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ICICI Securities Report
Sudarshan Chemical Industries Ltd.’s Q1 FY21 Ebitda dip of 18% YoY to Rs 530 million was higher than expected due to forex gains. Though the company sees capex execution delayed by six months, it remains confident of completion of new project in specialty products by H2 FY22.
Sudarshan Chemical continues to work towards becoming world’s third-largest pigment company (currently the third-largest player has revenues of $500 million) and has adopted three key strategies to reach its goal: 1) improve distribution by better go-to-market plans, 2) enhance product portfolio with specialty pigments, and 3) attain cost leadership.
We see downside risk to our revenue estimate for FY21, but higher gross margin offsets risk at the Ebitda level.
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