Dhanuka Agritech Ltd's revenue for Q4FY18 came in at Rs185.10cr, up by 16.5% yoy. The operating profit came in at Rs31.45cr for the quarter, which declined marginally by 4.3% yoy. The EBITDA margin contracted by ~369bps yoy to 17% in Q4FY18. The net profit for the quarter stood at Rs28.64cr, up by 14.7%. The revenue and EBITDA were in-line with the street estimates. However, the net profit beats street estimates by 17%.
• Dhanuka Agritech’s gross profit margin declined by ~511bps to 45.1% on account of likely rise in the raw material prices. This majorly led to decline in the EBITDA margin of the company.
• The revenue from insecticides, herbicides and fungicides constituted 54%, 23% and 15% respectively of the quarterly revenues. South and West regions, which are concentrated business areas of the company contributed 32% and 31% respectively of the quarterly revenues. The contribution from north and east stood at 26% and 11% respectively of the quarterly revenues.
• The company has launched 11 new products in FY18 as against six new launches in FY17.
• Employee benefits expense increased by 12.9% yoy to Rs27.94cr in Q4FY18, resulting to further decline in the EBITDA margin of the company.
• The effective tax rate of the company for FY18 was 24% as against 29% for FY17. This led to incremental rise in the net profit of the company.
• The board has declared dividend of Rs3.5 per equity share, subject to shareholders’ approval in annual general meeting.
Dhanuka Agritech Ltd is currently trading at Rs. 567, up by 3 points or 0.53% from its previous closing of Rs. 564 on the BSE.
The scrip opened at Rs. 568 and has touched a high and low of Rs. 568 and Rs. 560.30 respectively. So far 8,537 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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