Upl Ltd Posts Strong Q4 and FY25 Results; Net Debt Reduced by $1 Billion
13 May 2025, Mumbai: UPL Ltd has announced its financial results for the fourth quarter and full year ended March 31, 2025, showcasing robust growth across all key metrics, driven by volume expansion, operational efficiency, and strategic financial decisions.
In the fourth quarter of FY25, UPL recorded a revenue of ₹155.7 billion, up from ₹140.8 billion in the same period last year, reflecting an 11% year-on-year increase. This growth was led by strong performance across its businesses, backed by significant volume expansion. The company’s EBITDA surged by 68% to ₹32.4 billion, with the EBITDA margin improving by 710 basis points to 20.8%. Net profit for the quarter jumped to ₹9.0 billion from just ₹0.4 billion in Q4 FY24.
For the full year FY25, UPL posted a revenue of ₹466.4 billion, an 8% increase from ₹431.0 billion in FY24. The EBITDA for the year rose by 47% to ₹81.2 billion, improving the EBITDA margin by 460 basis points to 17.4%. The company reported a net profit of ₹9.0 billion for the year, marking a turnaround from a net loss of ₹12.0 billion in the previous fiscal.
Notably, UPL reduced its net debt by ₹83.2 billion to ₹138.6 billion by the end of FY25. This was primarily achieved through strong operating free cash flow of ₹44.5 billion and capital raised from a rights issue and the sale of a stake in Advanta. The company also declared a dividend of ₹6 per equity share on fully paid and partly paid equity shares, in proportion to their share in the paid-up equity capital.
Consolidated Financial Performance (INR Bn)
| Financial Metrics | Q4 FY25 | Q4 FY24 | YoY % | FY25 | FY24 | YoY % |
| Revenue | 155.7 | 140.8 | 11% | 466.4 | 431.0 | 8% |
| Contribution Profit | 59.3 | 41.4 | 43% | 181.7 | 149.9 | 21% |
| Contribution Margin (%) | 38.1% | 29.4% | 870bps | 39.0% | 34.8% | 420bps |
| EBITDA | 32.4 | 19.3 | 68% | 81.2 | 55.2 | 47% |
| EBITDA Margin (%) | 20.8% | 13.7% | 710bps | 17.4% | 12.8% | 460bps |
| Net Profit* | 9.0 | 0.4 | n.a. | 9.0 | (12.0) | n.a. |
*Note: Net Profit attributable to equity shareholders of the company
Regional Revenue Performance (INR Bn)
| Region | Q4 FY25 | Q4 FY24 | YoY % | FY25 | FY24 | YoY % |
| Latin America | 50.8 | 49.7 | 2% | 176.0 | 172.5 | 2% |
| Europe | 31.1 | 30.8 | 1% | 71.9 | 66.1 | 9% |
| North America | 27.0 | 15.3 | 77% | 60.7 | 38.9 | 56% |
| India | 14.0 | 12.0 | 17% | 59.5 | 55.0 | 8% |
| Rest of World | 32.8 | 33.0 | -1% | 98.3 | 98.4 | 0% |
| Total | 155.7 | 140.8 | 11% | 466.4 | 431.0 | 8% |
Debt and Working Capital Position
As of March 31, 2025, UPL’s net debt stood at ₹138.6 billion ($1.62 billion), down significantly from ₹221.7 billion ($2.66 billion) at the end of FY24. This ₹83.2 billion reduction was enabled by higher free cash flows from operations and gross proceeds of ₹47 billion ($550 million) from a rights issue and the Advanta stake sale. The company also improved its Net Working Capital Days from 86 days in FY24 to 53 days in FY25, driven by better inventory management and tighter credit controls.
Management Commentary
Jai Shroff, Chairman & Group CEO of UPL Ltd., stated, “Our performance this year reflects the strength of our resilient core and the strategic actions we have taken to build a future-ready enterprise. The significant improvement in profitability and operational efficiency, alongside consistent revenue growth, strong operating free cash flows and certain strategic fund-raising initiatives resulting in our net debt reduction by around $1 billion, validates our commitment towards sustainable value creation. We enter FY26 with a sharper business model, stronger margins, and renewed momentum to capture emerging opportunities in our markets.”
Mike Frank, CEO of UPL Corporation, added, “We are proud to deliver a strong finish to the year, marked by industry-leading volume growth and increased market penetration in key geographies. Our disciplined focus on SG&A control has driven meaningful savings versus last year, while operational excellence led to a significant improvement of nearly 800 basis points in EBITDA margins. Strong free cash generation and tighter working capital management have further strengthened our balance sheet. These results reflect the relentless execution of our teams and the solid momentum we have built, positioning us well for sustained growth and value creation in the coming year.”
With this strong financial performance and strategic reset, UPL appears well-positioned to build on its momentum and continue its growth trajectory in FY26.
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