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ICICI Securities Report
Sudarshan Chemical Industries Ltd.’s topline surpassed our estimates while bottom line remained below our estimates.
Reported revenue grew 16.9% YoY to Rs 554.2 crore, led by higher growth from engineering (up 35.1% YoY) and pigments (up 16.1% YoY).
Gross margins fell 600 basis points YoY to ~40.4% while Ebitda margins contracted 560 bps YoY to 7.5% due to higher cost of goods sold (up 30% YoY).
Ebitda declined 33.2% YoY to Rs 41.4 crore. The decline was led by elevated level of Input costs across multiple intermediates. Profit after tax was down 72.9% YoY to Rs 7.1 crore. The lower growth in bottomline was on account of higher taxes (31.9% versus. 22.4% in Q4 FY22).
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