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A gradual price increase, volume growth across regions and a good product mix drove Sharda Cropchem’s better-than-expected Q3 results. Growth would improve ahead as de-stocking is now complete

? Sharda Cropchem Limited (SCL) reported solid growth in 3Q FY25 as revenues increased by 46.9% y-o-y to Rs 929.3 crore, fuelled by a robust increase in sales volume and a strategic price adjustment. Growth was observed across regions, with Europe and North America exhibiting
strong performance.
? Gross margin expanded by 650 bps y-o-y to 32.7%.

We recommend a BUY rating on the stock with a target price of Rs 1,760/share, implying an upside of 10% from the CMP

Quarterly Update Q2FY25

The quarter’s revenue reached Rs. 11,090 crore, marking a 9% increase y-o-y and a 22% q-o-q rise.

We upgrade our rating on the stock from HOLD to BUY considering attractive valuations post the recent correction in stock price while long-term growth prospects remain intact.

Revenues stood at Rs. 627 crore, down 10% y-o-y and 5% q-o-q, 12% below our estimates.

Sumitomo’s reported revenue of Rs. 988 crore, marking a 9% increase compared to the same period last year and an 18% rise from the previous quarter, exceeding our projections by 5%.