BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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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