Key Points
The consolidated net profit for the March quarter was recorded at 792 crore, a 42.6% year-over-year (YoY) decline..
The post-patent product prices, the increase in supply from China, and reduced sales in North America were the main causes of the subdued quarter..
According to the brokerage's analysis, the company's Q4FY23 results were significantly lower than anticipated due to severe margin pressures brought on by price erosion in the post-patent product portfolio and a comeback of Chinese competition. ..
According to the brokerage, the company reported subdued revenue growth for the fourth quarter of fiscal year 23 of 4% YoY, which was principally driven by a drop in post-patented product prices due to an increase in supply from China and reduced sales in North America..
We reiterate Buy with a lower target price of 936 from 1,004 based on 7x (unchanged) FY25E EV/EBITDA, but the stock may underperform in the short term, due to near-term challenges in the global agrochemicals industry," said the brokerage in its report..
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