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Entry Price

171.00

Target

230.00

Recommend Date

05-11-2020

Return

34.50 %
BUY

Date : 05-11-2020

Q2FY21 revenues grew a decent 15.8% YoY to | 372 crore on the back of 34.1% YoY growth in pharma segment to | 279 crore. Crop protection segment fell 17.9% YoY to | 93 crore due to deferral of | 40 crore worth of shipment to Q3FY21. EBITDA for the quarter came in at | 70 crore, up 19.6% YoY (including Covid related expenses of | 1.1 crore). EBITDA margins expanded 58 bps YoY to 18.8% due to lower staff & other expenses, partly offset by lower gross margins. Adjusted PAT grew 23.8% YoY to | 27 crore in line with operational performance. Delta vis-a-vis EBITDA was due to lower interest cost, partly offset by a higher tax rate.