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Prabhudas Lilladher Report
Insecticides India Ltd. reported revenue/Ebitda/profit after tax growth of 9%/18%/3% YoY.
Revenue and Ebitda were in line with our estimates; however, profit after tax was lower than estimates were largely led by lower tax in the base quarter.
Key highlights are:
business-to-consumer/ business-to-business/exports contributed to 65%/26%/9% in FY22;
better product mix coupled with price hikes in the recent past led to gross margins improvement of 40 basis points YoY to 31.6%;
better gross margins coupled with lower opex has led to Ebitda margin expansion of 100 bps YoY to 12.2%;
Insecticides India's Maharatna category grew 21% YoY to Rs 811 million in Q4;
launched one new products in Q4; to launch five-six products in FY23E;
capex of Rs 1.1 billion (Rs 420 million spent in FY22) well on track.
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