Tarsons Products (Tarsons) offers a range of plastic labware products. Over the years, it has gained ~25% market share (Source: Company) in a segment which was historically dominated by MNCs. Its network consists of over 150 distributors and more than 500 sub-distributors which provide pan-India visibility to its products.

Tarsons Products’ (Tarsons) Q2FY23 performance was marginally below our expectations. Revenue declined 6.3% YoY (+3.8% QoQ) to Rs712mn on a high covid-led base (I-Sec: Rs741mn).

Tarsons Products’ (Tarsons) Q1FY23 performance was below our expectations on
all fronts. Revenues were flat YoY (-19.2%QoQ) at Rs686mn on a high covid-led base (I-Sec: Rs753mn).