Margin headwinds + higher Opex and depreciation dent profitability Sharda Cropchem (SHCR)'s sales/EBITDA/PAT declined 0.2/20.2/6.7% YoY to ` 7.64/1.54/1.05bn, respectively, in 4QFY19. The gross margin contracted 340 bps YoY, as an explosion in a chemical park in China in March-19, created supply shortage and increased raw material prices. Sales de-growth of 0.2% YoY was on account of a volume de-growth of 21.1%, value growth of 16.7% and forex led growth of 4.2%. SHCR has virtually no debt on its balance-sheet (net cash of ` 3.35bn as on 31st...