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Dec 20, 2011, 02.20 PM IST
CRISIL Research has come out with its report on Insecticides (India). The research firm has maintained the fundamental grade of 3/5 and revised fair value to Rs 385 per share to the company in its December 19, 2011 report.
CRISIL Research has come out with its report on Insecticides (India) . The research firm has maintained the fundamental grade of 3/5 and revised fair value to Rs 385 per share to the company in its December 19, 2011 report.
Insecticides (India) Ltd (Insecticides) has commissioned new manufacturing facilities in Udhampur (Jammu & Kashmir) and Dahej (Gujarat) in Q1FY12. While the Udhampur plant will be used entirely for formulations, the Dahej plant will be used to manufacture technicals and formulations. The management expects capacity utilisation in both plants to ramp up and full benefits of the expanded capacity will be available from FY13. Going forward, the company has also indicated that it will pursue technical as well as contract manufacturing tie-ups with multinational chemical companies. Therefore, coupled with a strong dealer/distributor network, comprising over 5,500 distributors and over 50,000 dealers spread across the country, we expect growth momentum to continue over the longer term. Consequently, we have raised our top line and earnings growth estimates beyond FY13. We maintain the fundamental grade of 3/5.
Insecticides has grown faster than the industry
Pressure to increase farm output is positive for pesticides players
Revising long-term earnings estimates upwards
Valuations: Current market price is aligned
Disclaimer: This report (Report) has been commissioned by the Company/Investor/Exchange and prepared by CRISIL. The report is based on data publicly available or from sources considered reliable by CRISIL (Data). However, CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results obtained from the use of Data / Report. Opinions expressed herein are CRISIL's opinions as on the date of this Report. The Data / Report are subject to change without any prior notice. Nothing in this Report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The Report is not a recommendation to buy / sell or hold any securities of the Company. CRISIL especially states that it has no financial liability, whatsoever, to the subscribers / users of this Report. This Report is for the personal information of the authorized recipient only. This Report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied in whole or in part especially outside India, for any purpose.
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