Buy Insecticides India; target of Rs 595: Prabhudas Lilladher

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Prabhudas Lilladher's research report on Insecticides India

INST reported yet another quarter with subdued performance. Topline decline of 9% (PLe 8%) was due to adverse weather situation across various states leading to lower sprays and higher sales return. INST did a commendable job with ~28% decline in receivables due to focus on cash sales and quick collections. The management is hopeful of recovery 2H onwards driven by its pipeline of new launches and commencement of new capacities.

Outlook

We lower our EBITDA/APAT estimates by 2%/3% for each of FY22E and FY23E to factor marginal rise in marketing cost due to several new launches. Maintain Buy with revised TP of Rs 595 (Previous 612) based on 10x FY22 EPS of Rs 59.5.

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