482.75 -10.30 (-2.09%)
NSEJan 22, 2021 03:31 PM
The 3 reports from 1 analysts offering long term price targets for Insecticides (India) Ltd. have an average target of 595.00. The consensus estimate represents an upside of 23.25% from the last price of 482.75.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-12-04||Insecticides (India).. +||Prabhudas Lilladhar||460.70||595.00||460.70 (4.79%)||23.25||Buy|
|2020-11-10||Insecticides (India).. +||Prabhudas Lilladhar||426.25||595.00||426.25 (13.26%)||23.25||Buy|
INST reported yet another quarter with subdued performance. Topline decline of 9% (PLe 8%) was due to adverse weather situation across various states leading to lower sprays and higher sales return. INST did a commendable job with ~28% decline in receivables due to focus on cash sales and quick collections. The management is hopeful of recovery 2H onwards driven by its pipeline of new launches and commencement of new capacities. We lower our EBITDA/APAT estimates by 2%/3% for each of FY22E and FY23E to factor...
|2020-08-17||Insecticides (India).. +||Prabhudas Lilladhar||514.00||612.00||514.00 (-6.08%)||26.77||Buy|
Insecticides India's sharp contraction of 690 bps in gross margin was driven by (a) raw material cost inflation (b) Scarcity in raw material supply of Maharatna products that deteriorated sales mix in favour of generic products (at 60% v/s 55% YoY) and (c) heightened competition in Nuvaan (to be banned on 31.12.20). The management expects margins to improve in Q2 as Maharatna sales are expected to pick up. FY21 looks like a challenging year for INST due to (a) significant reduction in sale of Thimet and Nuvan (FY20~Rs 1.7 bn; FY21E Rs 450 mn) (b) INST as well as its suppliers face pressure due to labour unavailability and logistics issues and (c) Challenges in the...
|2019-05-31||Insecticides (India).. +||Prabhudas Lilladhar||698.15||887.00||698.15 (-30.85%)||Buy|
INST's outperformance vis--vis domestic industry continued in Q4FY19 with Change in Estimates | Target | Reco topline/EBITDA/PBT growth of 18%/55%/62% YoY, driven by new launches. Led by its strong product pipeline, this performance is expected to sustain...
|2018-11-13||Insecticides (India).. +||HDFC Securities||474.00||960.00||474.00 (1.85%)||Buy|
Maintain BUY with a TP of Rs 960/sh (17x Sept-20 EPS). Insecticides Indias (INST) reported a healthy 2QFY19 performance amidst rupee depreciation and higher input costs (technicals). Sales/EBITDA/PAT grew by 10.0/24.4/18.9% YoY to Rs 4.5bn/Rs 692mn/Rs 430 mn respectively.
|2018-08-09||Insecticides (India).. +||HDFC Securities||763.25||937.00||763.25 (-36.75%)||Buy|
Maintain BUY with a TP of Rs 937/sh (17x Jun'20 EPS). Insecticides Indias (INST) 1QFY19 revenue was at Rs 3.1bn (up 2.3% YoY). Revenue growth was muted due to lower concentration of Generic products in the mix. Change in the product mix led to strong EBITDA margin of 17.4% (up 122 bps), and EBITDA coming in at Rs 556mn (up 10.0% YoY). PAT came in at Rs 340mn, with a higher tax rate of 29.3% (against 27.6% in 1QFY18).
|2018-05-29||Insecticides (India).. +||HDFC Securities||749.00||914.00||749.00 (-35.55%)||Buy|
INST's long-term story remains intact; however the rise in raw material costs may lead to pressure on margins, hence we have marginally reduced our earnings estimates for FY19E/20E by 3.3/1.4% respectively. Accordingly reduced the target price to Rs 914 (vs. Rs 927) (17x FY20E EPS). Insecticides Indias (INST) reported muted results for 4QFY18; revenues stood at Rs 1.68bn (+2.5% YoY), largely driven by volume growth. The introduction of few specialty products led to an improvement in gross margins by 394bps YoY to 31.0%. Consequently, EBITDA grew by 55.2% YoY to Rs 187mn, and EBITDAM improved by 375bps to 11.0% for the quarter.
|2018-02-08||Insecticides (India).. +||HDFC Securities||811.00||893.00||811.00 (-40.47%)||Buy|
We upgraded our earnings estimates for FY19/20 by 5.0/4.8% respectively. We recommend BUY with a TP of Rs 893/sh (17x Dec FY19E EPS). Insecticides Indias (INST) reported good results for 3QFY18; revenues stood at Rs 1.75bn (+24.0% YoY). The growth was largely on account of 20% volume growth and rest from the price hike. The introduction of certain specialty products led to an improvement in gross margins by 190bps YoY to 31.3%. Consequently, EBITDA grew by 35.5% YoY to Rs 230mn, and EBITDAM improved by 111bps to 13.1% for the quarter. Lower interest cost (-18.1% YoY) led APAT to grow by 67.4% YoY to Rs 96mn.
|2017-12-04||Insecticides (India).. +||Joindre Capital Services||794.00||1180.00||794.00 (-39.20%)||Buy|
Joindre Capital Services
Insecticides India Limited (IIL) which commenced op erations in 2001, has eme rged as an integr ated play er in the Indian agrochemicals market by entering into global tie- ups. With state-of -the-art R&D; f acilities and manuf acturing units, and a strong portf olio (99 products), IIL enjoy s a 7% share in the domestic market. IIL has a product portf olio of ov er 120 f ormulations and enjoy s a Pan India presence of ov er 5000 distributors, 60000 dealers and ov er 30 depots. IIL is a generic play er in the A gri chemicals space with 348 r egistrations and a v aried portf olio of 99 f ormulations and 18 Technicals. It has ov er the y ears dev eloped generic pr oducts under the Tractor Br and n ame. 75% of its business comprises of branded sales while 25% is B2B/Institutional sales IIL has 7 f ormulation manuf acturing assets across India with one R&D; centre and technical plant in Rajasthan and...
|2017-11-21||Insecticides (India).. +||HDFC Securities||847.45||815.00||847.45 (-43.03%)||Target met||Neutral|
We recommend NEUTRAL with a TP of Rs 815/sh (17x Sept FY19E EPS). Insecticides Indias (INST) 2QFY18 revenue came in at Rs 4.1bn (+0.7% YoY). The companys flat growth was on account of the withdrawal of certain generic products. The introduction of certain specialty products led to an improvement in gross margins by 296bps YoY to 25.5%. Consequently, EBITDA grew by 17.7% YoY to Rs 556mn, and EBITDAM improved by 193bps to 13.4% for the quarter. Lower interest cost and higher other income boosted PAT to Rs 361mn (+28.7% YoY).
|2017-11-21||Insecticides (India).. +||Emkay||847.45||1180.00||847.45 (-43.03%)||Buy|
Insecticides India reported a muted performance, with its revenue growing by just 1% yoy to Rs4.2bn, owing to weak demand and lower sales of certain generic products. Gross margin improved by 330bps to 25.5% led by a better product mix. EBITDA increased by 18% yoy to Rs556mn as EBITDA margin expanded by 200bps yoy to 13%. Higher other income (+112% yoy to Rs24mn) led to a 29% yoy increase in PAT...
|2017-08-11||Insecticides (India).. +||HDFC Securities||761.90||800.00||761.90 (-36.64%)||Target met||Buy|
Maintain BUY with a TP of Rs 800/sh (17x FY19E EPS). Insecticides Indias (INST) 1QFY18 revenue was at Rs 3.1bn (14% YoY), led by strong growth in new products launched in FY17. Change in the product mix led to strong EBITDA margin of 16.2% (+338 bps), and EBITDA coming in at Rs 505mn (+44% YoY). Lower interest cost and other income boosted PAT to Rs 305mn (+67% YoY).
|2017-02-08||Insecticides (India).. +||HDFC Securities||573.00||635.00||573.00 (-15.75%)||Target met||Buy|
Insecticides Indias (INST) 3QFY17 revenues were muted at Rs 1.6bn ( 3% YoY), with demonetisation impacting volumes. However, a better product mix and lower RM costs led to expansion of gross margins to 39.5% ( 521 bps). EBITDA was strong at Rs 161mn ( 23%). Lower interest costs (due to debt repayment, lower rates) and tax rates boosted APAT to Rs 54mn ( 428%).
|2016-11-08||Insecticides (India).. +||HDFC Securities||517.35||600.00||517.35 (-6.69%)||Target met||Buy|
IILs 2QFY17 revenues grew by 26% YoY to Rs 4.7bn led by both formulations ( 27%) and technical segments ( 16%). Better product mix and contribution from Green Label (newly launched herbicide) resulted in expansion of gross margins to 31% ( 226 bps). EBITDA was strong at Rs 478mn (37%). Lower interest cost (debt repayment, lower rate) further boosted APAT to Rs 287mn ( 59%).
|2016-08-11||Insecticides (India).. +||HDFC Securities||474.15||535.00||474.15 (1.81%)||Target met||Buy|
IILs 1QFY17 revenues grew 7% YoY to Rs 3.1bn mainly led by formulation segment. Gross margins improved to 32.7% ( 300bps YoY) led by better product mix. However, higher gross profits were negated by higher other expenses (inventory hit and marketing expenses for newly launched rice herbicide Green Label). Subsequently, EBITDA was Rs 367mn ( 5%) and APAT was Rs 181mn (-8%).
|2016-06-01||Insecticides (India).. +||HDFC Securities||421.55||535.00||421.55 (14.52%)||Target met||Buy|
FY16 has been challenging for Insecticides India, as two consecutive years of rain deficit led to lower use of agrochemicals. Hence, EBITDA declined 18% YoY to Rs 911mn and PAT fell 28% to Rs 393mn.
|2016-05-31||Insecticides (India).. +||BOB Capital Markets Ltd.||425.00||514.00||425.00 (13.59%)||Target met||Buy|
Insecticides India 4QFY16 Result Review
BOB Capital Markets Ltd.
Insecticides India Ltd., (IIL) reported mixed bagged 4QFY16 result with the sales at Rs 1.78bn an increase of 11%/15% YoY/QoQ respectively. The growth in sales was led by ~15% growth in branded product and...
|2015-08-07||Insecticides (India).. +||BOB Capital Markets Ltd.||537.70||549.00||537.70 (-10.22%)||Target met||Buy|
|2015-05-30||Insecticides (India).. +||Karvy||532.60||532.60 (-9.36%)|
Revenue growth of the company was below our expectations. This was mainly because of untimely rains in the month of March. Untimely rains, along with weak monsoons have adversely impacted the gross margins of the company by 590 basis points in Q4 of FY15 versus comparable period of previous year. We sustain our view on margin expansion with a downward bias. We expect Technical's to continue playing an important role in absolute revenue growth.
|2015-05-29||Insecticides (India).. +||BOB Capital Markets Ltd.||532.60||715.00||532.60 (-9.36%)||Target met||Buy|
Insecticides India Q4FY15 result update
BOB Capital Markets Ltd.
Insecticides India Ltd., (IIL) reported 4QFY15 result, the sales stood at Rs 1.6bn an increase of 19%/8% YoY/QoQ respectively led by 202% growth in technical segment and improvement in product mix...