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Prabhudas Lilladher Report
We hosted eight companies and three experts from the agrochemicals pack in our two days agri and specialty conference. We are of the view that export oriented players (PI Industries Ltd., Sumitomo Chemicals India Ltd. and UPL Ltd.) are better placed than pure play domestic players (Dhanuka Agritech Ltd., Bayer Cropscience Ltd.) in the near term.
Near term challenges pertaining to provisions for high cost inventory amid a falling raw material cost scenario coupled with higher sales return from kharif season and pricing pressure in generic segment will likely weigh on margins for domestic players.
However, exports oriented players will continue with their outperformance on the back of-
robust demand scenario globally;
remunerative crop prices and
better realisations led by price hikes in the recent past.
Going forward, H2 usually remains heavier for exporters as compared to H1.
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