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ICICI Securities Report
Three takeaways from Insecticides India Ltd. Q1 FY21:
1. In-spite of 16% revenue growth in branded products, lower availability of raw materials and logistical issues resulted in Ebitda margin contraction of 560 basis points YoY,
2. The company has focussed on reducing net working capital and debt which is good for long term health of the company and
3. Agrochemical industry is doing well with (i) 10% higher sowing, (ii) additional demand for herbicides and (iii) increase in pesticide consumption due to locust pest attack after 26 years.
We remain positive on Insecticides due to (1) steady launches of high-margin products, (2) removal of generic products from the portfolio and (3) backward integration of technical.
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