Near-term headwinds likely to delay recovery in agrochemical major UPL

UPL, the country’s largest agrochemical company, had a weak July-September quarter (Q2), reporting a sharp fall in revenues across geographies. 

Overall, the revenues were down 19 per cent on the back of lower agrochemical prices and inventory destocking.

While the overall volumes were down 7 per cent, prices fell by 15 per cent.

Volume decline in the European market was on the back of high channel inventory and product bans while in India the fall by 27 per cent was on account of muted demand for segments such as cotton and pulses.

Among the segments that did well were the