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Nirmal Bang Report
Sumitomo Chemicals India Ltd.'s Q3 FY22 profit after tax was a 43.2% beat versus our estimate due to the 14.2% beat on revenue and 310 basis points beat on Ebitda margin despite 43 bps miss on gross margin.
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Positives:
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healthy long-term prospects, supported by revenue/earnings per share compound annual growth rate of 16.8%/27.3% over FY22E-24E,
return on invested capital of 48.3%/46.3% in FY23E/FY24E and
healthy growth in net cash to Rs 13.73 billion by FY24E.
Key catalysts:
Sumitomo Chemicals offers multi national company proxy exposure in the Indian crop protection chemical sector based on the potential for
growth in premium/generic products across categories in domestic/export markets and
new orders from Sumitomo Chemical (Japan) for the five molecules contracted to commence from FY24E.
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