India Pesticides Ltd announces Q3, 9M FY2022 results

India Pesticides Limited (BSE: 543311; NSE: IPL), One of the fastest growing agro-chemical companies in terms of volume of Technical manufacturing ("IPL" or the "Company"), announces its results for quarter and period ending December 31st, 2021.

Consolidated 9M FY22 Financial Highlights

• Revenue Growth of 5.3% to Rs. 5,478 mn
• EBITDA growth of 19.1% to Rs. 1,802 mn; Margins expanded by 381 bps to 32.9%
• Net Profit Rs. 1,273 mn compared to Rs. 1,078 mn in 9M FY21; Margins of 23.2%, up 252 bps
• Technicals + APIs constitute 72% of total revenue during 9M FY22

Consolidated Q3 FY22 Financial Highlights

• Revenue of Rs. 1,914 mn; Gross Margins Improved by +772bps to 56.0% YoY
• EBITDA of Rs. 626 mn; Margins expanded by +611bps to 32.7% YoY
• Net Profit Rs. 432 mn; Margins improved by +327bps to 22.6% YoY

Commenting on the performance, Mr. Anand S. Agarwal, Chairman: "During the quarter our profitability growth momentum continued backed by our efficient business operations and unique product offerings.

During the quarter we launched one product which received overwhelming response. As well as for the other product launched in the first half of the fiscal year continued to grow. Our R&D team and customer acquisition team is working to identify future pipeline of product offerings which can further add significant value to our offerings. Presently we have five upcoming products in pipeline and about to be launched by Q2FY 22-23. During the quarter we further increased our Sandila plant capacity by 500MT.

Our progress of the ongoing expansion projects is as per timelines and our expectations. We are confident that our enhanced capacity coupled with new product launches will continue to drive profitable growth for us in the near to medium term."

Sandila Plant Expansion

• Rs 700 mn Capex outflow each year for the next two years for Sandila expansion
• Targeting to further increase capacity by 8,500 MT
• 2 manufacturing Plants at the existing Sandila facility are proposed to be used for herbicide Technicals

Hamirpur Plant

• Location: Hamirpur, Uttar Pradesh
• Land acquired in Hamirpur for new manufacturing plant
• Plant to likely commence production by 2023
• All capex likely to be funded internally
• Total size of land: 25 Acre (1,01,424 square meter)
• Land possession completed in January 2022 in Hamirpur.

Shares of India Pesticides Ltd was last trading in BSE at Rs. 312.35 as compared to the previous close of Rs. 310.55. The total number of shares traded during the day was 9903 in over 573 trades.

The stock hit an intraday high of Rs. 315.00 and intraday low of 307.80. The net turnover during the day was Rs. 3087532.00.

Source : Equity Bulls

Keywords

IndiaPesticides Agrochemicals INE0D6701023 Q3FY22 9MFY22 ResultUpdate