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|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2015-05-30||Excel Crop Care Ltd. +||Karvy||798.75||798.75 (299.90%)|
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.