UPL Among Indian Agrochemical Companies Benefitting From Higher Commodity Prices, China’s Supply Constraints
Indian agriculture chemicals producer UPL Ltd. reported a 28.4% rise in quarterly profit on Tuesday, as higher agro commodity prices and a favorable exchange rate offset a drop in sales volumes, according to Reuters.
The herbicide and insecticide maker also said it was confident of meeting its full-year revenue growth forecast of 12-15%, EBITDA growth forecast of 15-18% and reducing net debt by $650 million.
The company is among a number of Indian agrochem players that have so far benefited from higher agriculture commodity prices and as firms globally push to diversify supplies away from top producer China, which is battling supply constraints.
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