Insecticides India Q4 Review - Revenue Mix Improvement Expands Margins: ICICI Securities
Farmer drives a sprayer as he applies insecticide on a soybean field. (Photographer: Daniel Acker/Bloomberg)

Insecticides India Q4 Review - Revenue Mix Improvement Expands Margins: ICICI Securities

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

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

  1. steady launches of high-margin products,

  2. removal of generic products from the portfolio and

  3. backward integration of technical.

Click on the attachment to read the full report:

ICICI Securities Insecticides India Q4FY21 Result Update.pdf

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