Q4FY21 revenues grew 36% YoY to Rs 471.3 crore (I-direct estimate: Rs 377.6 crore) amid 73% growth in international business (52% of revenues in Q4) to Rs 245 crore led by volume growth. The domestic business grew 11% YoY to Rs 226 crore. Crop protection business increased 38% to 445 crore and seeds business grew 8% to Rs 26 crore. EBITDA margins were at 3.8% (I-direct estimate: 2.4%) vs. -2.8% in Q4FY20 mainly due to operational leverage. EBITDA profit was at Rs 17.7 crore (I-direct estimate: Rs 9 crore) against EBITDA loss of Rs 9.8 crore. PAT was at Rs 8.1 crore (I-direct estimate: loss of Rs 0.4 crore) against Rs 0.7 crore mainly due to a strong operational performance.
OutlookWe arrive at a target price of Rs 350 (22x PER of FY23E, unchanged TP). We maintain BUY.
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