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Sunday / December 8. 2024
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Company’s total income in Q2 FY 2023-24 was Rs 10,170 crore compared to Rs. 12,507 crores during the corresponding period in FY 2022-23.

Global agrochemical company, UPL Ltd. has reported financial results for the second quarter ended FY24 (July-Sep 2023).  Company has reported a consolidated net loss of Rs. 189 crores for the second quarter of 2023-24. Revenue and EBITDA for Q2 impacted by global channel destocking and elevated pricing pressure. Liquidation of high-cost inventory, higher than usual sales returns and rebates to support channel partners impacted contribution margin. Adjusting for this temporary impact, the H1FY24 contribution margins would be higher by 300 bps vs LY (instead of reported 48 bps Year to Year drop). Company’s total income in Q2 FY 2023-24 was Rs 10,170 crore compared to Rs. 12,507 crores during the corresponding period in FY 2022-23.

Differentiated and Sustainable portfolio continued to perform resiliently with higher volumes (+11 per cent YoY). Revenue share of this portfolio rose significantly to 38 per cent of crop protection revenue (from 30 per cent in Q2FY23) Reduced SG&A expenses by 3 per cent YoY to Rs 2,486 crore.

Seeds business continued its growth momentum as revenue grew by 10 per cent YoY in Q2 to INR 1,070 crore while EBITDA is marginally down. For H1FY24, revenue stood at Rs 2,131 crore (+17% YoY).

Commenting on the performance, Mike Frank, CEO – UPL Corporation Ltd., said ″The global agrochemical industry continues to go through a difficult phase with prices coming off significantly vis-àvis the high base of the previous year amid the elevated channel inventory levels and intense price competition. Given this backdrop, the distributors prioritized destocking, and focused on purchases at lower prices to bring down their average inventory cost. In particular, destocking had a significant impact in the US and Brazil during the first half.

Our revenue and profitability for Q2 were significantly impacted by these factors in line with rest of the industry. However, contribution margins improved by 300 bps YoY in H1FY24 adjusted for the short-term impact of high-cost inventory liquidation, higher than usual sales returns, and rebates to channel partners. We also saw a pick-up in volumes (+1% YoY) in the crop protection business (ex-India) led by the resilient performance of our differentiated and sustainable portfolio; revenue share of this portfolio increased to 38 per cent of crop protection revenue vs 30 per cent last year. Our cost reduction drive of $100 million over next two years is under implementation and we are on track to realize benefit of $50 million in FY24, bulk of which will be realized in H2FY24.

Going forward, we are optimistic of progressively improved performance in H2FY24 as key geographies of North America, LATAM and Europe enter major cropping season. The elevated inventory levels are expected to gradually subside with the farmgate demand continuing to be robust. In Europe, Asia, and LATAM (ex-Brazil), channel inventory levels have largely normalized; while in North America and Brazil, the scenario continues to gradually improve.

On the pricing front, most post patent molecule prices seem to have bottomed in Q2 and are now stabilizing. Overall, we are executing well in this challenging market and making changes to our operating model that will further improve our business as the cycle normalises. ″

Company’s total income in Q2 FY 2023-24

The fund inflow will be utilised towards committed debt reduction target of $500 Mn by the end of March 23.

UPL Ltd. announced the completion of investment of Rs 1,580 Crore ($200 Mn) by ADIA, TPG and Brookfield for 9.09 per cent stake in UPL Sustainable Agri Solutions Limited (UPL SAS).

The fund inflow will be utilised towards committed debt reduction target of $500 Mn by the end of March’23. UPL SAS will be India’s largest ‘Integrated Agtech Platform’ and will include the India crop protection business, SWAL, Adarsh Farm Services and the Nurture digital platform.

UPL Ltd. is a global provider of sustainable agriculture products & solutions, with annual revenue exceeding US $6 billion. Through OpenAg, UPL is focused on facilitating progress for the entire agricultural value chain. We are building a network that redefines the way an entire industry thinks and works – open to fresh ideas, innovative ways, and new answers as we strive towards our mission to make every single food product more sustainable.

The fund inflow will be utilised towards

Advanta interested to further work closely with IRRI to leverage knowledge and experience in rice science to create market-differentiating breeding products

A delegation from Advanta Seeds from India and the Philippines visited IRRI Headquarters to explore potential areas of collaboration between the two organisations.

Advanta Seeds, a subsidiary of Indian multinational UPL Limited, is a global leader in traditional plant breeding for high-quality seeds in various field crops, including rice. As part of its global strategy, IRRI engages with private sector partners around the world to accelerate the scale and reach of the institute’s innovations and technologies to benefit farmers, particularly smallholders.

Advanta is already a trusted partner of IRRI, and a member of various initiatives such as Hybrid Rice Development Consortium (HRDC), Network for Accelerated Rice Varieties for Impact (NARVI), and Two Line Rice Hybrid Study Group. Now, they are interested to further work closely with IRRI to leverage knowledge and experience in rice science to create market-differentiating breeding products.

Members of the visiting Advanta delegation included Satyadev Vaddadi, Director – R&D FC & FR – South Asia; Elangovan Mani, India Molecular Breeding Lead (VC & FC); Balaji Suresh Pippalla, Manager for Trait Introgression; and Seraj Ahmad, Business Lead – Philippines & NEA.

The delegation was welcomed by IRRI Tech Transfer Senior Manager – Business Development Linga Reddy Gutha and Deputy Platform Leader for Rice Breeding Innovations Sankalp Bhosale. The delegation participated in various in-depth scientific discussions with Damien Platten, Nese Sreenivasulu, Kenneth McNally and Shalabh Dixit.

The potential collaborations discussed included: 1) how IRRI can play a role in integration of genomic selection in their rice breeding strategy; 2) grain quality profiling of their parental lines for predictive breeding; 3) closer collaboration in rice native traits and informatics; 4) licensing of additional rice hybrids from HRDC for the Philippines; 5) exploration of a collaboration model for exchange of germplasm from Direct Seeded Rice breeding program, and 6) Licensing of IRRI germplasm for Africa.

As a follow up of this meeting, IRRI Tech Transfer and Jauhar Ali will visit Advanta’s facility in Hyderabad, India this December to discuss various opportunities of two-line rice hybrids. 

Advanta interested to further work closely with

With EPA approval achieved, state registrations are now in progress, and UPL expects to have supply in place for the 2023 growing season.

UPL, a global leader in sustainable agriculture solutions, has announced that the Environmental Protection Agency (EPA) has granted approval for BATALIUM® AMPED™ herbicide for wheat. Featuring three modes of action, wheat growers can now achieve fast acting and long-lasting post-emergent control of the toughest broadleaf and grass weeds.

BATALIUM AMPED herbicide is an all-in-one weed solution that controls more than 70 broadleaf and 11 grass species, including wild oats, green foxtail, Russian thistle and herbicide-resistant kochia. A top feature is the product’s finishing power, offering long-lasting grass control.

BATALIUM AMPED herbicide features a unique and high-performance formulation of three active ingredients at the fullest rates — flucarbazone (Group 2), fluroxypyr (Group 4) and bromoxynil (Group 6) — providing the most effective weed control solution on the market.

“Spring and winter wheat growers in the Northern Plains need this high-performance herbicide solution to address the never-ending onslaught of weed pressures,” says Kathleen Seitzinger, UPL Marketing Manager, Northern Crops. “We encourage growers to use a systemic weed control strategy to reduce herbicide resistance. BATALIUM AMPED herbicide fits both wheat-on-wheat and crop rotation systems.”

Seitzinger adds that BATALIUM AMPED herbicide provides a simple solution in one product to control all problematic weeds in wheat. With EPA approval achieved, state registrations are now in progress, and UPL expects to have supply in place for the 2023 growing season.

” With three modes of action, wheat growers can be confident that BATALIUM AMPED provides the most effective weed control solution on the market today. Through UPL’s OpenAg purpose, we’re bringing unique, sustainable solutions to growers when and where they need it the most”, Seitzinger said.

With EPA approval achieved, state registrations are

This new carbon credit model will support farmers as they expand sustainable and regenerative practices

UPL Limited, a global provider of sustainable agricultural solutions, has announced the European launch of the Gigaton Carbon Goal, a new series of global initiatives to sequester one gigaton (one billion tons) of atmospheric carbon dioxide by 2040.

UPL will enable agri-ecosystems to create, implement and validate carbon emission and capture protocols. This will generate carbon credits that directly benefit farmers with the potential for additional revenue streams. This new carbon credit model will support farmers as they expand sustainable and regenerative practices, directly benefitting the environment and positioning agriculture as a climate-positive industry.

UPL will mobilise its resources, experience, and global network to identify, invest in, and supply the tools, techniques and technologies that can help equip and empower each farmer.

Jai Shroff, CEO of UPL Limited, said, “We’re reimagining sustainability to see agriculture become climate-positive and farmers empowered with new sources of income. Our partnership with FIFA, who share our commitment to fostering sustainable and inclusive growth, exemplifies the goals of our OpenAg network, which puts collaboration at the heart of progress and sustainability. We look forward to working with FIFA and farmers to positively contribute to farmer livelihoods, the health and productivity of fields, our global food future, and the fight against climate change.”

The Gigaton Carbon Goal pilot phase is already underway with more than 100 000 farmers across 230 000 hectares in Europe, the Americas and Asia, and the initiative aims to cover more than 100 million hectares, the equivalent of 100 million football fields.

This new carbon credit model will support

The event united a select group of representatives from academia, policy, finance and the private sector under the theme ‘Food Futures in a Changing Climate: Reimagining the role of agriculture as a pathway to Net Zero’

The second edition of the OpenAg Symposium, hosted by UPL Limited, a global provider of sustainable agricultural solutions, and the Oxford India Centre for Sustainable Development (OICSD), Somerville College, University of Oxford, has outlined a series of policy positions, technological interventions, and financial models to transform food systems as positive contributors to global decarbonisation efforts.

The event united a select group of representatives from academia, policy, finance and the private sector under the theme ‘Food Futures in a Changing Climate: Reimagining the role of agriculture as a pathway to Net Zero’. Following a keynote by Agnes Kalibata, President of the Alliance for a Green Revolution in Africa, panellists from Brazil, India, the United States, Italy, the Netherlands, and Kenya, proposed a series of policies and interventions to ensure future food systems are efficient, resilient, inclusive and sustainable.

Jai Shroff, Global CEO of UPL, commented, “At UPL, we believe that agriculture has a decisive role to play on the path to decarbonisation during this crucial window for action in the fight against climate change. The discussions we’ve heard at this year’s OpenAg Symposium demonstrate the growing appetite for the innovation and cross-sector collaboration required to transform the climate-positive contribution of food systems around the world.”

The event united a select group of

UPL and Bunge will establish Orígeo, a new company providing end-to-end solutions to farmers in Brazil’s MAPITOBAPA macro-region

UPL Limited, a global provider of sustainable agricultural solutions and Bunge, a global leader in agribusiness, have announced a new partnership to increase productivity, profitability and sustainability for farmers in Brazil.

UPL and Bunge will establish Orígeo, a new company providing end-to-end solutions to farmers in Brazil’s MAPITOBAPA macro-region, drawing on its highly qualified technical team’s understandings of each producer’s needs from crop planning to harvest. Orígeo will combine Bunge’s expertise in financing, trading, and logistics matched with UPL’s comprehensive sustainable agricultural inputs, solutions, and services portfolio.

Orígeo’s offering will include seed, pesticide, biosolutions and fertiliser inputs; crop-planning assistance; agronomical advice; consulting on sustainability and regenerative and low carbon agriculture certification; agricultural financing solutions; and harvest marketing and logistics services. The company will also offer farmers digital agriculture services, including real-time information, recommendations and alerts using satellite-collected field data to improve decision-making and business efficiency.

Rossano de Angelis Junior, Bunge VP of Agribusiness in Brazil, stated, “Orígeo will work closely with the farmer, mapping needs, bringing solutions, and addressing business challenges. We want to simplify processes and make operations even more efficient so that farmers have more time to focus on what they do best – produce more and sustainably.”


UPL and Bunge will establish Orígeo, a

UPL Limited has been recognised for its strong performance in environmental, social and governance risk management

UPL Limited has been included in the S&P Global Sustainability Yearbook 2022 for the second year running in recognition of its strong performance in environmental, social and governance risk management.

The Corporate Sustainability Assessment (CSA) is issued annually by S&P Global and UPL’s inclusion recognises its achievements in Reimagining Sustainability within the global food industry. The CSA offers insights alongside highlighting opportunities and risks deriving from economic, environmental, and social trends and developments that have an impact on the competitive position of companies in 61 industrial sectors analysed.

Jai Shroff, Global CEO of UPL Ltd, said, “Over the past few years, UPL has made a concerted effort to take a leadership role in reshaping the contribution of world agriculture to a climate positive future. With a focus on Reimagining Sustainability, we are striving to drive innovation to make global food production more sustainable, and more secure. We are proud to be recognised by S&P, but UPL’s leadership position across many of the major sustainability rankings is not only testament to the progress that has been made, but to how

UPL’s continued inclusion in the S&P Global Sustainability Yearbook, follows recent recognition of the company’s strong sustainability performance across other major global indices in 2021: Sustainalytics, one of the world’s most respected ESG indices, ranked UPL as the highest performing top-tier global crop protection company for overall sustainability performance.

To further support its mission to Reimagine Sustainability, UPL announced in December 2021 that it had completed the conversion of a $700 million acquisition loan to a sustainability loan.

UPL Limited has been recognised for its