Insecticides India Q4 Review - Revenue Mix Improvement Expands Margins: ICICI Securities
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ICICI Securities Report
Takeaways from Insecticides India Ltd.’s Q4 FY21:
1. 25.2% increase in institutional sales and 18.7% increase in other branded sales resulted in revenue growth of 7.1%, YoY. However, branded product sales grew just 3.3%,
2. Insecticides has reduced net working capital days to 131 now versus 147 at FY20-end. The company has also reduced its debt with improvement in cash collections and
3. Ebitda margin improved 1,230 basis points YoY due to better product mix.
We remain positive on Insecticides due to
steady launches of high-margin products,
removal of generic products from the portfolio and
backward integration of technical.
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