ICICI Securities: Insecticides India Q2 Review- Higher Focus On Cash Collection  
A worker sprays insecticides on a newly planted field of corn in Pretoria, South Africa. (Photographer: Waldo Swiegers/Bloomberg)

ICICI Securities: Insecticides India Q2 Review- Higher Focus On Cash Collection  

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.

ICICI Securities Report

Three takeaways from Insecticides India Ltd.’s Q2FY21 earnings:

1. Uneven rainfall and less pest infestation resulted in revenue decline of 9.4%. Branded products revenue declined 15%. Higher focus on cash collections also impacted revenue growth.

2. company has reduced net working capital days to 115 at H1 FY21-end versus 184 at FY20-end. The company has also repaid its entire debt with better cash collections.

(3) Ebitda margin declined 170 basis points YoY due to inferior product mix and negative operating leverage.

Click on the attachment to read the full report:

ICICI Securities Insecticide India Q2FY21 Results Review.pdf

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