Insecticides India Q2 Review — Higher Profitability Despite Input Inflation: ICICI Securities
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ICICI Securities Report
Takeaways from Insecticides India Ltd.'s Q2 FY22:
revenue declined 2.6% YoY; Ebitda and adjusted profit after tax grew 11.1% and 0.9% YoY, respectively,
working capital investments increased due to higher inventory and debtor levels and
Ebitda margin was up 179 basis points YoY in-spite of higher input prices.
The company received a patent for an herbicide formulation for 20 years. We remain positive on Insecticides India due to-
focus on increasing farmers’ penetration,
removal of generic products from the portfolio and
backward integration of technical.
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