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News: Revenues grew 18% YoY to Rs 1613 crore, driven by 13% growth in CSM business to Rs 1504 crore and consolidation of Pharma CRO /CDMO business (Rs 127 crore). Ex-Pharma revenues growth was 10%. Domestic business on the other hand de-grew 6% YoY to Rs 267 crore. Adjusted EBITDA grew ~20% YoY to Rs 498 crore and the margins stood at ~26%. PAT grew 28% to Rs 449 crore.
Views: While CSM exports growth was driven by volume growth and newly commercialised products, the domestic de-growth was attributable to delayed and erratic spread of monsoon. Pharma CDMO yet to pick up to assess the success. CSM order book remains strong at US$ 1.7 billion. The margins trajectory for CSM exports remains strong (33% ex-Pharma). PI remains a standout performer among other Indian Agrochem players in tough times due to strong and sustainable CSM performance.
Impact: Positive