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Prabhudas Lilladher Report
Sharda Cropchem Ltd.'s results were significantly higher than our estimates driven by significant increase in demand for agrochemicals, amid supply related challenges globally.
Agrochemical segment topline grew 74% to Rs 5.3 billion (our estimate Rs 3.6 billion), due to higher than anticipated demand from Europe, North American Free Trade Agreement and Latin Amercia.
Sharda Cropchem's segmental Ebit margins expanded 447 basis points due to operating leverage benefits.
Growth momentum is expected to continue driven by expanding distribution reach and garnering of new registrations amid strong global demand for generic molecules.
We have increased our topline/ Ebitda/ adjusted profit after estimates by 6%/6%/9% for FY22 and 6%/6%/5% for FY23.
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