Sharda Cropchem Limited, a global crop protection company reported increase in capex spends during Q1 FY21 to Rs. 71 crore vis-a-vis Rs. 39.2 crore in Q1 FY20.

 

PAT grew by 22.6% YoY from Rs. 22.7 crore in Q1 FY20 to Rs. 27.9 crore in Q1 FY21 due to rise in forex gains from Rs. 2.5 crore in Q1 FY20 to Rs. 13.5 crore in Q1 FY21. 

 

However the company's revenues declined by 7.5% YoY to Rs. 388.9 crore in Q1 FY21 whereas gross profit grew marginally by 0.9% YoY to Rs. 116.2 crore in Q1 FY21. Gross margin expanded by 249 bps YoY from 27.4% in Q1 FY20 to 29.9% in Q1 FY21 due to decline in raw material cost.

 

In terms of region wise growth YoY, Europe was down 3.1%, NAFTA down 10.3%, LATAM up 27.6% and RoW down 36.5%.

 

The company’s business operations remained unimpacted due to COVID-19 pandemic. Agrochemicals contributed around 79% and Non-Agrochemicals revenue stood at 21%. In Q1 FY20, Agrochemicals contributed Rs. 307.2 crore and Non-Agrochemicals contributed Rs. 81.7 crore. 

 

Non-agrochemical business comprises order-based procurement and supply of non-agrochemical products including conveyor belts and general chemicals, dyes and dyes intermediates.

 

In Agrochemicals, Herbicides revenues declined by 10.5% YoY in Q1 FY21 to Rs. 149.7 crore, Fungicides revenues declined by 1.5% YoY in Q1 FY21 to Rs. 72.4 crore and Insecticides revenues grew by 15.4% YoY in Q1 FY21 to Rs. 85 crore.

 

As of 30th June 2020, Sharda owned 2,439 registrations (2,189 registrations for formulations and 250 registrations for active ingredients) and has filed 1,017 applications for registrations globally pending at different stages.