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ICICI Securities Report
Sumitomo Chemical India Ltd. reported strong revenue growth of 23.2% YoY in Q2 FY23, driven by price-led domestic growth and volume-led growth in exports.
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Gross margin contracted 110 basis points due to presence of high-cost inventory, but lower ‘other expenses' led to 121 bps YoY expansion in Ebitda margin.
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Sumitomo continued to gain market share from smaller players in India agrochemical sector, which is discounted cash flow-accretive.
We believe, restrictions on the mode of application of glyphosates could hit volume sales in the near term, but it also offers an opportunity to supply value-added solutions to farmers. This would potentially result in market share gain for organised players.
We revise our earnings estimates to factor-in potential loss of glyphosate sales in the near term
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