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Dolat Capital Report
Sharda Cropchem Ltd. reported consolidated earnings above our estimates. Sales grew by 51.3% YoY to Rs 6.4 billion (our estimate: Rs 4.6 billion) which came on the back of strong volume growth across geographies.
Revenue growth of 51.3% was a combination of 60.8% volume growth, 1.1% forex gain while there was a negative product mix impact of 10.6%.
Sharda Cropchem's gross margins took a hit falling 309 basis points YoY to 28% in Q2 FY22 owing to increase in prices of technicals which are largely imported from China.
Ebitda margins saw a 106 basis points contraction to 14.0% on the back of higher other expenses (up 30.9% YoY) and higher employee costs (up 42.2% YoY).
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