Stockrabit · Analysts
Questions across 2 calls

Love Sharma

JPMorgan

UPL Limited

UPL Limited CC-Sep25.pdf · 2025-11-06
Just a couple of questions from me. I think, Bikash, you mentioned earlier in the call about your net leverage target of about 1.6x- 1.8x by end of this year. Just wanted to understand given where we are currently and the rating improvement we have seen, and I know that the company has come a little bit of a long way from the IG ratings previously , is it fair to say that you would like to achieve those IG ratings back given these deleveraging targets? And secondly, I think you also talked about this the $500 million loan coming due next year in March. Also, then there is, I guess, a September payment due as well next year. Any thoughts on refinancing them or are you looking to just repay them, reduce debt overall using cash flows?
Sure. And on the rating side, if you could just share any views? I know you have improved a lot. We have seen some decent improvement on the rating side. Are we looking to have more of those coming along?
UPL Limited CC-Dec24.pdf · 2025-01-31
I have more of a follow -up from the previous question. If you could just highlight, I think, in some of the bank loans, you also had these covenants, which probably you had some relaxation available from FY 2025 or 2026? If you could just update what is the status there and I think it's similar to the previous question, given the sizable maturity, which we have from next year mainly, the thought process would be to refinance, I believe at some point. If you could just indi cate what is the ideal way for you to refinance that through bank market or you think potentially through public bond markets as well?
Thinking on the bank loans, again, you had some of the…