BENGALURU (Reuters) - Indian agriculture chemicals producer UPL Ltd reported a smaller-than-expected quarterly profit on Tuesday, hurt by higher raw material costs.
Rising inflation and worries of a global recession have pressured the herbicide and insecticide maker, which rakes in a large chunk of its revenue from Latin America.
UPL's consolidated net profit rose to 10.87 billion rupees ($132.56 million) in the third quarter, from 9.36 billion rupees a year earlier, but missed analysts' average estimate of a profit of 11.05 billion rupees, according to Refinitiv IBES data.
Total expenses rose 23.4% to 123.13 billion rupees in the quarter ended Dec. 31.
The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) margins also fell to 22.2% from 23.6% a year earlier.
However, revenue from operations grew 21.1% to 136.79 billion rupees, on the back of higher agricultural commodity prices.
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Gains in UPL hinge on reduction of debt, improved cash flow generation
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($1 = 82.0025 Indian rupees)
(Reporting by Meenakshi Maidas in Bengaluru; Editing by Shinjini Ganguli)
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