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Prabhudas Lilladher Report
Dhanuka Agritech Ltd. reported strong set of numbers amid challenges related to adverse weather conditions in the domestic market and volatile raw material scenario.
Dhanuka Agritech reported revenue/Ebitda/profit after tax growth of 24%/19%/15% YoY during Q2 FY23 which was above our and consensus estimates. Key highlights are:
volume/price growth of 16%/7% YoY;
inflated raw material scenario and its inability to fully pass on prices resulted into lower margins;
ITI for H1 FY23 stood at 15% as against 10% in H1 FY22; remains confident to improve going forward led by new product launches;
to launch six new bio-logical products in H2 FY23;
capex program of Rs 3 billion for setting up of formulation and technical units at Dahej is well on track; likely to be commissioned by Q4 FY23.
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