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Axis Securities Report
Dhanuka Agritech Ltd. reported a strong set of numbers, surpassing estimates on all fronts. The company reported revenue of Rs 494 crore, up 34% YoY and QoQ, exceeding estimates by 22%. Ebitda was Rs 72 crore, up 65% YoY but down 11% QoQ, beating our estimate of Rs 65 crore.
The company reported an Ebitda margin of 14.5%, elevated YoY due to better operating performance, compared to 11.8% in Q1 FY24. Profit after tax stood at Rs 49 crore, up 48% YoY but down 17% QoQ, exceeding our estimates by 10%.
With the global forecast indicating a positive monsoon and the El-Nino effect subsiding, we expect that normal monsoons and reduced inventory levels will lead to a stronger outlook for Dhanuka Agritech and other agrochemical players, particularly those with higher exposure to the Indian agricultural market.
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