Sharda Cropchem (SHCR) reported strong operational performance in 3QFY22, primarily led by healthy revenue growth across regions. Key highlights are: (1) Volume/Price/FX growth of 51%/26.5%/1% YoY respectively; (2) Gross margin declined 60bps YoY to 33.9% led by higher freight cost; (3) Better operating leverage coupled with superior geographical and product mix has resulted into EBITDA margins expansion of 250bps YoY to 22% (incl. IU&AD write-offs of Rs70mn in 3QFY22); and (4) Working capital days up by 1-day YoY to 72. Citing a positive growth momentum across...