Sharda Cropchem Q3 2022 Concall Highlights

246 Comments / Q3 Concall Highlights

Operational Highlights

  • Revenues grew by 78.2% you from ₹494 Cr to ₹880 Cr in Q3FY22
  • EBITDA margin expanded by 220 bps YoY to 22.8% in Q3 FY22 driven by economies of scale , effective cost management marginally setted off by higher freight cost.
  • Strong volume growth, high realisation and better product mix

Revenue growth YoY

  • Europe -124% 
  •  NAFTA-76% 
  • LATAM-18 %  RoW 19%

Geography wise gross margins 

  • Europe 36%
  • NAFTA 37%
  • LATAM 14%
  • ROW 23%

Segmental review

  • Agrochemicals : Non-Agrochemicals revenue mix stood at 82:18 in Q3 FY22 as against 81:19 in Q3 FY21 
  • Agrochemicals revenues during Q3 FY22 grew by 79.8% YoY 
  •  Non-Agrochemicals revenues during Q3 FY22 grew by 70.9% YoY
  • Formulation mix at  94% and AI mix stood at 6%
  • Herbicides continues to command 50.1% of revenues followed by fungicides at 26.3% and insecticides at 23.5% in Q3 FY22

Non agrochemicals geographical split for revenue contribution

  • NAFTA- 50%
  • Europe- 29%
  • LATAM 7%
  • RoW- 14%

Business Strategy

  • Prudently investing in new product registrations
  • Total product registration stood at 2645 on 31dec 2021
  • Additionally 1099 application of product registration globally at different stages of approval 
  • Registrations cost depends on country to country and numerous other permissions within the region 
  • Europe has highest cost of registration and timeline
  • The capex stood at ₹203Cr on 31 Dec 2022 vs ₹170 Cr in same period previous year 
  • Concentrating portfolio in each geography
  • Growth rate depends on  number of products in a portfolio, sowing season, seasonality in rains etc

Volume breakup

  • Europe -43.58 lakh kg
  • NAFTA- 32 lakh kg
  • LATAM- 7.7 lakh kg
  • RoW 10 lakh kg.
  • Total- 95 lakh kg 

Growth was driven by volume (up by 51%) and realisation (up by 26%)

  • The number of distributors is increasing slowly, besides existing distributors are buying more 
  • Market share will not be more than 10% for any molecule in any geography
  • Non Agro products are order based and customer specifications, similar to CSM
  • EBITDA margins sustainable and efforts to improve more

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