United Phosphorus (UPL), posted a good set of numbers. For the quarter, the company posted sales of Rs 26.18 billion V/s Rs 22.69 billion in 2QFY2014, registering a yoy growth of 15.4%. On the operating front, the company posted OPM's of 16.7% V/s 16.0% in 2QFY2014, mainly driven by the GPM's of 50.5% V/s 48.7% in 2QFY2014.
Commenting on the result, Sarabjit Kour Nangra, VP research, Pharma, Angel Broking, said, ''The expansion in the OPM was lower than expansion in the GPM, on back of the 24.4% rise in other expenditure. This along with the lower other income during the period, which dipped by 32.2% yoy, lead the Adjusted net profit to come in at Rs 1.78 billion V/s Rs 1.71 billion in 2QFY2014, a yoy growth of 4.3%. The reported net profit during the quarter was Rs 1.66 billion V/s Rs 155, a yoy growth of 7.1%. We maintain our buy with a target price of Rs 424.''
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