External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><div><div><div><ul><li>Dhanuka Agritech Ltd (Dhanuka) reported strong set of numbers with revenue coming at Rs 543 Cr,up 24% YoY and 38% QoQ.</li><li>The company witnessed strong demand for across Southern &amp; Western market.</li><li>EBITDA Margin came in at 18%down 76 bps YoYdue to gross margin compression resulting from high cost inventory and increased sale from institutional and bulk segment. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Dhanuka Agritech Ltd (Dhanuka) reported strong set of numbers with revenue coming at Rs 543 Cr,up 24% YoY and 38% QoQ.The company witnessed strong demand for across Southern &amp; Western market.EBITDA Margin came in at 18%down 76 bps YoYdue to gross margin compression resulting from high cost inventory and increased sale from institutional and bulk segment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dhanuka Agritech Ltd - Gross Margins Shrink, Vague Commentary; Revise Hold

<ul><li>Dhanuka Agritech Ltd (Dhanuka) reported revenue of Rs 393 Cr, up 8% YoY and 4% QoQ.</li><li>The company witnessed strong demand for its herbicide ITI product which led to strong value growth.</li><li>EBITDA Margin came in at 13%, down 262bps YoY due to pressure on gross margins and normalisation of other expenditures.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Dhanuka Agritech Ltd (Dhanuka) reported revenue of Rs 393 Cr, up 8% YoY and 4% QoQ.The company witnessed strong demand for its herbicide ITI product which led to strong value growth.EBITDA Margin came in at 13%, down 262bps YoY due to pressure on gross margins and normalisation of other expenditures.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dhanuka Agritech Ltd - Shift in Product Mix, Strong Business Outlook

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><div><div><div><ul><li>What we liked? 1) Strong Q4 revenue growth driven by volumes amid challenging market conditions; 2) Growing focus on high-value specialty products driving mix improvement; 3) Healthy new product launch pipeline with target to launch 7 new products in FY23E; 4) Investment in new high-growth areas to sustain growth momentum in the future.</li></ul><div><div><div><div><ul><li>What we didn’t like? 1) Slow pace of cost pass through; 2) Lagging innovation momentum</li></ul><div><div><div><div><ul><li>Valuation and Outlook: We believe that Dhanuka’s healthy new product pipeline will keep up growth momentum in the domestic market, while Dahej greenfield capex will help the company to tap the export opportunity.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

What we liked? 1) Strong Q4 revenue growth driven by volumes amid challenging market conditions; 2) Growing focus on high-value specialty products driving mix improvement; 3) Healthy new product launch pipeline with target to launch 7 new products in FY23E; 4) Investment in new high-growth areas to sustain growth momentum in the future.What we didn’t like? 1) Slow pace of cost pass through; 2) Lagging innovation momentumValuation and Outlook: We believe that Dhanuka’s healthy new product pipeline will keep up growth momentum in the domestic market, while Dahej greenfield capex will help the company to tap the export opportunity.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dhanuka Agritech - Tracking Expectations; Outlook Upbeat

<p>We downgrade rating from BUY to HOLD in light of 1) Higher channel inventory and raw material inflation, 2) Inability to pass on RM prices to consumers, and 3) Below-normal monsoon. We value DAGRI at 17x FY24E EPS to arrive at TP of Rs 940/share (previous Rs 1010/share).</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We downgrade rating from BUY to HOLD in light of 1) Higher channel inventory and raw material inflation, 2) Inability to pass on RM prices to consumers, and 3) Below-normal monsoon. We value DAGRI at 17x FY24E EPS to arrive at TP of Rs 940/share (previous Rs 1010/share).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dhanuka Agritech: Stable Performance Amid Crisis

<p>We recommend BUY with TP of Rs. 1,010/share.</p>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

We recommend BUY with TP of Rs. 1,010/share.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DHANUKA: We recommend BUY with TP of Rs 1,010/share.

India

Dhanuka Agritech Ltd. manufactures insecticides, pesticides and other chemicals. The Company has a technical tie-up with M/s E.I. Dupont De Numours & Co., U.S.A. to formulate the product Methomyl 12.5L under brand name "Dunet".

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Dhanuka Agritech (DAGRI IN)

Dhanuka Agritech Ltd - Gross Margins Shrink, Vague Commentary; Revise Hold

EBITDA Margin came in at 18%down 76 bps YoYdue to gross margin compression resulting from high cost inventory and increased sale from institutional...

Axis Direct

Dhanuka Agritech Ltd - Shift in Product Mix, Strong Business Outlook

Dhanuka Agritech Ltd (Dhanuka) reported revenue of Rs 393 Cr, up 8% YoY and 4% QoQ. The company witnessed strong demand for its herbicide ITI...

Axis Direct

Dhanuka Agritech - Tracking Expectations; Outlook Upbeat

DAGRI delivered a healthy performance in Q4FY22, beating consensus EBITDA/PAT estimates by 11%/20%. Revenues grew by 16% YoY, beating street...

Emkay

Dhanuka Agritech: Stable Performance Amid Crisis

We downgrade rating from BUY to HOLD in light of 1) Higher channel inventory and raw material inflation, 2) Inability to pass on RM prices to...

Axis Direct

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