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ICICI Securities Report
Three takeaways from Insecticides India Ltd.’s Q2FY21 earnings:
1. Uneven rainfall and less pest infestation resulted in revenue decline of 9.4%. Branded products revenue declined 15%. Higher focus on cash collections also impacted revenue growth.
2. company has reduced net working capital days to 115 at H1 FY21-end versus 184 at FY20-end. The company has also repaid its entire debt with better cash collections.
(3) Ebitda margin declined 170 basis points YoY due to inferior product mix and negative operating leverage.
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