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Prabhudas Lilladher Report
Dhanuka Agritech Ltd. reported decent set of numbers amid a challenging domestic scenario led by delayed monsoons and inflationary raw material scenario during Q1 FY23.
Dhanuka Agritech reported revenue/Ebitda/profit after tax growth of 8%/down 16%/1% YoY during Q1 FY23 which was in-line with our estimates. Key highlights are:
volume growth remained flat; while growth was completely led by price growth of 8% YoY;
inflated raw material scenario and its inability to fully pass on prices resulted into lower margins;
ITI for Q1 FY23 stood at 18% as against 10% in FY22; remains confident to improve going forward led by new product launches;
to launch three new 9(3) and 9(4) molecules each in H1 FY23;
capex program of Rs 3 billion for setting up of formulation and technical units at Dahej is well on track; likely to be commissioned by Q4 FY23.
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