Dolat Capital: Sharda Cropchem’s Asset Light Model, Rich Cash-Balance, Strong Registration Pipeline Augur Well For Growth
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Dolat Capital Report
Sharda Cropchem Ltd. reported a strong Q2 FY21, Sales and Ebitda grew by 31% and 221.8% YoY to Rs 4.24 billion and Rs 638 million respectively.
Results were above our estimates (our sales and Ebitda estimates Rs 3.52 billion and Rs 437 million).
Profit after tax turned positive on a YoY basis to Rs 190 million. Gross margins showed an improvement due to benign raw material costs, by 412 basis points YoY.
Other expenses were kept under control, up only by 0.8% YoY to Rs 608 million.
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