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ICICI Direct Report
Neogen Chemicals Ltd.'s topline broadly stayed in line with our estimates while bottom-line was lower due to higher than estimated depreciation and finance cost.
Reported revenue growth of 56% YoY to Rs 132.6 crore, led by higher growth from both segments such as organic chemical (up 52% YoY) and inorganic chemical segment (up 69% YoY).
Gross margins expanded 260 basis points YoY to ~44.1% while Ebitda margin fell 180 bps YoY to 18%, due to higher other (up 98% YoY) and employee cost (up 61% YoY).
Ebitda was up 41% YoY to Rs 23.8 crore. Neogen Chemicals' profit after tax increased 23% YoY to Rs 10.5 crore owing to higher depreciation and finance cost post commissioning of phase I and II unit at Dahej.
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