New Research Reports

dented overall performance. Key highlights are: 1) domestic revenue grew 25% YoY led by both price and volume growth of 13%/12% YoY respectively (FY22 +14% YoY); while crop care segment was up 8% YoY (FY22 +11% YoY), 2) export revenues were down 8% YoY (FY22 +6% YoY), 3) seeds revenue...

commencement of new capacities and 4) backward integration projects. In the current scenario of buoyant stock markets, steep discount at which INST trades vis--vis its peers has only expanded. Even a marginal contraction in discount can lead to rerating of multiples. Maintain HOLD' with TP of Rs680 (Unchanged) based on 10x FY24E EPS. Decent show in challenging times: INST reported revenue/EBITDA/PAT growth of 5%/23%/36% YoY better than our estimates. B2C/ B2B/ exports contributed to...

Background: Incorporated in 1947, PI (erstwhile Pesticides India) focuses on agri-input, custom synthesis and polymer compounding with strength of over 1,100 employees. The company currently operates three formulation and two manufacturing facilities as well as five multi-product plants across Gujarat and Jammu, and one R&D unit in Rajasthan at Udaipur. PI is one of India's leading players in the agri-input industry, primarily dealing in agro-chemicals, specialty fertilizers, plant...

PI Industries manufactures plant protection & specialty plant nutrient products and solutions under its agri-inputs business. It is also one of India's leading custom synthesis (CSM) companies engaged in providing contract...

UPL Ltd is a global agriculture Solutions Company engaged in the agrochemicals and industrial chemicals business with manufacturing sites across the world. Through recent expansion, the company has become a...

Dhanuka Agritech (DAGRI) reported decent set of numbers despite headwinds in domestic market led by unseasonal rains and lower pest infestations during the quarter. It reported Revenue/EBITDA/PAT growth of 21%/10%/6% YoY during 3QFY22 which was in-line with our estimates. Key highlights are: (a) volume and price growth of 18% and 3% YoY respectively...

EBITDA grew 21% to Rs 2,666 crore in Q3 FY22 over Rs 2,209 crore in Q3 FY21. The Q3 FY22 EBITDA improved after in-house manufacturing with backward integration linkages was supported by effective raw material sourcing and overall cost management - keeping the...

Background: UPL Limited, formerly United Phosphorus, is a global post-patent agrochemical company with sales presence in 130+ countries post acquisition of Arysta. It is the frontrunner of thriving Indian crop protection industry by taking rapid strides to clinch greater pie of the global crop protection business. The company has emerged as a complete crop solution provider across various crop types & categories and global market leader in bio-solutions business. It has amplified its market share on global platform from 3.5% in FY15 to 7.7% in FY21 primarily by new product launches & geographic expansion. UPL's investments have facilitated the company to generate 1,023 patents and 12,400+ product registrations worldwide. The company's inorganic growth strategy (40+ acquisitions in last 25 years)...

UPLL reported strong volume growth (at 11% YoY) driven by geographies (except India). It reported better-than-expected earnings on higher sales. Net debt decreased INR5b QoQ and INR2.3b YoY and stood at INR238b in Dec'21. Net working capital (WC) days dipped 9 days YoY to 108 in 9MFY22. Factoring in its 3QFY22 performance, we have increased our FY22E earnings by 4.6%. However, we have reduced our estimates by 3.6% and 4.8% for FY23E and FY24E, respectively, as we assume no repayment of debt in FY22E...