UPL Q1 profit down 81% to Rs166-cr

NEW DELHI: Agro-chemical firm UPL on Monday reported 81 per cent decline in consolidated net profit to Rs 166 crore for the first quarter of this fiscal year on lower income.

Its net profit stood at Rs 877 crore in the year-ago period. Revenue from operations also dipped 17 per cent to Rs 8,963 crore in April-June 2023-24 from Rs 10,821 crore in the same period a year ago, according to a regulatory filing. Mike Frank, CEO – UPL Corporation Ltd, said, “The global agrochemical industry has been going through a challenging phase over the last two quarters as distributors prioritized destocking and focused on tactical purchases amid high channel inventories."