UPL

17th May, 2019

The Corporate Relationship Department Listing Department

B SE Limited National Stock Exchange of India Ltd.
Phiroze Jeejeebhoy Towers, Exchange Plaza, C/1, Block G,
Dalal Street, Bandra Kurla Complex, Bandra (East)
MUMBAI - 400 001 MUM13AI 400 051

SECURITY ID — 512070 SYMBOL : UPL

Sir/Madam,

SUB. : STANDALONE AND CONSOLIDATED AUDITED FINANCIAL RESULTS

FOR THE QUARTER / YEAR ENDED 31ST MARCH, 2019

We wish to inform you that at the meeting of the Board of Directors of the Company
("Board") held today i.e. on Friday, 17th May, 2019, the Board have considered and
approved the audited Standalone and Consolidated Financial Results of the Company for
the quarter / year ended 31st March, 2019. The said audited Standalone and Consolidated
financial results were reviewed by the audit committee and thereafter approved by the
Board.

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, statement showing the Audited Standalone and Consolidated Financial
Results for the quarter / year ended 31st March, 2019 along with Statement of Segment-
wise Revenue Results, Capital Employed, Statement of Assets and Liabilities and
Standalone and Consolidated Auditor's Reports of the Statutory Auditors are attached
herewith.

Pursuant to the proviso to Regulation 33(3)(d) of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Board declares that the above Auditor's
Reports are with unmodified opinion with respect to the Audited Standalone and
Consolidated Financial Results of the Company for the quarter / year ended 31st March,
2019.

The Board has recommended payment of dividend of 400% i.e., Rs.8/- per equity share on
the equity shares of Rs.2/- each, subject to approval of members at the ensuing Annual
General Meeting.

Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations, 2015, the Company has fixed Wednesday, 29th May, 2019 as the Record
Date for payment of aforesaid Dividend subject to approval at the ensuing Annual
General Meeting of the Company.

UPL Limited, UPL House, 610 B/2, Bandra Village, Off Western Express Highway, Bandra-East, Mumbai 400051, India. P + 91 22 7152 8000
Regd.Office:3-11,GIDC,Vapi396195,Gujarat,India.P+912602432716CIN:L24219GJ1985PLCO25132
 UPL
:2:

The Board has also recommended, subject to approval of members of the Company and
other applicable statutory and regulatory approvals, issue of Bonus Shares to the members
of the Company by capitalization of its reserves in the ratio of 1 (one) bonus equity share
of Rs. 2/- each fully paid-up for every 2 (two) existing equity shares of Rs. 2/- each fully
paid-up held by the members as on a 'record date' to be fixed hereafter for the purpose.
These Bonus shares shall not be eligible for any dividend recommended by the Board
before their allotment.
Details as required under Regulation 30 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 are as per Annexure to this letter.

The Board Meeting commenced at 10.00 a.m. and concluded at 6 2 -,_35 p.m.

We shall inform you in due course the dates on which the Company will hold Extra-
ordinary General Meeting for approval of issue of Bonus shares and Annual General
Meeting for the year ended 31' March, 2019 and the date from which dividend will be
paid or warrants thereof will be dispatched to the shareholders.

May we request you to take the same on your record and inform all your constituents
accordingly.

Thanking you,

Yours faithfully,
r UPL Limited

ia4idevib Shroff
airman and anaging Director
(DIN: 00180810)

Encl.: As above.

UPL Limited, UPL House, 610 B/2, Bandra Village, Off Western Express Highway, Bandra-East, Mumbai 400 051, India. P + 91 22 7152 8000
Regd.Office:3-11,GIDC,Vapi396195,Gujarat,India.P+91 2602432716CIN:L242196.11985PLCO25132 www.uplonline.com
 OUPL Annexure

Sub.: Issue of Bonus Shares by UPL Limited — Details under Regulation 30 of the SEBI (Listing
Obligation and Disclosure Requirements) Regulations, 2015

Sr. Particulars Description

No.
1. Whether bonus is out of free The bonus shares will be issued out of Capital Redemption
reserves created out of profits or Reserve and/or Securities Premium Account of the Company
share premium account. available as at March 31, 2019.

2. Bonus Ratio 1 (one) bonus equity share of Rs.2/- each fully paid-up for
every 2 (two) existing equity share of Rs.2/- each fully paid-
up held as on a 'record date' to be fixed for the purpose.

3. Details of share capital — pre Pre-bonus issue paid-up share capital as on date:
and post bonus issue
50,93,42,670 equity shares of Rs.2/- each aggregating to
Rs.101.87 crore.

Post-bonus issue paid-up share capital would be:

76,40,14,005 equity shares of Rs.2/- each aggregating to

Rs.152.80 crore. The actual number of bonus shares to be
issued will be determined based on the paid-up share capital
as on a 'record date' to be fixed for the purpose and subject
to any change on account of ignoring of fractions.

4. Free reserves and / or share Rs. 50.94 crore [based on estimated number of bonus shares
premium required for as per item (3) above]. The actual amount will be
implementing the bonus issue determined based on the paid-up share capital as on a record
date to be fixed for the purpose and subject to any change on
account of ignoring of fractions.

5. Free reserves and /or share As on March 31, 2019 (As per latest audited balance sheet):
premium required for Capital Redemption Reserve: Rs.38 crore
capitalization and the date as on Securities Premium Account: Rs.4607 crore
which such balance is available General Reserve : Rs.1848 crore
Retained Earnings : Rs.1146 crore

6. Whether aforesaid figures are Yes, the figures at Item No. (5) are audited
audited
7. Estimated date by which such Within 2 months from the date of Board approval i.e. by 16th
bonus shares would be credited / July, 2019
dispatched

for UPL Limited

74
/ /Z

Rajnikant Deviihroff
Chairman and M naging Director
(DIN: 00180810)

UPL Limited, UPL House, 610 B/2, Bandra Village, Off Western Express Highway, Bandra-East, Mumbai 400 051, India. P + 91 22 7152 8000
Regd.Office:3-11,GIDC,Vap1396195,Gujarat,India.P+91 2602432716CIN:L24219GJ1985PLCO25132 www.uplonline.com
 LP
Chartered Accountants
5th Floor, Lodha Excelus, Telephone +91 (22) 4345 5300
Apollo Mills Compound Fax +91 (22) 4345 5399
N. M. Joshi Marg, Mahalaxmi
Mumbai -400 011
India

Independent Auditors' Report on Consolidated Annual Financial Results of UPL

Limited pursuant to the Regulation 33 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To
The Board of Directors of
UPL Limited

We have audited the consolidated annual financial results of UPL Limited ('the Company') and its
subsidiaries (collectively referred to as 'the Group'), its associates and its joint ventures entities as listed
in Annexure - I for the year ended 31 March 2019 ('the Statement'), attached herewith, being submitted
by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations').
Attention is drawn to the fact that the figures for the quarter ended 31 March 2019 and the corresponding
quarter ended in the previous year as reported in these consolidated annual fmancial results are the
balancing figures between consolidated audited figures in respect of the full financial year and the
published year to date consolidated figures upto the end of the third quarter of the relevant financial year.
Also the figures up to the end of the third quarter had only been reviewed and not subjected to audit.

These consolidated annual financial results have been prepared from consolidated annual financial
statements and reviewed quarterly consolidated financial results upto the end of the third quarter, which
are the responsibility of the Company's management. Our responsibility is to express an opinion on these
consolidated annual financial results based on our audit of such consolidated annual financial statements,
which have been prepared in accordance with the recognition and measurement principles laid down in
the Companies (Indian Accounting Standards) Rules 2015, as per Section 133 of the Companies Act,
2013 and other accounting principles generally accepted in India and in compliance with Regulation 33
of Listing Regulations.
We conducted our audit in accordance with the auditing standards generally accepted in India. The
standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial results are free of material misstatements. An audit includes examining, on a test basis, evidence
supporting the amounts disclosed as fmancial results. An audit also includes assessing the accounting
principles used and significant estimates made by management. We believe that our audit provides a
easonable basis for our opinion.

B S R & Co (a partnership firm with Registered Office:

Registration No. BA61223) converted into 5th Floor, Lodha Excelus
B S R &Co. LLP (a Limited Liability, Partnership Apollo Mills Compound
with LLP Registration No. AAB-8181) N. M. Joshi Merg, Mahalaxmi
with effect from October 14, 2013 Mumbai -400 011. India
 B S R & Co. LLP

Independent Auditors' Report on Consolidated Annual Financial Results of UPL

Limited pursuant to the Regulation 33 of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(Continued)

We did not audit the financial statements of 99 subsidiaries included in the consolidated annual financial
results, whose annual financial statements reflect total assets of Rs 135,582 crores as at 31 March 2019
as well as the total revenue of Rs. 26,138 crores for the year ended on that date. The consolidated annual
financial results also include the Group's share of net profit (and other comprehensive income) of Rs 14
crores for the year ended 31 March 2019, in respect of 18 associates and 3 joint ventures, whose annual
financial statements have not been audited by us. These annual financial statements and other financial
information have been audited by other auditors whose reports have been furnished to us by the
management, and our opinion on the consolidated annual financial results, to the extent they have been
derived from such annual financial statements is based solely on the reports of such other auditors.

Certain of these subsidiaries, associates and joint ventures, which are located outside India whose annual
financial statements and other financial information have been prepared in accordance with the accounting
principles generally accepted in their respective countries and which have been audited by other auditors
under generally accepted auditing standards applicable in their respective countries. The Company's
management has converted the annual financial statements and other financial information of such
subsidiaries, associates and joint ventures located outside India from accounting principles generally accepted
in their respective countries to accounting principles generally accepted in India. We have audited these
conversion adjustments made by the Company's management. Our opinion in so far as it relates to the
balances and affairs of such subsidiaries, associates and joint ventures located outside India is based on the
reports of other auditors and the conversion adjustments prepared by the Management of the Company and
audited by us.

Our opinion on the consolidated annual financial results is not modified in respect of the above matter with
respect to our reliance on the work done and the reports of the other auditors.

In our opinion and to the best of our information and according to the explanations given to us and based
on consideration of reports of other auditors on separate financial statements of the subsidiaries, associates
and joint ventures as aforesaid, these consolidated annual financial results:

i. include the annual financial results of the entities listed in Annexure I;

have been presented in accordance with the requirements of Regulation 33 of the Listing
Regulations in this regard; and
give a true and fair view of the net consolidated profit and other comprehensive income and
other fmancial information for the year ended 31 March 2019.

For B S R & Co. LLP

Chartered Accountants
Firm's Registration No : 10 248W/W4022

Bhavesh Dhupelia
Mumbai Partner
17 May 2019 Membership No. 042070

2
 B S R & Co. LLP
UPL Limited
Annexure-1

The Statement includes the results of the following entities

Names of the entities

Subsidiaries:
Shroffs United Chemicals Limited
SWAL Corporation Limited
United Phosphorus (India) LLP
United Phosphorus Global LLP
Optima Farm Solutions Limited
UPL Europe Limited
UPL Deutschland GmbH
United Phosphorus Polska Sp.z 0.0
UPL Benelux B.V.
Cerexagri B.V.
Blue star B.V. (merged with United Phosphorus Holdings B.V., Netherlands
w.e.f 30 October 2018)
United Phosphorus Holdings Cooperatief U.A.
United Phosphorus Holdings B.V
Decco Worldwide Post-Harvest Holdings Cooperatief U.A.
Decco Worldwide Post-Harvest Holdings B.V.
United Phosphorus Holding, Brazil B.V
UPL Italia S.R.L
UPL Iberia, S.A
Decco Iberica Postcosecha, S.A.U.
Transterra Invest, S. L. U.
Cerexagri S.A.S.
Neo-Fog S.A.
UPL France
United Phosphorus Switzerland Limited.
Agrodan, ApS
Decco Italia SRL
Limited Liability Company "UPL"
,Decco Portugal Post Harvest LDA
UPL NA Inc. (formerly known as United Phosphorus Inc.)
 B S R & Co. LLP
UPL Limited
Annexure-1
UPI Finance LLC
Cerexagri, Inc. (PA)
UPL Delaware, Inc.
Canegrass LLC
Decco US Post-Harvest Inc.
Essentiv LCC
RiceCo LLC
Riceco International, Inc.
UPL Corporation Limited
UPL Management DMCC
UPL Limited, Gibraltar
UPL Agro SA DE CV.
Decco PostHarvest Mexico
Perrey Participacoes S.A
Uniphos Industria e Comercio de Produtos Quimicos Ltda.
UPL Do Brasil - Industria e Comercio de Insumos Agropecuarios S.A.
UPL Costa Rica S.A.
UP Bolivia S.R.L
UPL Paraguay S.A.
Icona Sanluis S.A
DVA Technology Argentina S.A. (Liquidated w.e.f 26 March 2019)
UPL Argentina S.A.
Decco Chile SpA
UPL Colombia SAS
United Phosphorus Cayman Limited
UP Aviation Limited
UPL Australia Limited
UPL New Zealand Limited
UPL Shanghai Limited
UPL Limited Korea Co., Ltd
PT.UPL Indonesia
PT Catur Agrodaya Mandiri
UPL Limited, Hong Kong
UPL Philippines Inc.
UPL Vietnam Co. Limited
 B S R & Co. LLP

UPL Limited
Annexure-1
UPL Limited, Japan
Aiming Decco Fine Chemical Co. Limited
UPL Ziraat Ve Kimya Sanayi Ve Ticaret Limited Sirketi
UPL Agromed Tohumculuk SA
Safepack Products Limited
Citrashine (Pty) Ltd
Prolong Limited
Agrinet Solutions Limited
Advanta Holdings B.V.
Advanta Netherlands Holdings B.V.
Advanta US LLC
Advanta Seeds International
Advanta Seeds DMCC
Advanta Commercio De Sementes LTDA
Advanta Semillas SAIC
Advanta Seeds Pty Ltd
Pacific Seeds (Thai) Ltd
Pacific Seeds Holdings (Thai) Limited
PT Advanta Seeds Indonesia
Advanta Seeds Ukraine LLC
UPL Jiangsu Limited
UPL Limited (formerly known as UPL Agro Limited)
Riceco International Bangladesh Limited
Uniphos Malaysia Sdn Bhd
Decco Gida Tarim ye Zirai &tinier San. Tic A.S
Arysta LifeScience Investments LLC*
Arysta LifeScience America Inc.*
ANESA S.A.*
Arysta LifeScience Management Company, LLC, USA*
Arysta LifeScience SPC, LLC, USA*
Arysta LifeScience India Limited, India*
Arysta LifeScience Agriservice Private Limited, India*
Arysta LifeScience Togo SAU, Togo*
Arysta Agro Private Limited, India*
Arysta LifeScience do Brasil Indfistria Quimica e Agropecuaria SA, Brasil*
 B S R & Co. LLP

1UPL Limited
Ann exure-1
Chemtura (Thailand) Ltd, Thailand*
MacDermid (Shanghai) Chemical Ltd., China*
Arysta-LifeScience Ecuador S.A.Ecuador*
Arysta LifeScience Ougree Production Sprl, Belgium*
Arysta LifeScience Hellas S.A. Plant Protection, Nutrition and Other Related
Products and Services,Greece*
Alysta LifeScience Iberia SLU, Spain*
Arysta Lifescience Italia SrL, Italy*
Agriphar Poland Sp. Zoo,Poland*
Arysta LifeScience Switzerland Sari, Switzerland*
Arysta Animal Health SAS, France*
PPWJ Sci, France*
Santamix Iberica SL,Spain*
Arysta LifeScience Global Services Limited, Ireland*
Arysta LifeScience European Investments Limited, UK*
Arysta LifeScience U.K. Limited, UK*
Arysta LifeScience U.K. CAD Limited, UK*
Arysta LifeScience U.K. EUR Limited, UK*
Arysta LifeScience U.K. WY Limited, UK*
Arysta LifeScience U.K. USD Limited, UK*
Arysta Lifescience U.K. Holdings Limited, UK*
Arysta LifeScience Japan Holdings Goudou Kaisha, Japan*
Arysta LifeScience Cameroun SA, Cameroun*
Callivoire SGFD S.A., COTE D'IVOlRE*
Arysta LifeScience Egypt Ltd, Egypt*
Calli Ghana Ltd., Ghana*
Arysta LifeScience Kenya Ltd., Kenya*
Mali Protection Des Cultures (M.P.C.) SA, Mali*
Agrifocus Limitada, Mozamnique*
Arysta LifeScience Holdings SA (Pty) Ltd, South Africa*
Anchorprops 39 (Pty) Ltd, South Africa*
Callietha Investments (Pty) Ltd, South Africa*
Sidewalk Trading (Pty) Ltd, South Africa*
Volcano Agroscience (Pty) Ltd, South Africa*
Volcano Chemicals (Pty) Ltd, South Africa*
 B S R & Co. LLP

UPL Limited
Annexure-1
Volcano Agrociencia Industria e Comercio de Defensivos Agricolas Ltda, Brasil*
GBM USA LLC, USA*
Arysta LifeScience Canada, Inc., Canada*
Arysta LifeScience Canada BC Inc., Canada*
Arysta LifeScience North America, LLC, USA*
Arysta LifeScience NA Holding LLC, USA*
Arysta LifeScience Inc, USA*
Arysta LifeScience Services LLP, India*
Arysta LifeScience France SAS, France*
Arysta LifeScience Benelux SPRL, Belgium*
Arysta LifeScience (Mauritius) Ltd, Mauritius*
Arysta LifeScience South Africa (Pty) Ltd, South Africa*
Arysta Health and Nutrition Sciences Corporation, Japan*
Arysta LifeScience Corporation, Japan*
Arysta LifeScience S.A.S., France*
Arysta LifeScience Chile S.A. Chile*
Arysta LifeScience Mexico, S.A.de C.V, Mexico*
Grupo Bioquimico Mexican°, S.A. de C.V. Mexico*
MacDermid Agricultural Solutions Netherlands Cooperatief UA, Netherlands*
Arysta LifeScience UK & Ireland Ltd, UK*
Arysta LifeScience Europe Sari, Europe*
MacDermid Agricultural Solutions Italy Srl, Netherlands*
Dutch Agricultural Investment Partners LLC, USA*
Netherlands Agricultural Investment Partners LLC, USA*
Arysta LifeScience Bulgaria EOOD, Bulgaria*
Arysta LifeScience Romania SRL, Romania*
Arysta LifeScience Kiev LLC, Ukraine*
Arysta LifeScience Great Britain Ltd, UK*
Arysta LifeScience Technology BY, Netherlands*
Arysta LifeScience Netherlands BY, Netherlands*
Arysta LifeScience RUS LLC, Russia*
Netherlands Agricultural Technologies CV, Netherlands*
Dutch Agricultural Formations CV, Netherlands*
Arysta LifeScience Turkey Tarim Urunleri Limited Sirketi, Turkey*
Arysta LifeScience Australia Pty Ltd., Australia*
 B S R & Co. LLP

UPL Limited
Annexure-1
Arysta LifeScience Tanzania Ltd, Tanzania*
Arysta LifeScience (Shanghai) Co., Ltd., China*
Pt. Arysta LifeScience Tirta Indonesia, Indonesia*
Arysta LifeScience Korea Ltd.. Korea*
Arysta LifeScience Pakistan (Pvt.) LTD., Pakistan*
Arysta LifeScience Philippines Inc., Phillipines*
Arysta LifeScience Asia Pte., Ltd., Singapore*
Arysta LifeScience (Thailand) Co., Ltd., Thailand*
Arysta LifeScience Vietnam Co., Ltd., Vietnam*
Arysta LifeScience Holdings France SAS, France*
Goemar Developpement SAS, France*
Laboratoires Goemar SAS, France*
Natural Plant Protection S.A.S., France*
Arysta LifeScience Czech s.r.o., Czechrepublic*
Arysta LifeScience Germany GmbH, Germany*
Arysta LifeScience Magyarorszag Kft., Hungary*
Arysta LifeScience Polska Sp. z.o.o, Poloand*
Arysta LifeScience Vostok Ltd., Ruusia*
Betel Reunion S.A.,Reunion*
Arysta LifeScience Slovakia S.R.O., Slovakia*
Arysta LifeScience Ukraine LLC; Ukraine*
Arysta LifeScience Global Limited, UK*
Arysta LifeScience Argentina S.A., Aregentina*
Arysta LifeScience Colombia S.A.S, Colombia*
Arysta LifeScience CentroAmerica, S.A., Guatemala*
Arysta LifeScience Mexico Holding S.A.de C.V, Mexico*
Bioenzymas S.A. de C.V., Mexico*
Desarrollos Inmobiliarios Alianza de Coahuila, S.A. de C.V., Mexico*
Omega Agroindustrial, S.A. de C.V., Mexico*
Agroquimicos y Semillas, S.A. de C.V., Mexico*
Servicios Agricolas Mundiales SA de CV, Mexico*
Tecno Extractos Vegetales, S.A. de C.V., Mexico*
Tesaurus Mexico S.A. de C.V., Mexico*
Arysta LifeScience Paraguay S.R.L., Paraguay*
Aiysta LifeScience Peru S.A.C, Peru*
 B S R & Co. LLP

UPL Limited
Aonexure-1
Arysta LifeScience Costa Rica SA., Costa Rica*
Arysta LifeScience de Guatemala, S.A., Guatemala*
Arysta LifeScience S.R.L.,Bolivia*
Myanmar Arysta LifeScience Co., Ltd., Myanmar*
Arysta LifeScience U.K. BRL Limited, UK*
Etec Crop Solutions Limited, New Zealand*
MacDermid Agricultural Solutions Australia Pty Ltd, Australia*
Avesta Corporation, USA*
Arysta LifeScience Registrations Great Britain Ltd, UK*
Agriphar SDN BHD, Malaysia*
Agriphar de Costa Rica SA, Costa Rica*
Agriphar de Colombia SAS, Colombia*
Industrias Agriphar SA, Guatemala*
Kempton Chemicals (Pty) Ltd, South Africa*
Agripraza Ltda., Portugal*
Arysta LifeScience Corporation Republica Dominicana, SRL, Dominican
Republic*
Grupo Bioquimico Mexicano Republica Dominicana SA, Dominican Republic*
Arysta LifeScience Ecuador S.A., Ecuador*
Arvesta Paraguay S.A., Paraguay*
Arysta Agroquimicos y Fertilzantes Uruguay SA, Uruguay*
Arysta LifeScience U.K. USD-2 Limited, UK*
Veto-Pharma SA, France (merged with Arysta Animal Health SAS w.e.f
1 January 2019)*
Wyjolab S.A., France (merged Arysta Animal Health SAS w.e.f
1 January 2019)*
MacDermid (Nanjing) Chemical Ltd., China (dissolved w.e.f 8 March 2019)*
Platform Sales Suisse GmbH*
MacDermid Agricultural Solutions Holdings BV*
Associates :
Kerala Enviro Infrastructure Limited
Polycot Technologies 2010 Limited (liquidated w.e.f 29 November 2018)
3SB Produtos Agricolas S.A.
Sinagro Produtos Agropecuarios S.A.
Serra Bonita Sementes S.A
 B S R & Co. LLP

UPL Limited

Annexure-1
Chemisynth (Vapi) Limited
Universal Pestochem (Industries) Limited
Weather Risk Management Services Private Ltd
Agri Fokus (Pty) Ltd*
Novon Retail Company (Pty) Ltd*
Agronomic (Pty) Ltd*
Novon Protecta (Pty) Ltd*
Silvix Forestry (Pty) Ltd*
Nexus AG (Pty) Ltd*
Dalian Advanced Chemical Co.Ltd*
Societe des Produits Industriels et Agricoles*
CGNS Limited*
Callitogo SA*

* With effect from 1 February 2019

Joint Ventures:
Hodogaya UPL Co. Limited
Longreach Plant Breeders Management Pty Ltd
United Phosphorus (Bangladesh) Limited
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31.03.2018

31.03.2018
(Audited)
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Chairman and Managing Director

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During the years ended 31st March 2019 and 31st March 2018, the Company has a llotted 9,589 and 91,676 equity shares resp ectively, to emp loyees u nder Emp loyee Stock Option Plan of the Comp any.
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 UPL Limited
CIN NO : L24219GJ1985PLCO25132
Regd. Office: 3-11,G.I.D.C., Vapi, Dist: Valsad, Gujarat - 396 195
Consolidated Statement of Assets and Liabilities
INR in crores
As at
As at
31st March
31st March 2019
2018
(Audited) (Audited)
Assets
Non-current assets
Property, plant and equipment 4,654 2,874
Capital work-in-progress 1,166 1,090
Goodwill 15,050 432
Other Intangible assets 12,197 1,131
Intangible assets under development 617 229
Investments accounted for using the Equity method 408 386
Financial assets
(i) Investments 298 648
(ii) Trade receivables 4 1
(iii) Loans 156 151
(iv) Other Financial Assets 167 35
Non Current tax assets (net) 327 194
Deferred tax assets (net) 731 529
Other non-current assets 281 319
36,056 8,019

Current assets
Inventories 9,270 4,538
Financial assets
(i) Investments 2 -
(ii) Trade receivables 11,812 6,056
(iii) Cash and cash equivalents 2,826 2,859
(iv) Bank balance other than cash and cash equivalents 25 35
(v) Loans 51 147
(vi) Other Financial Assets 310 167
Current tax assets (net) 486 27
Other current assets 2,184 1,175
26,966 15,004
Assets classified as held for sale 26 20
Total Assets 63,048 23,043

Equity and liabilities

Equity
Equity Share capital 102 102
Other equity 14,543 9,067
Equity attributable to equity holders of the parent 14,645 9,169
Non-controlling interests 3,358 19
Total Equity 18,003 9,188

Non-current liabilities:
Financial liabilities
(i) Borrowings 26,383 5,873
(ii) Other financial liabilities 136 232
Long term provisions 20 20
Deferred tax liabilities (net) 2,942 88
29,481 6,213

Current liabilities:
Financial liabilities
(i) Borrowings 2,478 634
(ii) Trade payables
Total outstanding dues of Micro enterprises and 26 17
Small enterprises
---.. Total outstanding dues of creditors other than 9,397 5,658
--..,
&C Micro enterprises and Small enterprises
ef. Other current financial liabilities 1,499 755
r,
Lona 1 ,1 ons 844 164
Apollo MiiIs Corn torrent liabilities 724 357
N. M. Jnoi M f g ,
Mahalaxmi re tax liabilities (net) 596 57
Mumbai-400 11 (•- 15,564 7,642
India
It abilities 45,045 13,855
equity and liabilities 63,048 23,043
 UPLLimited

AuditedConso lidated Segmentwise Revenue, Results andCap ita lEmployed for the Quarter and year ended 31st March 2019

Particulars Quarter ended Quarter ended Quarter ended Year ended Year ended

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31.03.2019 31.12.2018 31.03.2018 31.03.2019 31.03.2018
( Refer Note 3) ( Refer Note 3)
(Audited) ( Unaudite d) (Audited) (Audited) (Audited) (ii) (i)

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Non Agro Act ivities 1,006 1,356 738

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 PROFORMA ANA LYSI S TOSTATEMENTO FAUDITEDCON SOLIDATED FINA NCIALRESULTS

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Net pro fit for the year

FOR THE QUARTER 31st Marc h, 2019

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Arysta Acq uistion Re lated Proforma Reported
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 Chartered Accountants
5th Floor, Lodha Excelus, Telephone +91 (22) 4345 5300
Apollo Mills Compound Fax +91 (22) 4345 5399
N. M. Joshi Marg, Mahalaxnni
Mumbai - 400 011
India

Independent Auditor's Report on the Standalone Financial Results of UPL Limited pursuant
to Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To Board of Directors of
UPL Limited

We have audited the standalone annual financial results of UPL Limited (`the Company') for the year
ended 31 March 2019, attached herewith, being submitted by the Company pursuant to the requirement
of Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (`Listing Regulations').
Attention is drawn to the fact that figures for the last quarter ended 31 March 2019 and the corresponding
quarter ended in the previous year as reported in these standalone annual financial results are the balancing
figures between audited figures in respect of the full financial year and the published year to date figures
upto the end of the third quarter of the relevant financial year. Also the figures up to the end of the third
quarter had only been reviewed and not subjected to audit.

These standalone annual financial results have been prepared on the basis of the annual standalone
financial statements and reviewed quarterly standalone financial results which are the responsibility of
the Company's Management. Our responsibility is to express an opinion on these standalone annual
financial results based on our audit of the annual standalone financial statements which have been
prepared in accordance with the recognition and measurement principles laid down in the Companies
(Indian Accounting Standards) Rules, 2015 as per Section 133 of the Companies Act, 2013 and other
accounting principles generally accepted in India and in compliance with the Listing Regulations.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the
standalone annual financial results are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts disclosed as standalone financial results. An audit also
includes assessing the accounting principles used and significant estimates made by Management. We
believe that our audit provides a reasonable basis for our opinion.

In our opinion and to the best of our information and according to the explanations given to us these
standalone financial results:

are presented in accordance with the requirements of Regulation 33 and Regulation 52 read with
Regulation 63(2) of the Listing Regulations in this regard; and
give a true and fair view of the net profit and other comprehensive income and other financial
ormation for the year ended 31 March 2019.

B SR & Co (a partnership firm with Registered Office:

Registration No. BA61223) converted into 5th Floor, Lodha Excelus
B S R & Co. LLP (a Limited Liability, Partnership Apollo Mills Compound
with LLP Registration No. AAB-8181) N. M. Joshi Marg, Mahalaxmi
with effect from October 14, 2013 Mumbai - 400 011. India
 B S R & Co. LLP

Independent Auditor's Report on the Standalone Financial Results of UPL Limited pursuant
to Regulation 33 and Regulation 52 read with Regulation 63(2) of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(Continued)

We draw attention to Note 4 of the annual standalone financial results, relating to the accounting treatment
of goodwill aggregating Rs. 3,697 crores arising on amalgamation of Advanta Limited with the Company
accounted during the quarter ended 30 June 2016 and amortization of the said goodwill arising therefrom
both of which are different from the treatment prescribed under Indian Accounting Standard (Ind AS)
103 — 'Business Combinations' for business combination of entities under common control. Had the
accounting treatment prescribed under Ind AS 103 been followed, profit after tax reported for the quarter
and year ended 31 March 2019 would have been higher by Rs. 92 crores and Rs. 370 crores, respectively.
Our opinion is not qualified in respect of this matter.

For B S R & Co. LLP

Chartered Accountants
Firm's Registration No: 1012 8W/W-110_122

Bhavesh Dhupelia
Place: Mumbai Partner
Date: 17 May 2019 Membership No. 042070
 UPL Limited
(CIN No.: L24219G4985PLCO25132)
Regd. Office: 3-11,G.I.D.C., Vapi, Dist.: Valsad, Gujarat - 396 195

Statement of Standalone Financial Results for the Quarter and year ended 31st March 2019

Sr Particulars Quarter ended Year ended

No. Mar-19 Dec-18 Mar-18 Mar-19 Mar-18
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Refer note 2 Refer note 2
1Revenue from operations (refer note 5) 1,864 2,216 1,636 8,660 7,374
2 Other income 38 15 14 560 435
3 Total Income (1+2) 1,902 2,231 1,650 9,220 7,809

4 Expenses
a) Cost of materials consumed 1,066 1,285 806 4,741 3,517
b) Purchases of stock in trade 114 134 123 521 404
c) Changes in inventories of finished goods, work-in-progress and stock in trade 8 (109) (6) (160) 2
d) Excise duty - - 111
e) Employee benefits expense 132 147 122 551 486
I) Finance costs (refer note 8) 50 1 50 185 135
g) Depreciation and amortisation expense 193 181 172 724 666
h) Exchange rate difference on receivables and payables (net) 22 6 4 63 9
i) Other expenses 472 573 467 2,105 1,896
Total expenses 2,057 2,218 1,738 8,730 7,226

5 Profit/ (Loss) before exceptional Items and tax (3 -4) (155) 13 (88) 490 583

6 Exceptional Items (refer note 7) 4 4 7

7 Profit! (Loss) before tax (5 - 6) (159) 13 (88) 486 576

8 Tax expenses (refer note 12)

Current tax (34) 3 51 80 97
Deferred tax charge/(credit) (39) 0 (32). 1 (69)
9 Net Profit / (Loss) for the period (7-8) (86) 10 (107) 405 548

10 Other Comprehensive Income

(i) Items that will not be reclassified to profit or loss (8) 6 4 6 3
(ii) Income tax relating to items that will not be reclassified to profit
or loss 5 0 0 2 0
Total other comprehensive income for the year, net of tax (3) 6 4 4 3

11 Total Comprehensive Income for the period (9+10) (89) 16 (103) 409 551

12 Paid up equity share capital 102 102 102 102 102

(Face Value of the Share - Rs 2.00 each)

13 Other equity 7,870 7,867

14 Basic and Diluted Earnings Per Share (EPS)

Basic Earnings per share of Rs 2.00 each (Rs) (1.69) 0.19 (2.11) 7.96 10.78
Diluted Earnings per Share of Rs 2.00 each (Rs) (1.69) 0.19 (2.11) 7.96 10.78
(Note: EPS for the respective quarters are not annualised)
15 Debt Equity Ratio 0.21 0.14
16 Debt Service Coverage Ratio 0.58 1.68
17 Interest Service Coverage Ratio 3.79 4.84

Notes:
1. The above standalone financial results were reviewed by the audit committee on 16th May, 2019 and thereafter approved at the meeting of the Board of Directors held on 17th
May, 2019. The statutory auditors have expressed an unmodified opinion. The audit report has been filed with the stock exchange and is available on the Company's website.
These standalone financial results have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards)
Rules 2015.

2. The figures for the quarter ended 31st March 2019 and 31st March 2018 are the balancing figures between the audited figures in respect of the full financial year and the year
to date unaudited figures unto the third quarter for the respective years.

3(a). The Board has recommended dividend @ 400% on equity shares of Rs 2. each of the Company (i.e. Rs. 8/- per equity share), subject to the approval of shareholders at the
ensuing Annual General Meeting.

3(b). This being a GOLDEN JUBLIEE year of the Company, the Board has recommended issue of bonus shares in the ratio of 1:2 [1 (one) bonus equity shares of Rs 2 each for every
2 (two) fully paid-up equity shares held], subject to the approval of shareholders of the Company.

4. On January 31, 2019, UPL Corporation Limited, Mauritius, a subsidiary of the Company completed the acquisition of Arysta Lifesciences Inc.and it's subsidiaries from Element
Solutions Inc. (formerly Platform Specialty Products Corporation). The consideration for the acquisition aggregates US $ 4,426 Million(approximately Rs 31,458 crores) and is
sub-tv
ct to certain further adjustments as per the terms of the stock purchase agreement signed between parties on July 20,2018.
 UPL Limited
(CIN No.: L24219G)1985PLCO25132)
Regd. Office: 3-11,G.I.D.C., Vapi, Dist: Valsad, Gujarat - 396 195

Statement of Standalone Financial Results for the Quarter and year ended 31st March 2019

5. The Government of India introduced the Goods arid Services Tax (GST) with effect from 1st July, 2017, consequently revenue from operations for the period from 1st July, 2017
upto March 31, 2019 is net of GST. However revenue for the quarter ended 30th June 2017 included in the year ended March 31, 2018 is inclusive of excise duty. The Net
Revenue from Operations (Net of GST/ Excise Duty) as applicable are stated below-

Particulars Quarter ended Year ended Year ended

Mar-19 Dec-18 Mar-18 Mar-19 Mar-18
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Refer note 2 Refer note 2
Revenue from operations 1,864 2,216 1,636 8,660 7,374
Less: Excise Duty - - - 111
Net Revenue from operations 1,864 2,216 1,636 8,660 7,263
6. During the year ended 31st March 2019 and 31st March 2018, the Company has allotted 9,589 and 91 676 equity shares respectively, to employees under Employee Stock
Option Plan of the Company.

7. Exceptional items for the year ended 31st March, 2019 pertain to amount paid by the Company for proceeding before Patent Trial & Appeal Board in the United States of
America for invalidating a patent.

8. Finance Costs include settlement and mark to market (gains)/ losses on derivative forex contracts related to borrowings and exchange differences arising on foreign currency
loans. Such (gain)/loss is Rs (2) crs, Rs (31) crs and Rs 5 crs for the quarters ending 31st March 2019, 31st December 2018, and 31st March 2018 respectively; Rs (2) crs and Rs
(31) crs for the years ended 31st March 2019 and 31st March 2018 respectively.

9. Details of Unsecured Non Convertible debentures are as follows-

Previous Due Date Next Due date
01-Apr-2018 to 31-Mar-2019
Issue Size
ISIN (Credit rating") Principal Interest Principal Interest
(Rs in crores)
INE628A08163* (Credit rating: Care AA+, Brickwork BWRAA+) 250 06-Jul-18 06-Jul-26 06-Jul-19
(If call option is exercised after 10th year due date -6th July 2021)
INE628A08122 (Series A)(Credit rating: Care AM-. Brickwork BWRAA+) 75 05-Oct-18 05-Oct-18 - -
INE628A08130 (Series B) (Credit rating: Care AA+, Brickwork BWRAA+) 75 05-Oct-18 05-Oct-19 05-Oct-19
INE628A08148 ((Series C)(Credit rating: Care AA+, Brickwork BWRAA+) 75 05-Oct-18 05-Oct-21 05-Oct-19
INE628A08155 (Series D)(Credit rating: Care AA+, Brickwork BWRAA+) 75 05-Oct-18 05-Oct-22 05-Oct-19
INE628A08197 (Series A) (Credit rating: Care AA+, Brickwork BWRAA+) 150 08-Jun-18 08-Jun-19 08-Jun-19
INE628A08205 (Series B) (Credit rating: Care AA+, Brickwork BWRAA+) 150 08-Jun-18 08-Jun-22 08-Jun-19
Out of this issue Company has bought back debentures valuing to Rs 90 crores).
**there are no changes in credit ratings of unsecured non convertible debentures.
Note : All the interest / Principal were paid on the due date.

10. Ratios have been calculated as follows:

a) Debt Equity Ratio= Debt/ Net Worth (Debt is long term borrowings (including current maturities) and short term borrowings]
b) Debt Service Coverage Ratio= Profit before tax, interest expenses, depreciation and amortisation/ Interest expense for the period+ Principal repayments of long term
borrowings for the year
c)
Particulars Mar-19 Mar-18
Debenture Redemption Reserve 140 141
Net-worth 7,972 7,969

11. Effective 1st April 2018, the Company has adopted Ind AS 115 'Revenue from Contracts with Customers'. Based on the assessment done by the management, there is no
material impact on the revenue recognised.

12. Pursuant to the completion of assessments for the past years, the Company had written back excess provision of tax of Rs 83 crores and recognised minimum alternate tax
credit entitlement of Rs 63 crores for the year ended March 31, 2018.

13. Subsequent to the year end, the Company has signed a share purchase agreement to acquire 3,687 equity shares representing 7.32% of equity of Allfresh Supply Management
Private Limited ('Allfresh') for Rs 2 crores. In addition the Company has agreed to invest Rs 7.25 crores in the form of optionally convertible debentures. The completion of the
transaction is subject to certain conditions precedent.

14. Amalgamation of erstwhile Advanta Limited ("Advanta") with the Company -

The Hon'ble High Court of Gujarat vide its order dated 23rd June, 2016 had sanctioned the Scheme of Amalgamation of Advanta Limited with the Company with an appointed date
of 1st April, 2015. In accordance with the provisions of the scheme and as approved by the High Court, the amalgamation was accounted for under the purchase method specified
in Accounting Standard 14 - 'Accounting for Amalgamations' which is different from Ind AS 103 'Business Combinations'. As per the Court approval the goodwill arising on
amalgamation is being amortised over a period of ten years from the appointed date, which is not amortised under Ind AS 103 but only tested for impairment.

If the Company had accounted for amalgamation as per Ind AS 103, profit for the quarters ended 31st March 2019, 31st December 2018 , 31st March 2018 would have been
higher by Rs 92 crs each; and for the years ended 31st March 2019 and 31st March 2018 by Rs 370 crs each.

15. The financial results are rounded to the nearest crores, except when otherwise indicated. Wherever the amount represented '0' (zero) construes value less than Rupees fifty

-----.....,
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Apollo I' Is Ccmpuund, * 1
N. M. .hi Marg,
MahaIemi, ICo
Mumbai-400011. cy R. D. Shroff
Place: Mumbal cP India gls DIN -00180810
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Chairman and Managing Director
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 UPL Limited
(CIN No.: L24219GR985PLCO25132)
Regd. Office: 3-11,G.I.D.C., Vapi, Dist: Valsad, Gujarat - 396 195

Statement of Assets and Liablities (Standalone)

Rs in Crores
Particulars As at As at
March 31, 2019 March 31, 2018
Audited Audited
Assets
Non-current assets
Property, plant and equipment 2,455 1,947
Capital work-in-progress 821 624
Goodwill 2,225 2,595
Other intangible assets 301 360
Intangible assets under development 68 39
Financial assets:
(i) Investments 1,441 594
(ii) Loans 76 905
(iii) Other financial assets 35 35
Income tax assets (Net) 148 166
Other non-current assets 181 224
7,751 7,489

Current assets
Inventories 1,866 1,452
Financial assets:
(i) Trade receivables 2,733 2,017
(ii) Cash and cash equivalents 77 93
(iii) Bank balances other than cash and cash equivalents 23 33
(iv) Loans 79 105
(v) Other financial assets 243 174
Other current assets 1,131 687
6,152 4,561

Total Assets 13,903 12,050

Equity and liabilities

Equity
Equity share capital 102 102
Other equity 7,870 7,867
7,972 7,969

Liabilities
Non-current liabilities:
Financial liabilities:
(i) Borrowings 458 682
(ii) Other financial liabilities 4 139
Deferred tax liabilities (net) 67 64
529 885

Current liabilities:
Financial liabilities:
(i) Borrowings 907 313
(ii) Trade payables
- Outstanding dues of micro and small enterprises 26 17
- Outstanding dues of other than micro and small enterprises 2,791 2,336
(iii) Other financial liabilities 429 377
Other current liabilities 1,146 62
'rovisions 103 91
5,402 3,196

rotal equityand liabilities 13,903 12,050

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 UPL Limited
Regd. Office : 3-11, G.I.D.C., Vapi, Dist: Valsad, Gujarat - 396195
Segmentwise Revenue, Results and Capital Employed

• _
Sr. No. Particulars Quarter ended Year ended
Mar-19 Dec-18 Mar-18 Mar-19 Mar-18
(Audited) (Unaudited) (Audited) (Audited) (Audited)
Refer note 2 Refer note 2

1 Segment Revenue (Refer note 5)

a Agro Activities 1,697 2,048 1,508 8,044 6,787
b Non Agro Activities 217 240 158 892 757
c Unallocated 4 2 7 9 13
Total 1,918 2,290 1,673 8,945 7,557
Less: Inter- Segment Revenue 54 74 37 285 183
Net Sales from Operations 1,864 2,216 1,636 8,660 7,374

2 Segment Results
a Agro Activities (122) 79 72 459 704
b Non Agro Activities 39 37 13 134 66
Total (83) 116 85 593 770
Less:
(i) Finance Costs 50 1 50 185 135
(ii) Unallocable Expenditure / Income (net) 22 102 123 (82) 52
(iii) Exceptional items 4 - - 4 7
Total Profit/(Loss) before Tax (159) 13 (88) 486 576

3 Segment Assets
a Agro Activities 10,752 10,963 9,148 10,752 9,148
b Non Agro Activities 1,018 1,006 738 1,018 738
c Unallocated 2,133 1,916 2,164 2,133 2,164
Total Assets 13,903 13,885 12,050 13,903 12,050

4 Segment Liabilities
a Agro Activities 3,819 2,999 2,458 3,819 2,458
b Non Agro Activities 273 306 176 273 176
c Unallocated 1,839 2,516 1,447 1,839 1,447
Total Liabilities 5,931 5,821 4,081 5,931 4,081

Net Capital Employed 7,972 8,064 7,969 7,972 7,969

Notes:
The business of the Company is divided into two business segments. These segments are the basis for management control and hence
form the basis for reporting. The business of each segment comprises of:

a) Agro activity - This is the main area of the Company's operations and includes the manufacture and marketing of conventional
agrochemical products, seeds and other agricultural related products.

b) Non-agro activity- Non agro activities includes manufacture and marketing of industrial chemicals and other non agricultural
related products.

Based on the "management approach" defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the
company's performance and allocate resources based on an analysis of various performance indicators by business segments.
Accordingly information has been presented along these segments.
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 UPL
17 May, 2019

The Corporate Relationship Listing Department

Department National Stock Exchange of (I) Ltd
BSE Limited Exchange Plaza, C/1, Block G
Phiroze Jeejeebhoy Towers Bandra Kuria Complex, Bandra East
Dalai Street, Fort Mumbai 400 051
Mumbai 400 001
SYMBOL: UPL
SECURITY ID — 512070

Sir/Madam,

Sub: Press Release - Annual Results

UPL Limited announced its annual results with Revenue growth of 14%, EBIDTA
growth of 18% and PAT growth of 10%. The above results are of UPL after
excluding Arysta performance for the period of 2 months for comparable purposes.

The Board of Directors of the Company has announced a bonus of 1 (one) equity
share of Rs 2/- each fully paid-up for every 2 (two) existing equity shares of Rs 2/-
each fully paid-up (subject to approval of members at the Extra-ordinary General
Meeting), for the golden jubilee year and a Dividend of Rs. 8/- per equity share of
Rs. 2/- each.

Thanking you.
For UPL Limite

jnikant De d Shroff
Chairman and a aging Director
(DIN: 00180810)

UPL Limited, UPL House, 610 B/2, Bandra Village, Off Western Express Highway, Bandra-East, Mumbai 400 051, India. P + 91 22 7152 8000
Regd.Office:3- 11,GIDC,Vapi396195,Gujarat,India.P+912602432716CIN:L24219GJ1985PLCO25132 www.uplonline.com
 PROFORMA ANALYSIS TO STATEMENT OF CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER 31st March, 2019

In order to have comparable results for the quarter ended 31st March'2019, Arysta group related transactions are adjusted in below statement and key
indicators of financial performance are as follows:

Description Q-0-Q
Revenue 15%
Contribution 13%
EBIDTA 18%
Net profit IN 18%
Rs. in crores

Reported
Arysta Acquistion Related Proforma Reported
Results
Particulars Results Results
Arysta Acquisition PPA impact Q4 FY2019 Q4 FY2018
Q4 FY2019
(Refer note i) Related (Refer note v)
Total Revenue from operation
8,524 1,968 6,556 5,691

442
Variable Cost 5,676 1,143 4,091 3,519
(Refer note vi)
Contribution 2,848 825 -442 2,465 2,172
Fixed Overheads 1,439 408 1,031 954
EBITDA 1,409 417 -442 1,434 1,218
Other Income -72 -13 -59 320
102
Amortization / Depreciation 431 120 209 184
(Refer note vii)
131
Finance Cost 404 14 259 410
(Refer note: ii)
PBT 502 270 -131 -544 907 944
(163)
Tax -31 108 24 166
Refer note viii)
PAT 533 162 -131 -381 883 778
Income from Associate Co. and JV 29 1 28 -36
Profit After Tax & Associate Income 562 163 -131 -381 911 742
216
Exceptional Cost 299 37 46 6
(Refer note: iii)
61
Minority Interest 57 -5 1 1
(Refer note: iv)
Profit After Tax, Asso. Inc. & Exceptionals 206 131 -408 -381 864 735
Notes:

i. The Group acquired Arysta life science business effective from 31st January 2019. Hence financial numbers are for the period of February'19 and March'19.

ii. Finance cost of Rs. 131 crores is related to borrowing for Arysta Acquisition.
iii. Exceptional cost of Rs. 216 crores is related to Arysta transaction cost.
iv. Minority interest of Rs. 61 crores is related to New Investor at UPL Corporation Limited, Mauritius for Arysta Acquisition.
v. PPA stands for Purchase Price Allocation.
vi. Rs. 442 crores is unwinding of inventory fair value sold during February'19 & March'19
vii. Rs. 102 crores is Depreciation and amortisation on fair value of acquired assets.
viii. Deferred tax of Rs. 163 crores on Note vi and vii.
 PROFORMA ANALYSIS TO STATEMENT OF CONSOLIDATED FINANCIAL RESULTS
FOR THE YEAR ENDED 31st March, 2019

In order to have comparable results for the year ended 31st March'2019, Arysta group related transactions are adjusted in below statement and key
indicators of financial performance are as follows:
Description Y-o-Y

Revenue 1` 14%
Contribution 'I' 14%
EBIDTA Is 18%
Net profit IN 10%
Rs. in crores
Reported
Arysta Acquistion Related Proforma Reported
Results
Results Results
Arysta Acquisition PPA impact
FY2019 FY2019 FY2018
(Refer Note i) Related (Refer Note v)
Total Revenue from operation
21,837 1,968 19,869 17,378
(net of excise duty in Previous quarter)

442
Variable Cost 13,263 1,143 11,678 10,204
(Refer note: vi)
Contribution 8,574 825 -442 8,191 7,174

Fixed Overheads 4,461 408 4,053 3,658

EBITDA 4,113 417 -442 4,138 3,516

Other Income -60 -13 -47 403

102
Amortization / Depreciation 969 120 747 675
(Refer note: vii)
131
Finance Cost 963 14 818 783
(Refer Note ii)

PBT 2,121 270 -131 -544 2,526 2,461

(163)
Tax 165 108 220 275
(Refer note: viii)
PAT 1,956 162 -131 -381 2,306 2,186

Income from Associate Co. and JV 14 1 13 -93

Profit After Tax & Associate Income 1,970 163 -131 -381 2,319 2,093

336
Exceptional Cost 451 37 78 63
(Refer Note iii)
61
Minority Interest 72 -5 16 8
(Refer Note iv)

Profit After Tax, Asso. Inc. & Exceptionals 1,447 131 -528 -381 2,225 2,022

Notes:

i. The Group acquired Arysta life science business effective from 31st January 2019. Hence financial numbers are for the period of February'19 and March'19.

ii. Finance cost of Rs. 131 crores is related to borrowing for Arysta Acquisition.
iii. Exceptional cost of Rs. 336 crores is related to Arysta transaction cost.
iv. Minority interest of Rs. 61 crores is related to New Investor at UPL Corporation Limited, Mauritius for Arysta Acquisition.
v. PPA stands for Purchase Price Allocation.
vi. Rs. 442 crores is unwinding of inventory fair value sold during February'19 & March'19
vii. Rs. 102 crores is Depreciation and amortisation on fair value of acquired assets.
viii. Deferred tax of Rs. 163 crores on Note vi and vii.