Dolat Capital: Sharda Cropchem Posts Subdued Q1 Performance
A farm worker sprays cotton plants with pesticides on the farm of Jarnail Singh in Jajjal village, Punjab, India (Photographer: Prashanth Vishwanathan/Bloomberg)  

Dolat Capital: Sharda Cropchem Posts Subdued Q1 Performance

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. 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 a subdued Q1 FY21 performance despite the advantage of a weaker base.

Results were lower than our estimates on Sales/Ebitda/profit after tax. Sales de-grew by 7.5% YoY to Rs 3.88 billion (our estimate Rs 4.57 billion).

Ebitda showed a marginal improvement of 3.0% YoY to Rs 610 million (our estimate Rs 862 million).

Growth in profit before tax too was muted at 1.3% YoY to Rs 347 million, profit after tax growth was higher at 22.6% YoY to Rs 279 million owing to a lower tax rate 19.5% in Q1 FY21 against 33.5% in Q1 FY20.

Click on the attachment to read the full report:

Dolat Capital Sharda Crop Q1FY21 Result Update.pdf

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