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NIMAXXA™ bionematicide is the first seed treatment in soybeans to contain three unique biological strains.

UPL Corp, a provider of comprehensive and sustainable agricultural solutions announces U.S. Environmental Protection Agency registration of NIMAXXA™ bionematicide, the only triple-strain bionematicide seed treatment for season-long nematode protection in soybeans and corn. It is effective against the most damaging nematodes, including soybean cyst nematode (SCN), root knot nematode (RKN) and reniform nematode.

NIMAXXA bionematicide uses a combination of three biological strains, including two that function as bionematicides and root colonizers to control nematode eggs and juveniles. Because NIMAXXA bionematicide colonizes along the roots, it forms a barrier of protection that grows as roots grow to prevent nematodes from burrowing into roots, feeding on plant tissue and laying eggs. The third unique biological strain delivers biostimulant activity to stimulate root growth and help plants remain resilient throughout the season.

“Nematodes are a costly, unseen pest in soybeans. SCN is responsible for nearly $1.5 billion in lost yield each year across North America. To make matters worse, varietal resistance is faltering,” said Chris Nowlan, UPL Corp, North America Marketing Lead. “But with the unique protection that NIMAXXA bionematicide offers, growers will have peace of mind that their seed investment is protected against nematodes, even when there are changes in soil or weather conditions.”

In extensive testing and trials, NIMAXXA bionematicide has demonstrated its effectiveness against nematodes is not compromised by variability in soil types or weather conditions. As a result, growers experience consistent nematode control across field locations. In addition, NIMAXXA bionematicide comes in an easy-to-add formulation and has no known mixing issues with current seed treatment products, making it easier to integrate into customized seed treatment packages to meet the needs of each field.

NIMAXXA™ bionematicide is the first seed treatment

Agribusiness, Agro chems – Chemicals, Agro chems – Fertilizers, Agro chems – Pesticides, Company News, Finance, World

Company’s revenue from operations declined 15.03 per cent YoY to Rs 14,078 crore in the quarter ended 31 March 2024, primarily due to lower prices in the post-patent market.

Agrochemical major UPL Ltd has reported 94.95 per cent decline in consolidated net profit to Rs 40 crore in Q4 FY24 as against a net profit of Rs 792 crore recorded in Q4 FY23.

 Company’s revenue from operations declined 15.03 per cent YoY to Rs 14,078 crore in the quarter ended 31 March 2024, primarily due to lower prices in the post-patent market (prices came off against last years [LY] higher base). However, volumes were largely in line with last year.

Company reported that Profit before exceptional items and tax slumped to Rs 135 crore as compared to Rs 1,420 crore reported in the same quarter a year ago. Exceptional items stood at Rs 105 crore in Q4 FY24 as compared to Rs 29 crore recorded in Q4 FY23.

Company’s EBITDA slipped 36 per cent to Rs 1,933 crore in the March 2024 quarter from Rs 3,033 crore reported in Q4 FY23. EBITDA margin dropped by 458 bps YoY to 13.7 per cent during the period under review.

The company’s revenue from crop protection was at Rs 15,080 crore (down 17.75 per cent YoY) and non agro stood at Rs 621 crore (down 9.21 per cent YoY). However, income from seeds business was at Rs 1,130 crore (up 30.33 per cent YoY).

UPL’s revenue from Europe rose by 10 per cent YoY. Income from North America declined 49 per cent YoY followed by India, down 24 per cent YoY and Latin America shed 23 per cent YoY during the period under review. Income from rest of the world increased 21 per cent YoY during the quarter.

During the quarter, net debt increased by $602 million vs previous year to $2.66 billion at the end of FY24 due to reduced factoring, and cash flow impact of decline in profitability.

Mike Frank, CEO, UPL Corporation, said, “We delivered significantly improved financial results in Q4 versus the two preceding quarters, in spite of the prevailing volatile and challenging market conditions. As compared to Q3, volumes recovered well and were in-line with LY, largely led by the strong performance of our high-margin differentiated and sustainable portfolio, which contributed 36 per cent of crop protection revenue vs 29 per cent LY. Our recent launches of Evolution, Feroce and Shenzi did exceedingly well, growing volumes by more than 50 per cent.

Furthermore, Advanta, our global seeds platform continued to see robust traction delivering revenue growth of 34 per cent and 38 per cent respectively for the quarter.

Company’s revenue from operations declined 15.03 per

Agro chems – Chemicals, Company News, Finance, World

Company’s revenue from Europe declined by 30 per cent YoY, followed by Latin America (down 28 per cent YoY) and India (down 20 per cent YoY).

The agrochemical major UPL Ltd has reported a consolidated net loss of Rs 1,217 crore in Q3 FY24 as against a net profit of Rs 1,087 crore recorded in Q3 FY23. Company’s revenue from operations declined 27.72 per cent YoY to Rs 9,887 crore in the quarter ended 31 December 2023. Loss before exceptional items and tax was at Rs 1,649 crore as against profit before exceptional items of Rs 1,515 crore reported in the same quarter a year ago.

Revenue and EBITDA for Q3 continued to be impacted by global channel destocking and ongoing pricing pressure in post patent space exacerbated by higher rebates, company mentioned. UPL’s income from North American tumbled 64 per cent YoY, revenue from Europe declined by 30 per cent YoY, followed by Latin America (down 28 per cent YoY) and India (down 20 per cent YoY) and rest of the world shed by 12 per cent YoY during the period under review.

UPL said that the revenue and EBITDA for Q3 continued to be impacted by global channel destocking and ongoing pricing pressure in post patent space exacerbated by higher rebates.

During the quarter, contribution profit jumped 54 per cent YoY to Rs 2,689 crore and contribution margin declined to 42.6 per cent from 42.6 per cent in Q3 FY23. Liquidation of high-cost inventory, and higher rebates to support channel partners, impacted contribution margin, as per the statement.

The company’s revenue from crop protection was at Rs 8,495 crore (down 30.68 per cent YoY) and non -agro came in at Rs 520 crore (down 9.25 per cent YoY). However, income from seeds business was at Rs 931 crore (up 2.08 per cent YoY)

Mike Frank, CEO, UPL Corporation, said, “Destocking continued to weigh down the global agrochemical market. Overall, prices remained stable QoQ in the crop protection business but came off significantly as against with the high base of previous year amid intense post patent price competition.

However, we did see a pick-up in volumes in Latin America, and a double-digit growth in revenue in the RoW region. Our high margin differentiated and sustainable portfolio continued to outperform as revenue 2 share of this portfolio increased to 37% of crop protection revenue (ex-India) vs 28 per cent last year. Contribution margins too were down only marginally versus last year adjusted for the short-term impact of high-cost inventory liquidation and higher rebates to channel partners.

We continued to implement cost optimization initiatives to align our operations with the new reality, reducing SG&A expenses by 19 per cent YoY in Q3. We are well on track to reduce our SG&A by $100 million in FY25 (from the base of FY23). Going forward, while we are optimistic of a progressively improved performance in Q4FY24 and Q1FY25, we expect normalized business performance from Q2FY25. Our foremost priority is reducing debt. In-line with this, we have also recently announced a rights issue of upto $500 million and are exploring capital raise opportunities at platforms in addition to operational cash flows.”

Company’s revenue from Europe declined by 30

Agro chems – Pesticides, Company News, India, World

UPL Corporation, the flagship company of UPL Ltd for global operations, has appointed Mike Frank as the Chief Executive Officer (CEO) of UPL’s Global Crop Protection (CP) business which manages all CP assets outside of India. Mike will be a member of the UPL Crop Protection Board of Directors.

He joined UPL in early 2022 as President and Chief Operating Officer of UPL’s Crop Protection business based out of its London headquarters and plays a significant role in driving sustainable solutions in global food value chain networks to advance its OpenAg® purpose.

“As we continue to realign our businesses and strengthen our advancement to lead the pureplay crop protection market, we have been taking a more focused approach to our structure. Mike Frank is the natural choice to lead this transition, bringing extensive experience leading global agriculture companies, deep knowledge of innovative and digital technologies, and a proven track record of superior value creation for all stakeholders. He demonstrates an impressive leadership style, entrepreneurial mindset and a strong commitment to strengthening organisational culture”. Said Jai Shroff, Group CEO of UPL and Chairman of UPL Corporation.

UPL Corporation, the flagship company of UPL