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Insecticides India Ltd

Company details

584.65
638.95
388.47
789.00
6M Return -8.59%
1Y Return 32.42%
Mkt Cap.(Cr) 1,864.67
Volume 752
Div Yield 0.33%
OI
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OI Chg %
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Volume 752

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Insecticides (India) Ltd.

Q2FY23 Quarterly Result Announced for Insecticides (India) Ltd.

Agrochemical company Insecticides (India) announced Q2FY23 results:

  • Consolidated Q2FY23 vs Q2FY22:
    • The revenue from Operations has grown by 31.15% from Rs. 4,439.39 million in Q2FY22 to Rs. 5,822.09 million in Q2FY23.
    • The EBITDA increased by 6.68% from Rs. 641.69 million in Q2FY22 to Rs. 684.54 million in Q2FY23. EBITDA margins declined from 14.45% in Q2FY22 to 11.76% in Q2FY23 on a YoY
    • PAT increased by 7.05% from Rs. 418.79 million in Q2FY22 to Rs. 448.33 in Q2FY23.
    • PAT margins decreased from 9.43% in Q2FY22 to 7.70% in Q2FY23.
  • Consolidated H1FY23 vs H1FY22:
    • Revenue from operations recorded a growth of 25.29% from Rs. 9,122.00 million in H1FY23 to Rs. 11,428.99 million in H1FY23
    • The EBITDA increased by 8.24% from Rs. 1,172.51 million in H1FY22 to Rs. 1,269.08 million in H1FY23 and the EBITDA margins de-grew from 12.85% in H1FY22 to 11.10% in H1FY23.
    • PAT stood at Rs. 831.42 million in H1FY23 as compared to Rs. 768.32 million in H1FY22 recording a growth of 8.20% and PAT margins stood at 7.28% in H1FY23 as compared to 8.42% in H1FY22.
    • Total fixed assets (tangibles inc. CWIP) grew by 24.96% from Rs. 2,717.25 million in H1FY22 to Rs. 3,395.68 million in H1FY23 owing to the CAPEX incurred.
    • Current assets stood at Rs. 13,890.55 million in H1FY23 as compared to Rs. 10,445.39 million in H1FY22.
    • Long term borrowings stood at Rs. 29.37 million in H1FY23, compared to Rs. 18.61 million in H1FY23 and Short-term borrowings at Rs. 2,709.73 million in H1FY23, compared to Rs. 1,908.90 million in H1FY22
    • The working capital cycle has marginally decreased to 153 days in H1FY23 as compared to 159 days in H1FY22.
    • The debt Equity ratio stood at 0.29 in H1FY23 compared to 0.23 in H1FY22 owing to the increase in the short-term borrowings
    • Cash flow from operations stands at Rs. (1,977.03) million in H1FY23 as compared to Rs. (803.56) million in H1FY22.

Commenting on the performance of Q2 and H1FY23, Mr. Rajesh Aggarwal (MD) and the management team said:“We are very happy to share that we had a modest quarter and half year, both in terms of financial performance and in terms of market acceptance of our newly launched products in last fiscal year.

On the financial front, IIL has recorded revenue from operations of Rs. 5,822.09 million & EBITDA of Rs. 684.54 million for Q2FY23, thus delivering a growth of 31.15% in terms of revenue and 6.68% in terms of EBITDA. The EBITDA margins subsided by -269 bps in Q2FY23 on a YoY basis mainly due to the increased cost of raw materials and the EBITDA margins improved by 133 bps on QoQ basis, mainly due to improved product mix and stabilized cost of inventory. Further, for H1FY23, revenue stood at Rs. 11,428.99 million and EBITDA stood at Rs. 1,269.08 million. The EBITDA margins declined by -175 bps in H1FY23 owing mainly to the increase in cost of raw materials as compared to H1FY22. Revenue growth was majorly driven by following:

  • Products launched in FY22 recorded a revenue of ~Rs.929.93 million in H1FY23, contributing to ~8% of the revenue from operations, as compared to Rs.246.40 million in FY22. This shows the market acceptance of our products among the targeted customers.
  • Our R&D initiatives are being recognized as successful innovations in the form of several patents being granted in H1FY23, taking our total patented products to 18, which have performed better than expectations.
  • The Herbicides business has done extremely well in this half year and they now contribute to ~41% in H1FY23 as compared to ~33% in H1FY22.
  • Focused Maharatna products (premium of 11 product range consisting of the top Maharatna brands which are high-ranking in nature with superior margins) have performed really well in this half year and our total Maharatna products contributed to ~58% in H1FY23 as compared to ~55% in H1FY22.

During H1FY23, we witnessed softening of cost of basic raw materials, however the currency headwinds has limited the positive impact of the same. Further, as there is a market acceptance of our products launched in FY22, we can confidently say that the margins will further improve in the H2 as well.

Further, our working capital cycle has reduced to ~153 days in H1FY23. There has been slight increase in debtor days owing to delayed monsoons, which led to poor cash flows in the market. However, we believe that this is a temporary phenomenon, expected to reverse in the upcoming quarters.

In lines with our continuous efforts and focus towards research & innovation, we are pleased to inform that we have successfully obtained 9(3) registration for Cyazofamid 34.5% SC. Since product registration is a lengthy and gestational exercise in our industry, we expect our sustained efforts at data generation & registration to yield several product registrations in developed international markets in the next two years.

On the exports front, we continue to witness good demand, however we focused on exports in a calibrated manner, retaining our caution on the currency movement and likely distress of foreign debtors. We expect the exports to pick-up in H2 FY23, thereby enabling us to meet our exports target for FY23. The export sales works towards removing the quarterly cyclicality of the business.

During this quarter, we have received a GLP certification for one of our testing facilities at Chopankhi, Rajasthan, which showcases our unwavering commitment to produce highest quality products with most efficient processes. As a constant endeavour to enhance our presence in the biological markets, we have incorporated a wholly owned subsidiary by the name of “IIL Biologicals Ltd”.

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FINANCIALS

Sales

Operating Profit

Profit after Tax

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Reserves and Surplus

Debt

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PE

Debt/Equity

P BV

COMPARISION

INSIDER & INSTITUIONAL ACTIVITY

Equity Capital: 869.61 Cr FV: 10.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 9,798.25 -25,291.97
LAST 3M 27,044.95 -25,544.90
LAST 6M 49,131.67 47,902.81
LAST 12M 178,925.96 -114,950.83

INFORMATION

Stock PE (TTM)

15.9

Promoter Holding

72.16%

Book Value

323.7495

ROCE

16.01%

ROE

12.71%

Description

  • The Company was originally incorporated as Insecticides (India) Private Limited on 18th December 1996. Subsquently, the Company was converted into Public Limited Company. The Company was not carrying out any business from December 1996 till October 2001.The commercial production started in the month of March 2002 at Chopanki unit in Rajasthan with an installed capacity of 29.40 Lacs litres of EC, and 2400 MTs of Granules. The Company has two units one in Chopanki Rajasthan and another in Samba J&K. Unit at Samba was commissioned in 2004. Both the manufacturing units and corporate office are ISO 9001:2001 certified in respect of manufacturing formulation and marketing of agrochemicals and household pesticides. The company Manufacturing units have also received ISO 14001:2004 certification for the Environment Management System. The companies primary busines is manufacturing and distribution of formulations of plant protection chemicals and house hold pesticides. Till FY 2006, The company has concentrating on the agrochemicals and in the last financial year company has introduced house hold pesticides. The company product range includes more than 80 types of insecticides, fungicides, weedicides, herbicides and plant growth regulator for all types of crops and also house hold pesticides. The company is largest selling brands are Lethal, Victor, Thimet, Indan 4g and Kaiser. The company current manufacturing capacity is 60 lacs litres of Emulsifible Concentrate (EC), 2900 MT of Wettable Dispersable Powder (WDP) and 10500 MT of granules per annum. In May 2007, the company has entered into capital market. The company has issued 32,10,000 Equity Shares to the public. Issue Price is Rs.115/- per Share.

No Data Found

AGM Date (Month) : Sep
Face Value Equity Shares : 10
Market Lot Equity Shares : 1
BSE Code : 532851
NSE Code : INSECTICID
Book Closure Date (Month) :
BSE Group : B
ISIN : INE070I01018

ICICIdirect Insecticides India Ltd FAQ

You can buy Insecticides India Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Insecticides India Ltd Share.
Company share prices and volatile and keep changing according to the market conditions. As of Jan 31, 2023 04:01 PM the closing price of Insecticides India Ltd was ₹ 630.00.
Market capitalization or market cap is determined by multiplying the current market price of a company’s shares with the total number of shares outstanding. As of Jan 31, 2023 04:01 PM, the market cap of Insecticides India Ltd stood at ₹ 1,864.67.
The latest PE ratio of Insecticides India Ltd as of Jan 31, 2023 04:01 PM is 15.9
The latest PB ratio of Insecticides India Ltd as of Jan 31, 2023 04:01 PM is 0.53
The 52-week high of Insecticides India Ltd is ₹ 789.00 while the 52-week low is ₹ 388.47

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