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Subscribe to India Pesticides: Geojit

Geojit has come out with its report on India Pesticides. The research firm has recommended to ''Subscribe'' the ipo in its research report as on June 22, 2021.

June 23, 2021 / 12:20 PM IST
IPO (Representative image)

IPO (Representative image)

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Geojit IPO report on India Pesticides

India Pesticides Ltd (IPL), incorporated on December 13, 1984 at Bareilly, Uttar Pradesh, is an R&D driven agrochemical manufacturer of Technicals (contributes ~79% to total FY21 revenue) with a growing Formulations business. IPL is the sole Indian manufacturer and one among the leading manufacturers globally of five Technicals like Captan, Folpet and Thiocarbamate Herbicide, in terms of production capacity. (Source: F&S Reports). As of FY21, 56.7% of total revenue is generated from exports to over 25 countries. IPL has two manufacturing facilities located at Lucknow & Hardoi in Uttar Pradesh, India with a combined installed capacity of 26,000 MT for Technicals and Formulations with a utilisation rate of 77% and 73% respectively in FY21.

Valuation and Outlook

We assign a “Subscribe” rating for the issue on a short to long-term basis considering strong R&D, positive agrochemical sector outlook, negligible debt, healthy margins and return ratios of the company.

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