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Sudarshan Chemical - Q3FY21 First Cut - ICICI Direct

Posted On: 2021-01-29 01:13:30 (Time Zone: Arizona, USA)

(CMP - Rs. 491, Market Cap - Rs. 3400 crore)

Sudarshan's Q3FY21 results were higher than I-direct estimates on all fronts.

Q3FY21 earnings summary

- Revenues grew 19.6% YoY to Rs. 506.4 crore (I-direct estimate: Rs. 464.3 crore) led by 22.1% growth in pigment segment to Rs. 477.1 crore (I-direct estimate: Rs. 427.7 crore) amid likely revival in end user demand

- EBITDA margins improved 138 bps YoY to 15.7% (I-direct estimate: 15.7%) mainly due to lower other expenditure. Subsequently, EBITDA grew 31% YoY to Rs. 79.6 crore vs. I-direct estimate of Rs. 72.9 crore

- Net profit grew 38.4% YoY to Rs. 39.2 crore (I-direct estimate: Rs. 34.5 crore), in-line with operational performance and higher other income

The company's operations and demand from end users are reverting to normal as the economy opens up. Despite a challenging year, Sudarshan has reiterated its growth capex plan of Rs. 585 crore (though delayed amid Covid), which shows its strong visibility and commitment towards future growth. Its strong track record, with favourable macro factors and strong domestic demand are key catalysts for it. Margins are also likely to improve due to backward integration, change in product mix towards margin accretive products.

We will come out with an update post discussion with management.

Shares of SUDARSHAN CHEMICAL INDUSTRIES LTD. was last trading in BSE at Rs.491.85 as compared to the previous close of Rs. 499.8. The total number of shares traded during the day was 5035 in over 360 trades.

The stock hit an intraday high of Rs. 499 and intraday low of 486.1. The net turnover during the day was Rs. 2475946.

Source: Equity Bulls

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