Sumitomo Chemicals Q2FY23 PAT up 30.6% yoy at Rs201.5 crore on improved operating traction in agrochemicals

29 Oct 2022 , 10:54 AM

Sumitomo Chemicals Ltd reported 23.2% growth in total revenues for the September 2022 quarter on consolidated basis at Rs1,128cr.

Revenue increase was 13.81% in sequential terms. In terms of verticals, The business of Sumitomo is dominated by specialty agrochemicals, which saw better traction this quarter.

Its revenues from the animal nutrition and environment health verticals were not too significant.

Net cash from operations were lower in H1FY23 on a yoy basis due to a sharp spike in trade receivables.

Consolidated Profit after tax (PAT) for September 2022 quarter was up 30.6% at Rs201.47 crore and it was up 48% on sequential basis.

The operating profits from the agrochemicals business got a leg up amid robust demand in the quarter. There was a sharp fall in other expenses as the company had embarked on a cost cutting program.

That helped the company report better profit growth in the quarter. WC remains a challenge. Net profit margins at 17.96% in Q2FY23 is higher compared to 16.94% in Q1FY22 and 13.8% in Q1FY23.

Financial highlights for Sep-22 compared yoy and sequentially

	Sumitomo Chemicals
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 1,121.67	₹ 910.37	23.21%	₹ 985.53	13.81%
Net Profit (Rs cr)	₹ 201.47	₹ 154.22	30.64%	₹ 136.13	48.00%
Diluted EPS (Rs)	₹ 4.04	₹ 3.09		₹ 2.77
Net Margins	17.96%	16.94%		13.81%