India, Brazil, Argentina, Uruguay, and Paraguay, which collectively account for over 40 per cent of the global cattle population.

Methane Tamer, CH4 Globals flagship product innovation, is a stable, formulated cattle feed supplement based on whole Asparagopsis seaweed that has been shown in studies to reduce enteric methane emissions from cattle by up to 90 per cent when used as recommended.

Under the multi-phase, multi-year agreement, the company and CH4 Global will develop a comprehensive roadmap targeting key livestock markets in India, Brazil, Argentina, Uruguay and Paraguay. The collaboration will establish specific business models to distribute CH4 Globals Methane Tamer cattle feed additive in each of these markets.

Jai Shroff, chairman and Group CEO, UPL, said, “Our OpenAg purpose places collaboration at the heart of progress, and through this partnership we aim to mark an important step in showing how agriculture can deliver on overall efforts to reduce greenhouse gasses. Methane is almost thirty times as harmful for global warming than CO2 and recent reports show the highest levels in 800,000 years, so its reduction must be our top priority. This initiative will present a new model for sustainable livestock which can be scaled globally, helping the industry reach net-zero for greenhouse gasses by adopting methane mitigation technologies, and demonstrating agricultures positive impact on the environment.”

Steve Meller, President and CEO of CH4 Global, said, “We are thrilled to join forces with a market leader like UPL to accelerate the global adoption of Methane Tamer. UPLs vast footprint across the key markets and its trusted relationships with farmers make them an ideal partner as we scale up to meet the massive need for enteric methane reduction solutions.”

Under the multi-phase, multi-year agreement, the company

Company News, People, Supply Chain, World

Manish brings to the role extensive leadership in pre-harvest and post-harvest industries, business operations, sales, marketing, and delivering strategic projects at national, regional, and international levels.

UPL Ltd. and DECCO WW, part of the UPL Group of companies, responsible for developing and distributing its portfolio of post-harvest solutions,  announced the appointment of Manish Sirohi as the Chief Executive Officer of DECCO WW.

Manish brings to the role extensive leadership in pre-harvest and post-harvest industries, business operations, sales, marketing, and delivering strategic projects at national, regional, and international levels. Manish joined UPL in 2004 and has held various positions across different markets, most recently serving as Global Commercial Head of DECCO WW. In this role, Manish was instrumental in unleashing new business value and driving double-digit top-line and bottom-line growth in 2023 despite the challenging industry environment.

Jai Shroff, Chairman and Group CEO of UPL said, “Post-harvest solutions are a core part of our business and a crucial component of our sustainable future. These solutions are not just about preserving foods; they’re about sustaining livelihoods, ensuring food security, and minimising waste in an increasingly demanding world with a rapidly growing population. Manish has an impressive 20-year history with UPL, and is the natural choice to lead DECCO WW into its new phase of growth to become the post-harvest global leader.”

Manish Sirohi, CEO of DECCO WW said, “I am honoured to step into the role of CEO. I’ve had the privilege to grow with the company for many years and I’m excited to lead DECCO WW in its mission to transform post-harvest practices, leverage our expertise to drive innovation and make a meaningful impact across the agricultural landscape.”

Manish brings to the role extensive leadership

Company News, People, World

Manish brings to the role extensive leadership in pre-harvest and post-harvest industries, business operations, sales, marketing, and delivering strategic projects at national, regional, and international levels

UPL Ltd. and DECCO WW, part of the UPL Group of companies, responsible for developing and distributing its portfolio of post-harvest solutions, announced the appointment of Manish Sirohi as the Chief Executive Officer of DECCO WW.

Manish brings to the role extensive leadership in pre-harvest and post-harvest industries, business operations, sales, marketing, and delivering strategic projects at national, regional, and international levels. Manish joined UPL in 2004 and has held various positions across different markets, most recently serving as Global Commercial Head of DECCO WW. In this role, Manish was instrumental in unleashing new business value and driving double-digit top-line and bottom-line growth in 2023 despite the challenging industry environment.

Jai Shroff, Chairman and Group CEO of UPL said, “Post-harvest solutions are a core part of our business and a crucial component of our sustainable future. These solutions are not just about preserving foods; they’re about sustaining livelihoods, ensuring food security, and minimising waste in an increasingly demanding world with a rapidly growing population. Manish has an impressive 20-year history with UPL, and is the natural choice to lead DECCO WW into its new phase of growth to become the post-harvest global leader.”

Manish brings to the role extensive leadership

Company News, Sustainability, World

UPL is the first agrochemical company included in the esteemed Dow Jones Sustainability World and Emerging Markets Indices

UPL Ltd. a global provider of sustainable agricultural solutions, announces its inclusion in both the Dow Jones Sustainability World and Emerging Markets Indices (DJSI).  These prestigious global indices are exclusive to the most outstanding companies in sustainability performance.

This inclusion is based on UPL’s outstanding performance in achieving the highest scores in the agrochemical sector in the S&P Global 2023 Corporate Sustainability Assessment, as announced in November.

The Dow Jones Sustainability Index (DJSI) is one of the globally renowned sustainability ratings for Environment, Social, and Governance (ESG). The DJSI World Index includes the top 10 per cent of major global companies by industry, reflecting their best practices in sustainable development. Similarly, the DJSI Emerging Markets Index recognises the top 10 per cent of the largest 800 emerging market companies, each selected for their exceptional ESG practices.

Jai Shroff, Chairman and Group CEO of UPL Group, said: “We are so proud to be the first agrochemical company to be included in the DJSI World and Emerging Markets Indices. This milestone underlines our mission to reimagine sustainability and our ongoing journey towards a better future for our customers, our partners, our employees and the planet”. UPL’s excellent sustainability rating places the company among the top global performers. This recognition is a testament to UPL’s commitment to sustainable business practices, aligning with the best-in-class benchmarks for investors who prioritize long-term shareholder

UPL is the first agrochemical company included

Company News, Sustainability, World

Dow Jones Sustainability Index (DJSI) score places UPL as the highest-performing agrochemical company globally and in the top 1 per cent of chemical companies worldwide

UPL Ltd. a global provider of sustainable agricultural solutions has achieved a score of 76 in the Dow Jones Sustainability Index (DJSI) powered by S&P Global Switzerland, outperforming the industry average of 24 and placing the company as the highest-performing agrochemical company globally and in the top 1 per cent of chemical companies worldwide.

This achievement demonstrates UPL’s continued commitment to sustainability and harnessing the decarbonisation potential of the agricultural industry. This year, the UN initiated SBTi and has validated and approved UPL’s Science Based Targets. Over the last 3 years, UPL has reduced its carbon emissions by 21 per cent, its water consumption by 40 per cent, and its waste levels by 57 per cent. UPL has also partnered with renewable energy companies to establish hybrid solar-wind energy power plants and increase its renewable energy usage to 30 per cent.

Jai Shroff, Chairman and Group CEO of UPL Group, said: “As we advance our mission to Reimagining Sustainability for farmers and food systems, we are taking bold steps to reduce our environmental impact, strengthen our social responsibility initiatives, and improve our governance practices – and we are proud that DJSI has recognised this. We remain focused on breaking new ground for our industry and look forward to progressing our sustainability initiatives as we get closer to our 2040 carbon-neutral commitment.”

Dow Jones Sustainability Index (DJSI) score places UPL

Agro chems – Chemicals, Company News, Finance, India

FY23 EBITDA grew by 10 per cent YoY to Rs 11,178 crore as against Rs 10,165 crore in FY22.

 UPL Ltd. has reported financial results for the fourth quarter of FY23 (Jan-Mar 2023).  UPL’s fourth quarter of FY23 revenue grew by 4 per cent YoY to Rs 16,569 crore. The quarter was impacted by rapid decline in product prices and delays in planting season that resulted in headwinds for product placements.  FY23 revenue grew by 16 per cent YoY to Rs 53,576 crore, led by better product realizations (+10 per cent), favorable currency impact (+5%) and flat volumes. FY23 EBITDA grew by 10 per cent YoY to Rs 11,178 crore as against Rs 10,165 crore in FY22. EBITDA margins were lower mainly due to weaker-than-expected performance in Q4 impacted by headwinds in the post-patent space, which offset the healthy performance delivered during the first nine months..

Commenting on the performance, Jai Shroff, Chairman and Group CEO – UPL Ltd., said “We delivered a resilient set of results for FY23 despite facing significant headwinds in the final quarter. Thanks to the dedication, agility, and tenacity of our teams, we were able to deliver on most of our commitments. We reduced our gross debt by over $600 Mn and net debt by $440 Mn driven by improved cash flow from operations and a leaner working capital cycle. In-line with our priority of creating shareholder value, we created distinct pure play platforms during the year to bring in enhanced focus and operational freedom to pursue independent growth strategies thereby unleashing the growth potential of each of our distinct platforms.  Going forward, as we look ahead to FY24, we are well-positioned to deal with the market headwinds and deliver better profitability growth. In the longer-term, we remain confident of achieving our growth ambitions and transforming the food value chain with emphasis on sustainability.”

Mike Frank, CEO – UPL Global Crop Protection, said “FY2023 was a tale of two distinct periods, our performance in the first nine months delivered >20% growth in Revenue and EBITDA. The fourth quarter was an unusual one with pricing pressure and delayed purchases by channel in the post-patent space due to oversupply of certain molecules. Our focus in the last quarter was to grow share in key markets, liquidating most of our high-cost inventory, closely manage working capital and smartly set-up our inventory position for the next year. As a result, given our lean inventory position, we are well-placed to deal with the challenging market conditions which are likely to persist for first half of FY24, but also to benefit once the market begins to normalize thereafter. Backed by our superior manufacturing and product innovation capabilities, we remain confident of growing significantly faster than the market in FY24 and beyond “

FY23 EBITDA grew by 10 per cent

Company News, Foodgrains, India, Sustainability

UPL will supply technical expertise and selected agriculture inputs, while the Republic of Guyana will provide a suitable land parcel of 200 acres

UPL, a leading provider of Sustainable Agriculture Solutions, announced a collaboration with the Republic of Guyana to establish a 200-acre ‘Millets Model Farm’.  Jai Shroff, Group CEO of UPL group and Zulfikar Mustafa, Agriculture Minister of the Republic of Guyana, signed an MOU in Georgetown, Guyana with an aim to assess the adaptation of various millet varieties for growing and consuming in Guyana.  The signing of the MoU coincided with the visit of an Indian delegation to Guyana led by S. Jaishankar, Minister of External Affairs of India.

In this partnership, UPL will supply technical expertise and selected agriculture inputs, while the Republic of Guyana will provide a suitable land parcel of 200 acres in Guyana and local farm operations will be done by the Republic of Guyana. 

Millets, also known as super food, are climate-smart, sustainable, rich in heritage, and highly nutritious food resources. In comparison with rice, millet production requires half of the water per acre as compared with rice, making it a water conservation crop that can also withstand other climatic conditions like droughts, floods, heat stress, erratic rainfalls, etc., than other crops, saving food loss, enhancing small farmers resilience.  

Sagar Kaushik, President, Global Corporate & Industry Affairs from UPL, said, “We are delighted to partner with the Republic of Guyana as the first country in Latin America to explore millet cultivation potential in Guyana, which will also benefit Small Holding Farmers.”

Explaining the initiatives further, Kaushik Said, said, “UPL is paving the path for millet cultivation and making important strides toward its vision of a food-secure world through this collaboration. This is a win-win situation for both Guyana and UPL. UPL’s expertise and technical know-how will play a crucial role in ensuring the success of this initiative, which can provide a sustainable livelihood to smallholding farmers globally.”

UPL will supply technical expertise and selected