Dhanuka Agritech Q1 Results Review - Weak Quarter; All Hopes Pinned On Q2 Performance: Prabhudas Lilladher

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Prabhudas Lilladher Report.Dhanuka Agritech Ltd. reported subdued results (inline with our estimates but below consensus estimates) with revenue/Ebitda/profit after tax decline of 6%/15%/33% YoY amid challenges related to higher channel inventory and cost pressure. Management remains confident of achieving double digit revenue growth in FY24E with 50-100 basis points YoY improvement in Ebitda margins given new product introductions (launched two/one/six new products in herbicide/insecticides and biological range; intends to launch two-three new 9(3) and 3-4 new 9(4) molecules in FY24E) coupled with better portfolio mix. Further, expect ~Rs 500 million revenue contribution from technical plant at Dahej in FY24E (to be commissioned in August 2023-delayed by a month) with initial loss at Ebitda level due to lower utilisation. We haven’t factored this in our estimates, as the impact would be insignificant during FY24E. We broadly maintain our FY24/25E earnings per share estimates and expect revenue/profit after tax compound annual growth rate of 13%/11%. Maintain ‘Buy’ with an unchanged target price of Rs 950 based on 15 times FY25E EPS..Click on the attachment to read the full report:.UPL Q1 Results Review - Higher Agrochemical Inventory Continues To Dampen Performance: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Dhanuka Agritech Q1 Results Review - Weak Quarter; All Hopes Pinned On Q2 Performance: Prabhudas Lilladher

Volume and price decline of 3.5%/2.5% YoY.

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