ICICI Direct: Sumitomo Chemicals - Crams Opportunities Likely To Expand Ahead
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ICICI Direct Report
Sumitomo Chemical India Ltd. reported topline growth of 8.7% YoY to Rs 902 crore versus our expectation of Rs 875 crore.
The topline performance was led by higher growth from crop protection segment, which was at Rs 868 crore (up 9% YoY) while revenues from other segment fell 4.8% YoY to Rs 33.8 crore.
Revenue from crop protection was led by better performance from herbicide (up 18% YoY) along with decent performance from plant growth regulators (up 13% YoY) and fungicides (up 8% YoY).
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