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Neogen Chemicals Q1 Review - Strong Numbers; Outlook Upbeat: ICICI Direct

Neogen Chemicals Q1 Review - Strong Numbers; Outlook Upbeat: ICICI Direct

<div class="paragraphs"><p>Close up of a technician using pipette testing a chemical solution in a R&amp;D laboratory. (Source: freepik)</p></div>
Close up of a technician using pipette testing a chemical solution in a R&D laboratory. (Source: freepik)

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ICICI Direct Report

Neogen Chemicals Ltd.'s topline was better than our estimates but margins came in below our estimates. Reported revenue growth of 74.7% YoY to Rs 147.9 crore, led by higher growth from both organic chemicals (up 32% YoY) and inorganic chemicals (up 241% YoY).

Gross margins declined 20 basis points YoY to ~44.8% while Ebitda margin fell 180 basis points YoY to 16.7%.

Neogen Chemicals' Ebitda was up 58% YoY to Rs 24.7 crore. Profit after tax increased 50% YoY to Rs 11.1 crore.

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ICICI_Direct_Neogen_Chemicals_Q1FY23.pdf

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