Insecticides India Q4 Review - New Launches To Drive Growth: Prabhudas Lilladher
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Prabhudas Lilladher Report
Insecticides India Ltd. reported better-than-expected results driven by higher-than-anticipated sale of institutional business and branded products.
Gross margin expansion was steep at 1,108 basis points (our estimate: 942 basis points) as the company resorted to inventory liquidation in Q4 FY20 due to distress sale of generic products and heightened competitive intensity in Thimet and Nuvan.
The business is likely to turnaround in the ensuing quarters driven by:
commencement of new capacities and
initialisation of backward integration project.
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