EXCEL CROP CARE

The company posted an excellent set of numbers for Q3FY17. On a 14.5% (YoY) rise in net sales at Rs.173 crore, the company posted a net profit of Rs.3 crore, up 50%. Costs were up 15%.

EBITDA came in at Rs.7 crore, up 17% and margins improved very marginally from 3.90 to 3.93%. The doubling of other income to Rs.1.7 crore and 57% fall in interest outgo was mitigated by the 169% rise in tax outgo.

The good news – 9MFY17 net profit at Rs.65 crore has already surpassed FY16 net profit of Rs.59 crore. On an equity of Rs.5.50 crore, annualized EPS is at Rs.79. Reserve is at a very healthy Rs.374 crore.

This is no longer a “Shroff” company; in fact not even an Indian company. 64.97% stake is held by Sumitomo Chemical Company through its Indian subsidiary and the Japanese company. LIC holds 6.58%.