During the quarter, the net NPAs declined to 0.31 percent from 0.36 percent in the preceding quarter. Also, recoveries from written off accounts stood at Rs 919 crore.
The company also missed the target to reduce its net debt by $500 million during FY22-23. Going ahead, UPL has guided a revenue growth of 6-10 percent and an EBIDTA growth of 8-12 percent.
Despite the near-term headwinds for the chemicals sector, the street s long-term view remains positive due to the strong prospects for specialty chemicals and a huge import replacement opportunity.
Axis Bank s bottomline was hit by the cost of purchasing Citi Bank s India consumer business, excluding which, it posted a significant 61 percent on-year growth