Sumitomo Chemicals Q3 Review - Higher Speciality Share To Aid Margins Further: ICICI Direct

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ICICI Direct Report

Sumitomo Chemical India Ltd. reported topline growth of 7.2% YoY to Rs 561 crore largely led by herbicide (up 21% YoY), PGR (up 57% YoY), animal nutrition and environmental health segments (up 41% YoY).

On the other hand, revenue from insecticide (down 4.3% YoY, approximately 39% of revenue) and metal phosphides (down 4% YoY, ~10% of revenue) stayed subdued, denting the topline performance to that extent.

Operating profit margin for the quarter expanded 514 basis points YoY to 13.9% owing to improvement in gross margins due to a change in the product mix, leading to Ebitda growth of 70% YoY to Rs 78 crore.

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