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Annualreport11-12.Pdf THE GLOBAL AGROCHEMICAL INDUSTRY GREW AT A 4% CAGR BETWEEN 2005 AND 2011. UNITED PHOSPHORUS GREW 26%.* * As one of the many spin-offs of this consistent reality, United Phosphorus grew revenues 31.6% in 2011-12 over the previous year, even as the rest of the industry complained of various unexpected realities UNITED PHOSPHORUS 22 Number of LIMITED. nationalities in Team UPL THE WORLD’S THIRD- 106% LARGEST GENERIC Revenue growth between AGROCHEMICAL 2006 and 2011 COMPANY. 24 Acquisitions in the THE WORLD’S last ten years SEVENTH-LARGEST AGROCHEMICAL 10 UPL products with COMPANY. global leadership AND ONE OF THE 110 Chemistries with in- MOST PROFITABLE house expertise GLOBAL AGROCHEMICAL COMPANIES. TRULY TRANS-NATIONAL. 2 United Phosphorus Limited Lineage Indian manufacturing location in herbicides, rodenticides, fumigants, Part of a US$ 1.6 bn group Vapi, Ankaleshwar, Jhagadia, Halol, plant growth regulators, agrochemicals Jammu and Haldia. Captive power as well as industrial and speciality Established in 1969 by Mr. Rajju plant (48.5 MW) in Jhagadia (Gujarat) chemicals. Shroff (Chairman) Global sales presence across 120 Presence countries (through subsidiaries and Registrations The Company has more than 1,000 Headquartered in Mumbai, India associates) product registrations which, represent Manufacturing presence across 23 88 subsidiaries globally marketing permissions by statutory international locations (nine in India, authorities to market agrochemicals in three in France, three in Argentina, and Products respective geographies. one each in Vietnam, Columbia, The The Company’s product range Netherlands, Italy, Spain and China) comprises fungicides, insecticides, Five-year consolidated financial summary (Rs. in Crores) Accounting year 2007-08 2008-09 2009-10 2010-11 2011-12 Total Sales 3516 4802 5290 5650 7534 Total Income 3762 4974 5493 5898 7764 Earnings before Depreciation, Interest, 737 987 1034 1204 1476 Amortisation and Tax (EBDITA) Profit after tax & minority interest 258 456 526 558 556 Gross fixed assets 2497 2742 2737 2905 1605** Net fixed assets 1280 1507 1508 1594 1395** Net worth 2238 2673 2992 3726 4173 Earning per share Rs. 11.64 9.88* 11.40 12.45 12.03 Book value per share Rs. 101.87 60.81* 68.06 80.68 90.36 Debt equity ratio 0.70:1 0.77:1* 0.80:1 0.67:1 0.68:1 Net profit/sales (%) 7.36 9.69 9.70 10.46 7.98 Dividend on equity shares (%) 100 75* 100 100 125 Return on net worth (%) 11.57 17.40* 17.15 15.86 14.40 * After 1:1 Bonus, **excl. goodwill UPL’s business model Strong R&D corporate governance Acquisition Regulatory Portfolio approvals Competitive Sustainable Market supply chainn growth access Global distribution Annual Report 2011–12 l 3 10.0% in2010-11to7.7% 2010-11 to19% 11 toRs.601crore to Rs.1,476crore 11 toRs.7,764crore 4 UnitedPhosphorus Limited Financial This iswhatweachievedin2011-12 RESULTS. ENCOURAGING CHALLENGING YEAR. Post-tax profitmarginreduced230basispointsfrom EBIDTA marginreduced150basispointsfrom20.5%in Post-tax profitincreased1.6%fromRs.591crorein2010- EBIDTA increased22.3%fromRs.1,207crorein2010-11 Revenue increased31.6%fromRs.5,898crorein2010- Revenue 2007-08 3,762 (Rs. crore) 2008-09 4,974 2009-10 5,493 2010-11 5,898 2011-12 7,764 2007-08 737 EBIDTA (Rs. crore) 2008-09 987 2009-10 1,034 2010-11 1,207 2011-12 1,476 2007-08 278 (Rs. crore) PBT 2008-09 468 2009-10 599 acquisition intheglobalagrochemicalindustry2011 to strengthenitslocalpresence.Thiswasthelargest products 15.3% in2010-11to14.5% Strategic Marketing 2010-11 664 Acquired 51%stakeinDVAAgro,Brazil,forUS$185mn Introduced morethan60formulationsandtechnical Return oncapitalemployeddeclined80basispointsfrom 2011-12 729 Post-tax 2007-08 236 (Rs. crore) profit 2008-09 438 2009-10 513 2010-11 591 2011-12 601 2007-08 19.6 EBIDTA margin 19.8 2008-09 (%) 2009-10 18.8 2010-11 20.5 2011-12 19.0 MILESTONES 2007-08 6.3 margin 10 20 08 20 07 20 PAT 8.8 2008-09 (%) 2009-10 9.3 2010-11 10.0 2011-12 7.7 Award 2008 Outstanding ExporteroftheYearatfirst-everInternationalTradeAward Performance inExportsofChemicals,GreentechEnvironmentalExcellenceAward2007and Entrepreneur oftheYear Award ofErnst&Young Received FinalistNomination Received RoltaCorporate Acquired EVOFARMSGroup Received NationalAwardforEnvironmentalCause,AGROWAward,Trishul-Excellence Acquired ICONA Cash profit 2007-08 430 (Rs. crore) 2008-09 661 2009-10 814 2010-11 878 2011-12 1,021 2007-08 15.1 ROCE 16.6 2008-09 (%) 2009-10 15.1 2010-11 15.3 11 20 09 20 2011-12 14.5 gross block Return on 2007-08 8.2 Acquired DVAAgro,Brazil Award fromCHEMXCIL Received LifetimeAchievement 12.0 2008-09 (%) 2009-10 16.0 2010-11 14.6 2011-12 11.8 Annual Report2011–12 l 5 per share Earning 2007-08 12.92 10.37 2008-09 (Rs.) 2009-10 11.97 2010-11 12.45 2011-12 12.03 OVERVIEW “OUR COMPANY IS AT AN INFLECTION POINT; WE EXPECT TO DOUBLE OUR REVENUES IN JUST FIVE YEARS.” Chairman Mr. Rajju Shroff outlines the strategic direction of United Phosphorus Dear shareholders, Global character agricultural industry; the country has, The year 2011-12 can be described as United Phosphorus is Indian by origin, over the last few decades, the worst of years and the best of but global by presence and mindset. demonstrated a respect for advanced years. farm inputs and technologies, This is visible across the Company’s translating into yields higher than the The year under review was one of the landscape: of the Group’s 3,613 global average. most challenging in memory, marked employees, 39% are non-Indian; we by a global economic slowdown, started the Company with employees DVA Agro (part of a German group) is currency volatility and some prominent from one country; today we employ an attractive proxy of the Brazil countries encountering severe liquidity professionals from 22 nationalities; agrochemical play. The Company issues. until 1994, we manufactured products formulates and markets crop out of India; today, we manufacture protection products in Brazil (revenues In this fluid reality, United Phosphorus products out of 14 non-Indian around US$130m in CY 10). Our reported a 31.6% growth in revenues locations. Company acquired a 51% stake in DVA to Rs. 7,764 cr; EBIDTA grew 22.3% to Agro Brasil for US$ 185 million to Rs. 1,476 cr and PAT grew 1% to Rs. This internationalisation of United widen our presence in that country. 601 cr over the previous financial year. Phosphorus is most visible in its The acquisition helped us access DVA We strengthened our competitive financials: international revenues grew Agro’s broad product portfolio while position in a challenging business 78% in the last five years. Our overall helping us leverage our longstanding environment. The more difficult it got, revenues grew 106% in the five years manufacturing competencies to the better we responded. leading to 2011-12; our international enhance the acquired Company’s revenues grew 104% during the same This performance is not one-off but efficiency. period. indicative of a deep and enduring United Phosphorus also acquired a reality, which, among various things, In 2011-12, we took this 50% stake in Sipcam Isagro, a makes United Phosphorus the world’s internationalisation a step ahead by manufacturer and distributor of seventh-largest and the fastest- acquiring DVA Agro, Brazil. Brazil is an formulations in Brazil. Both growing agrochemical company. important part of the global acquisitions will provide us with a agrochemical space; the country significant presence in Latin America. accounts for 15% of the global 6 United Phosphorus Limited In a fluid economic“ reality, United Phosphorus reported a 31.6% growth in revenues to Rs. 7,764 cr; EBIDTA grew 22.3% to Rs. 1,476 cr and PAT grew 1% to Rs. 601 cr over the previous financial” year. Industry prospects inspiring farmers to shift their number of products through low cost- The relevance of our business cropping. Even as the goalpost keeps high quality manufacture, our business continues to deepen. The world’s shifting continuously, our objective is acquired global scale, demonstrated population is growing steadily; experts to keep enriching our product basket the ability to integrate across cultures, indicate that today’s global population with more relevant products and nursed an adequate cash pool at a time of 7 bn is expected to grow to 9 bn by solutions. when most companies are cash- strapped, widened our presence across 2050. Global incomes are also rising. I also see a progressive decline in the 90% of the world’s agrochemical We expect both these developments registration arbitrage window, marked market and an ability to generate far to converge into three-fold food by a slack detection of agrochemical more cash than is consumed by our consumption growth by 2050 [Source: consignment origin in global trade. As ongoing capital investments. GIA report]. the world becomes progressively more A number of countries are extensively stringent, the global transfer of The time has come to consistently under-consumed for agrochemicals: material will need to be more precisely outperform our industry growth even in a country like India with a deep traced to credible manufacturing through the next few years through the agrarian tradition, pesticide locations. When this happens, an following initiatives: industry shakeout will benefit consumption is a low 600 gms per We possess scientists and engineers companies like United Phosphorus hectare compared with the global who are at par with those in the best with environmentally-compliant average of around 3-10 kg per hectare. companies in the world; we need to showpiece assets. These realities indicate that the market continuously enrich this intellectual for our products will continue to Our strengths pool – through selective recruitment expand over the foreseeable future.
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