Excel Crop Care Ltd.    
30 May 2015
Karvy
Excel Crop Care has seen a contraction of 185 bps in gross margins for Q4FY15. This along with increase in employee expenses and low volumes led to a contraction in EBITDA margins by 140 bps. Significant increase in interest expenses is because of a significant jump in net working capital days. The results are below our expectations in terms of Net Working Capital days and margin erosion.