India's Sharda Cropchem slips to 11-month low on weak earnings

Sharda Cropchem

25/10/2023 09:19

** Shares of Sharda Cropchem  SHCR.NS  fall as much as 3.21%
to 409 rupees apiece, lowest since Nov. 30, 2022
    ** SHCR reported loss of 275.81 mln rupees in September
quarter from profit of 120.92 mln rupees in year-ago period
    ** Revenue from operations fell 19.5% YoY
    ** Pressure on SHCR's earnings due to heavy rebates to
dealers; inventory losses shall be more severe and hurt FY24
profit - Nuvama Institutional Equities
    ** Antique Stock Broking cuts earnings estimates for FY24
and FY25 by 37% and 27%, respectively
    ** Avg rating of seven analysts close to equivalent of 'buy;
median PT is 520 rupees - LSEG data
    ** SHCR down 6% this week so far, and 20% in 2023

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463))