Agriculture solutions provider UPL on Monday reported 42.56 per cent decline in consolidated net profit at Rs 792 crore for March quarter 2022-23.
The company's net profit stood at Rs 1,379 crore in the year-ago period, UPL said in a regulatory filing.
Revenue grew 4.46 per cent to Rs 16,569 crore as compared with Rs 15,861 crore in the year-ago period.
"We delivered a resilient set of results for FY23 despite facing significant headwinds in the final quarter...We reduced our gross debt by over $600 million and net debt by $440 million driven by improved cash flow from operations and a leaner working capital cycle," UPL Chairman and Group CEO Jai Shroff said.
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He said, in line with the company's priority of creating shareholder value, UPL created distinct pure play platforms during the year to bring in enhanced focus and operational freedom to pursue independent growth strategies thereby unleashing the growth potential of each of UPL's distinct platforms.
"...as we look ahead to FY24, we are well-positioned to deal with the market headwinds and deliver better profitability growth. In the longer-term, we remain confident of achieving our growth ambitions and transforming the food value chain with emphasis on sustainability," Shroff added.
UPL Global Crop Protection CEO Mike Frank said FY23 was a tale of two distinct periods, the company's performance in the first nine months delivered 20 per cent growth in revenue and EBITDA.
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The fourth quarter was an unusual one with pricing pressure and delayed purchases by channel in the post-patent space due to oversupply of certain molecules, Frank said.
Shares of the company were trading 0.04 per cent up at Rs 715 apiece on the BSE.
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