Edelweiss and other noted experts like Antique Broking, Prabhudas Lilladher have recoommended a buy of Sharda Cropchem for a target price of Rs. 958.
“We continue to believe that SCC will witness market share gain and margin improvement in subsequent quarters. We retain ‘BUY’ with a revised target of Rs 958 from Rs 916 earlier, as we roll forward to Q2FY24E,” Edelweiss said in the research report.
Sharda Cropchem is presently out of favour because of its poor June quarter results. There is a 41 per cent year-on-year (YoY) reduction in the company’s profits.
This was mainly because of the adverse currency movement and forex losses.
Dolly Khanna holds 1,081,526 shares (1.2 per cent) in Sharda Cropchem.
The management of Sharda Cropchem is confident of achieving an 18-20 per cent growth in FY23E. t will take corrective measures with regard to the adverse efeect of currency. It is also focusing on new product registrations and scale-up of existing molecules which will improve the Ebitda margins to 18-20 per cent.
Antique Stock Broking has also recommended a buy of Sharda Cropchem for the target price of Rs 760.