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Prabhudas Lilladher Report
Sharda Cropchem Ltd. reported strong operational performance in Q4 FY22, primarily led by healthy revenue growth across regions. Key highlights are:
volume/price/foreign exchange growth of down 11%/42%/0.3% YoY (FY22 24%/25%/1% YoY) respectively;
gross margin declined 210 basis points YoY to 29.2% led by higher freight cost;
better operating leverage coupled with superior geographical and product mix has resulted into Ebitda margins expansion of 100 bps YoY to 20.9% (including IU&AD write-offs of Rs 178 million in Q4 FY22; FY22 Rs 292 million); and
working capital days up by three days YoY to 89.
Citing positive growth momentum across regions, Sharda Cropchem remains confident of achieving 15-20% YoY revenue growth for FY23E, while maintaining margins at current levels aided by better geographical mix and higher contribution from recently received new registrations.
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