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Insecticides India Q4 Results Review - Dismal End To FY23; Near Term Cautious Outlook: Prabhudas Lilladher

Product pipeline remains healthy; launch of four-five new products in FY24.

<div class="paragraphs"><p>A farmer spraying insecticide in his farm. (Source: Insecticides India Ltd.'s official website)</p></div>
A farmer spraying insecticide in his farm. (Source: Insecticides India Ltd.'s official website)

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Prabhudas Lilladher Report

Insecticides India Ltd. reported subdued results with Ebitda loss of Rs 283 million largely led by high cost inventory provisioning coupled with M2M loss of Rs 140 million in FY23. Business-to-consumer/business-to-business/exports contribution stood at 51%/35%/14%, as against 65%/26%/9% in the same period last year.

Further, Maharatna products contributed 52% of overall revenues in Q4 FY23, as against 42% in Q4 FY22. Going forward, management remains confident on achieving revenue growth of 10-12% YoY in FY24E aided by-

  1. commencement of new facilities;

  2. new product launches; and

  3. significant export registrations.

However, remains cautious on margins (guided for 9-10% Ebitda margins) from trailing losses of high cost inventory provisions to be accrued in Q1 FY24.

Click on the attachment to read the full report:

Prabhudas Lilladher Insecticide India Q4FY23 Results Review.pdf
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