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Prabhudas Lilladher Report
Sharda Cropchem Ltd. reported strong revenue growth of 32% YoY in Q1 FY23. However, adverse currency impact coupled with increased freight cost has in turn resulted into an overall miss into estimates. Key highlights are:
volume/price/forex growth of down 2.5%/up 38%/down 3.3% YoY respectively;
Sharda Cropchem's gross margins contracted by 390 basis points YoY to 25.4% largely led by adverse forex impact (euro/U.S. dollar depreciated by 7% during Q1);
while higher freight cost coupled with higher legal and professional charges and one-off impact of Rs 121.5 million pertaining to loss on fair of investments has resulted into an Ebitda margin contraction of 480 bps YoY to 11.7% (including IU&AD write-off of Rs 28 million) and
working capital days up by three days YoY to 91.
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