Dolat Capital: Sharda Cropchem Posts Subdued Q1 Performance
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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.
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