Mumbai, Jan 29 (PTI) Agro-chemical company UPL on Friday posted a 12 per cent growth in profit after tax (PAT) at Rs 793 crore during the third quarter of 2020-21.

The company's PAT stood at Rs 707 crore during the corresponding quarter of 2019-20, UPL said in a statement.

UPL's revenue grew 3 per cent during the quarter under review at Rs 9,125 crore as compared to Rs 8,892 crore in the same quarter of financial year 2020.

In Latin America, Argentina, South Cone and Andean geographies experienced growth, the company said adding that the region overall was impacted by currency headwinds in LATAM countries combined with a delayed season by droughts in Brazil and Argentina, pushing sales to the fourth quarter.

In the third quarter the rest of the world saw double digit growth in Africa, Middle East, Australia and New Zealand, while in Southeast Asia growth was achieved due to Glufosinate expansion.

Accelerated growth in China was driven by UPL's branded products in addition to the recent Yoloo acquisition, it said.

India continued to deliver sales growth in herbicides during the quarter under review despite a slower market than H1, it added.

“We are pleased with the sustained progress reflected in the topline growth and improvement in margins. Our consistent efforts are bearing good returns. A notable achievement in the quarter is the commissioning of our manufacturing facility in Jhagadia in Gujarat for producing 'Clethodim'- one of the largest post-emergence herbicides used to control perennial grasses in a wide variety of crops worldwide.

"We will leverage its manufacturing capabilities and cost leadership to make Clethodim more widely available to farmers globally to meet their requirements of weed resistance," UPL CEO Jai Shroff said.

The company's endeavour to put Clethodim as a frontline agri-compound is further testament to the growing synergies between UPL and Arysta Lifescience, which was acquired by UPL in 2019, he added.

Shares of the company closed at Rs 560.15 apiece, down 0.98 per cent on the BSE.

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