Insecticides India Posts Another Disappointing Quarter: Prabhudas Lilladher
A farmer sprays fungicide onto a field of rice in Indonesia. (Photographer Dimas Ardian/Bloomberg)

Insecticides India Posts Another Disappointing Quarter: Prabhudas Lilladher

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Prabhudas Lilladher Report

Insecticides India Ltd. reported yet another quarter with subdued performance.

Despite healthy topline growth of 14%, gross margins contracted by sharp 490 basis points YoY (regardless of a weak base) due to inventory liquidation of Nuvan (banned from January 01, 2021).

The management is hopeful of business turnaround in the ensuing quarters driven by-

  1. its pipeline of new launches
  2. commencement of new capacities and
  3. backward integration projects.

We increase our topline estimates by 5% for each FY21-23 but reduce our Ebitda/adjusted profit after tax estimates by 15%/16%, 7%/8%, 1%/1% to factor in weakening margin profile of the company.

Click on the attachment to read the full report:

Prabhudas Lilladher Insecticides India Q3FY21 Result Update.pdf


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