Shard" Cropchem Limited

(Formerly known as Sharda Worldwide Exports Pvt. Ltd .)

Tel. : +91 2266782800
FAX: +91 2266782828/66782808
E-mail : shardain@vsnl.com
Regd . Office : Domnic Holm, 29'h Road, Sandra (W), Mumbai - 400050. India.
www.shardaworld.com

ISO 9001 : 2008 Reg. No : 690257

CIN : L51909MH2004PLCl45007

August 04, 2016

The Secretary
BSE Limited
The Listing Department
Phiroje Jeejeebhoy Towers
Dalal Street, Mumbai - 400 001
Scirp Code: 538666
ScriplD: SHARDACROP
Dear Sir/Madam,
Re.: Outcome of Board Meeting held on August 04, 2016 of Sharda Cropchem Limited
(Company).
We would like to inform you that we have held the Board Meeting of our Company on
Thursday, August 4, 2016 at 3.30 pm at our registered office. The meeting concluded at
9.00 pm.
The Board of Directors considered, approved and took on record the Unaudited Financial
Results (Standalone & Consolidated) for the quarter ended June 30, 2016 pursuant to
Regulation 33 of SEBI (Listing Obilgations and Disclosure Requirements) Regulations, 2015.
Enclosed herewith is the Unaudited Financial Results (Standalone & Consolidated) of the
Company together with Limited Review Report from the Auditors for the quarter ended
June 30, 2016.
You are requested to take the same on record .
Thanking you,
Yours truly,
For SHARDA CROPCHEM LIMITED

JETKIN GUDHKA

COMPANY SECRETARY
End: As above

Page 1 of 1

S R B C&
Chartered Accountants

co LLP
Limited Review Report

14th Floor, The Ruby

29 Senapati Bapat tvlarg
Dadar (West)
Mumbai-400 028, India
Tel -+912261920000
Fax : +91 226 192 1000

Review Report to
The Board of Directors
Sharda Cropchem Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results of

Sharda Cropchem Group, comprising Sharda Cropchem Limited ('the Company') and its
subsidiaries ('the group') and an associate for the quarter ended June 30, 2016 (the
'statement') attached herewith, being submitted by the Company pursuant to the
requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.
This statement is the responsibility of the Company's management and has been approved
by the Board of Directors. Our responsibility is to issue a report on the statement based on
our review.
2. We conducted our review in accordance with the Standard on Review Engagements (SRE)
2410, 'Review of Interim Financial Information Performed by the Independent Auditor of the
Entity', issued by the Institute of Chartered Accountants of India. This standard requires that
we plan and perform the review to obtain moderate assurance as to whether the Statement
is free of material misstatement. A review is limited primarily to inquiries of company
personnel and analytical procedures applied to financial data and thus provides less
assurance than an audit. We have not performed an audit and accordingly, we do not express
an audit opinion.
3. We did not review revenues aggregating Rs . 4,386.33 lacs for the quarter ended June 30,
2016 relating to four subsidiaries, included in the accompanying unaudited consolidated
financial results, whose finallcial information has been reviewed by other auditors and whose
reports have been furnished to us. Our conclusion on the unaudited quarterly consolidated
financial results, in so far as it relates to such subsidiaries , is based solely on the reports of
the other auditors.
4. We did not review revenues of Rs. 7,670.42 lacs for the quarter ended June 30,2016
included in the accompanying unaudited consolidated financial results relating to one
subsidiary company, which have been reviewed by another auditor, prepared under the
generally accepted accounting principles accepted in the country of incorporation ('GAAP')
and whose report has been furnished to us. The management of the Company has converted
this unaudited consolidated financial results of the Company's subsidiary from accounting
princ iples generally accepted in the country of its incorporation, to Indian Accounting
Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013 , read with
relevant rules issued thereunder for the purpose of preparation of the Company's unaudited
consolidated financial results under Ind AS. We reviewed the adjustments that were applied
to prepare the unaudited consolidated financial results as of and for the quarter ended June
30, 2016 made by the Company's management to convert this subsidiary's consolidated
financial results from accounting principles generally accepted in the country of its
incorporation, to Ind AS. Our conclusion on the unaudited consolidated financial results of
the Company, in so far as it relates to such subsidiary, is based on the report of the other
auditor under the aforementioned GAAP and the aforesaid conversion adjustments
undertaken by the management, examined by us on a test basis.
5. We did not review revenues aggregating Rs . 20.75 lacs relating to 23 subsidiaries and the
Group's share in the net loss of an associate, of Rs. 0.10 lacs, included in the accompanying
unaudited consolidated financial results for the quarter ended June 30,2016 which have not
been reviewed by any auditors. Such interim financial results have been approved by the
Board of Directors of the respective entities and certified by the Management of the
Company, and our review report on the Statement, in so far as it relates to the amounts

co LLP, U mitod Lia bility Pa rtnership >'iU h l LP Identi ty No. AA B'43 18

oUt,, : 22. Cama<: Street, Bl o<;' 'C'. 3rd floor. Kol~al. - 7 00 0 16

SRB C&
Reqd.

S R 8 C & CO LLP

Chartered Accountants

Sharda Cropchem Limited

Page 2 of 2

included in respect of such entities, is based solely on such certified unaudited interim
financial results. Our conclusion is not quali~ied in respect of this matter.
6. Based on our review conducted as above, and on consideration of the reports of other
auditors on unaudited separate quarterly financial results and other financial information of
components, and based on unaudited interim financial results and other information relating
to certain components certified by management and provided to us, nothing has come to our
attention that causes us to believe that the accompanying statement of unaudited
consolidated financial results prepared in accordance with recognition and measurement
principles laid down in the applicable Indian Accounting Standards prescribed under Section
133 of the Companies Act, 2013, read with relevant rules issued thereunder and other
recognised accounting practices and policies, has not disclosed the information required to
be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated
July 5, 2016, including the manner in which it is to be disclosed, or that it contains any
material misstatement.
7. We have not reviewed the consolidated financial results and other financial information for
the quarter ended June 30,2015 as included in the Statement, which have been presented
solely based on the information compiled by the Management.

Place: Mumbai
Date: Aug 4, 2016

SHARDA CROPCHEM LIMITED

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER ENDED JUNE 30, 2016
Registered Office: Domnic Holm, 29th Road, Bandra (West), Mumbai - 400 050. CIN: L51909MH2004PLC145007
(Rs. In Lacs)
Quarter Ended
June 30, 2016
June 30, 2015
Unaudited
Unaudited
(Refer note 5)

Particulars
1 Income from o(1erations
(a) Net sales 1 income from operations
(b) Other operating income
Total Income from operations
2

EX(1enses
(a) Cost of materials consumed
(b) Purchase of stock-in-trade
(c) Changes in inventories of finished goods & stock-in-trade
(d) Employee benefits expense
(e) Professional charges
(f) Depreciation and amortisation expense
(g) Other expenses
Total Expenses

3
4
5
6
7
8
9
10
11
12
13

Profit from operations before other income and finance costs

Other income
Profit from ordinary activities before finance costs
Finance costs
Profit from ordinary activities after finance costs and before tax
Tax expense
Net Profit from ordinary activities after tax
Minority interest
Net Profit for the period
Other Comprehensive income (net of tax)
Total Comprehensive Income

31 ,391 .56
13.59
31,405.15

27,691 .51
56 .35
27,747.86

9,108.42
12,910.47
(1,851.43)
675.36
1,404.66
1,270.66
2,565.95
26,084.09

7,838.86
10,297.13
717.30
664.05
1,158.68
915.87
2,007.52
23,599.41

5,321.06
459.13
5,780.19
1.11
5,779.08
1,691.87
4,087.21
4.88
4,092.09
(3.04)
4,089.05

4,148.45
1,094.49
5,242.94
0.66
5,242.28
1,603.97
3,638.31
1.11
3,639.42
(3.45)
3,635.97

9,022 .05

9,022.05

4.54

4.03

(1-2)
(3+4)
(5-6)
(7-8)
(9+10)
(11+12)

14 Paid-up equity share capital (Face value of the share RS.1 01- each)
15 Earnings Per Share (EPS)
Basic and diluted earning per share (Rs.) (Not annualised)
Face value per share (Face value of the shsre RS.101- each)

Notes:
1 The aforesaid unaudited consolidated financial results were reviewed by the Audit Committee and thereafter approved at the meeting
of the Board of Directors held on August 4, 2016.
2 The Company adopted Indian Accounting Standard ("Ind AS") from April 1, 2016 and accordingly these financial results have been
prepared in accordance with the recognition and measurement principles laid down in Ind AS-34 'Interim Financial Reporting'
prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder. The date of transition to Ind
AS is April 1, 2015. The impact of transition has been accounted for in the opening reserves and the comparative period results have
been restated accordingly . The opening balance sheet as at April 1, 2015 and the results for the subsequent periods would get
finalised alongwith the annual financial statements for the year ended March 31 , 2017 .
3 One of the segments of the Group, viz "Agrochemicals", is seasonal in nature and is impacted by cropping pattern and weather
conditions across the globe. Accordingly, quarterly figures are not representative of the full year's performance.
4 Reconciliation of Net Profit as previously reported on account of transition from the previous Indian GAAP (IGAAP) to Ind AS for the
quarter ended June 30, 2015:
(Rs. In Lacs)
Quarter Ended :
June 30, 2015
(Unaudited)
3,603.18
(16.71)

I
Particulars
Net Profit for the period under IGAAP
Difference on account of revenue net of related costs
Actuarial loss on defined benefit plan recognised in Other Comprehensive Income

5.25
(30.42)

Fair valuation impact for Financial Instruments

Deferred Tax

78.12
3,639.42
(3.45)

Net Profit for the period under Ind AS

Other Comprehensive Income (net of tax)
Total Comprehensive Income under Ind AS

3,635.97

5 The financial results and financial information for the three months ended June 30, 2015 have been compiled by the management
after making necessary adjustments to give a true and fair view of the results in accordance with Ind AS. The results for this period
have not been subjected to limited review or audit by the statutory auditors.
6 Figures for the previous period have been regrouped 1 rearranged , wherever considered necessary to conform to the current period's
classification .
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SHARDA CROPCHEM LIMITED

CONSOLIDATED SEGMENT WISE REVENUE, RESULTS, ASSETS,L1ABILITIES AND CAPITAL EMPLOYED
(Rs in Lacs)
Quarter Ended
Particulars

June 30, 2016

June 30, 2015

(Refer Note Below)

Unaudited

Unaudited

1 Segment Revenue
(a) Agrochemicals
(b) Belts
(c) Other
Net sales J income from operations
2 Segment Results
(a) Agrochemicals
(b) Belts
(c) Other
Total
Less: (i) Finance cost
(ii) Unallocable expenditure
(iii) Unallocable income
Profit before Tax
3 Segment Assets
(a) Agrochemicals
(b) Belts
(c) Other
(d) Unallocated
Total
4 Segment Liabilities
(a) Agrochemicals
(b) Belts
(c) Other
(d) Unallocated
Total

Net Capital Employed

25,730.78
5,448.74
212.04
31 391.56

23,274.02
4,119.60
297.89
27691.51

4,538.03
993.84
35.31
5567.18
(1.11 )
(64.24)
277.25
5779.08

4,424.59
724.86
2306
5172.51
(0.66)
(112.31)
182.74
5242.28

98,246.00
7,937.94
290.40
25,833.15
132307.49

72,918.12
6;116.08
901.66
30,723.91
110659.77

42,922.67
1,773.21
176.61
3,852.42
48724.91

31,202.13
1,660.29
226.84
5,156.25
38245.51

83582.58

72414.26

Note:

The activities of the Group are divided into three business segments viz. Agrochemicals, Belts and Others (representing

Dyes & Dye Intermediates and General Chemicals). These segments form the basis for management control and therefore

the basis for monitoring.

Based on the "management approach" as defined in Ind AS 108 - 'Operating Segments' the Chief Operating Decision Maker

evaluates the Group's performance and allocate resources based on an analysis of various performance indicators by

business segments and segment information is presented accordingly.

SIGNED FOR IDENTIFICATION

BY
Place: Mumbai
Date: August 4,2016

~
S R Be
MU

CO LLP
SAl

S R Be & CO LLP
Chartered Accountants

Limited Review Report

14th Floo r , The Ruby

29 Senapa t i Bapat Marg
Oadar (West)
Mumbai-400 028, Ind ia
Tel:+91226 1920000
Fax: +91 226 1921000

Review Report to
The Board of Directors
Sharda Cropchem Limited
We have reviewed the accompanying statement of unaudited financial results of Sharda
Cropchem Limited ('the Company') for the quarter ended June 30, 2016 (the "Statement")
attached herewith, being submitted by the Company pursuant to the requirements of Regulation
33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 , read with
SEBI Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016. This Statement is the
responsibility of the Company's management and has been approved by the Board of Directors.
Our responsibility is to issue a report on the Statement based on our review.
We conducted our review in accordance with the Standard on Review Engagements (SRE) 2410,
'Review of Interim Financial Information Performed by the Independent Auditor of the Entity',
issued by the Institute of Chartered Accountants of India. This standard requires that we plan
and perform the review to obtain moderate assurance as to whether the Statement is free of
material misstatement. A review is limited primarily to inquiries of company personnel and
analytical procedures applied to financial data and thus provides less assurance than an audit.
We have not performed an audit and accordingly, we do not express an audit opinion .
Based on our review conducted as above, nothing has come to our attention that causes us to
believe that the accompanying Statement, prepared in accordance with recognition and
measurement principles laid down in the applicable Indian Accounting Standards prescribed
under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and
other recognised accounting practices and policies has not disclosed the information required to
be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, read with SEBI Circular No. CIR/CFD/FAC/62/2016 dated
July 5, 2016, including the manner in which it is to be disclosed, or that it contains any material
misstatement.
We have not reviewed the standalone financial results and other financial information for the
quarter ended June 30, 2015 as included in the Statement, which have been presented solely
based on the information compiled by the Management.
For S R B C & CO LLP

ICAI Firm registration number: 324982E / E300003

Chartered Accountants

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per.
Par,.t
.
-:;,

..Membership No.: 101143

Place: Mumbai

Date: Aug 04, 2016

5 R 8 C & co LLP, d Limited Ua b'lit y Partnership wit h LLP Ide nll ty NO. AAB-4J18
Regd . Oftre. : 22, Camac St reet, Bloc k 'C' , Jrd Floor, K ol~.ta - 7 0 0 01 6

SHARDA CROPCHEM LIMITED

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS
FOR THE QUARTER ENDED JUNE 30, 2016
Registered Office : Domnic Holm, 29th Road, Bandra (West), Mumbai . 400 050 . CIN : L51909MH2004PLC145007

(Rs in Lacs)
Quarter Ended
June 30, 2015
June 30, .2016
Unaudited
Unaudited '
(Refer note 5)

Particulars
1

Income from o[!erations

(a) Net sale / income from operations
(b) Other operating income
Total income from operations

24,151.63
13.59
24165.22

20,788.46
36 .17
20,824.63

Ex[!enses
(a) Cost of materials consumed
(b) Purchase of stockin-trade
(c) Changes in inventories of finished goods & stock-in-trade
(d) Employee benefits expense
(e) Professional charges
(f) Depreciation and amortisation expense
(g) Other expenses
Total Expenses

9,108.42
7,438.43
(1 ,834.58)
512.56
1,286.49
1,267.52
1,706.22
19,485.06

7,849.82
4,745.03
795.57
478.44
1,086.40
913.54
1,294.72
17,163.52

4,680.16

3,661.11

375.07

1,018.74

5,055.23
0.82
5,054.41

4,679,85
0.45
4,679.40

1,763.39
3,291.02
(3.07)
3,287.95

1,614.17
3,065.23
(2.99)
3,062.24

9,022 .05

9,022.05

3.65

3.40

.Profit from operations before other income and finance costs

Other income

5
6
7

Profit from ordinary activities before finance costs

Finance costs
Profit from ordinary activities after finance cost and before tax

8
9
10
11

Tax expense
Net Profit for the period
Other Comprehensive income (net of tax)
Total Comprehensive Income

12

Paid up equity share capital (Face value of the Share RS.10/- each)

13

Earnings per share (EPS)

Basic and diluted earning per share (Rs.) (Not annualised)
Face value per share (Face value of the Share RS .10/- each)

3
4

(1-2)

(3+4)
(5-6)
(7-8)
(9+10)

Notes :
The aforesaid unaudited standalone financials results were reviewed by the Audit Committee and thereafter approved at the meeting of
the Board of Directors held on August 4, 2016.
The Company adopted Indian Accounting Standard ("Ind AS") from April 1, 2016 and accordingly these financial results have been
prepared in accordance with the recognition and measurement principles laid down in Ind AS-34 'Interim Financial Reporting' prescribed
under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder. The date of transition to Ind AS is April 1,
2015 . The impact of transition has been accounted for in the opening reserves and the comparative period results have been restated
accordingly. The opening balance sheet as at April 1, 2015 and the results for the subsequent periods would get finalised alongwith the
annual financial statements for the year ended March 31 , 2017.
One of the segments of the Company, viz "Agrochemicals" is seasonal in nature and is impacted by cropping pattern and weather
conditions across the globe. Accordingly, quarterly figures are not representative of the full year's performance.
Reconciliation of Net Profit as previously reported on account of transition from the previous Indian GAAP (IGAAP) to Ind AS for the
quarter ended June 30 , 2015:
ParticularS

Net Profit for the period under IGAAP

Actuarial loss on defined benefit plan reco~nised in Other Comprehensive Income
Fair valuation impact for Financial Instruments
Deferred Tax
Net Profit for the period under Ind AS
Other Comprehensive Income inet of tax)
Total Comprehensive Income under Ind AS

(Rs. in Lacs)
Quarter ended
June 30, 2015
(Unaudited)
3,041 .85
4.57
(30.42)
49.23
3,065.23
(2 .99)
3,062.24

The financial results and financial information for the three months ended June 30, 2015 have been compiled by the management after
making necessary adjustments to give a true and fair view of the results in accordance with Ind AS. The results for this period have not
been subjected to limited review or audit by the statutory auditors .

Figures for the previous period have been regrouped / rearranged , wherever considered necessary to conform to the current period's
classification .

SIGNED FOR

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SHARDA CROPCHEM LIMITED

STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS, LIABILITIES AND CAPITAL EMPLOYED
(Rs. in Lacs)
Quarter Ended
June 30, 2015
June 30, 2016

Particulars

Unaudited

(Refer Note Below)

1 Segment Revenue
(a) Agrochemicals
(b) Belts
Net sales I income from operations
2 Segment Results
(a) Agrochemicals
(b) Belts
Total
Less: (i) Finance cost
(ii) Unallocable expenditure
(iv) Unallocable income
Profit before Tax

Unaudited

24,002 .89
148.74
24,151.63

20,761 .64
26.82
20,788.46

4,747.67
30.60
4,778.27
(0 .82)
(37.18)
314.14
5,054.41

4,547.70
(10.31 )
4,537.39
(0.45)
(27.28)
169.74
4,679.40

93,282 .64
10.20
23,314.70
1,16,607.54

68,263.78
10.05
29,609.14
97,882.97

37,048 .26
128.78
3,782.48
40,959.52

29,813.94
82.51
3,253.06
33,149.51

75,648.02

64,733.46

3 Segment Assets
(a) Agrochemicals
(b) Belts
(d) Unallocated
Total
4 Segment Liabilities
(a) Agrochemicals
(b) Belts
(d) Unallocated
Total
'>

Net Capital Employed

Note:

The activities of the Company are divided into two business segments viz. Agrochemicals and Belts. These
segments form the basis for management control and therefore the basis for monitoring.
Based on the "management approach" as defined in Ind AS 108 - 'Operating Segments' the Chief
Operating Decision Maker evaluates the Company's performance and allocate resources based on an
analysis of various performance indicators by business segments and segment information is presented
accordingly.

SIGNED FOR IOENTIFICATUlN

BY 5 R B

For Sharda Cropchem Limited

CO LLP

jU:BAI

Place: Mumbai
Date: August 4,2016

Chairman & Managin

(DIN: 00136568)

Sharda Cropchem Limited

(Formerly known as Sharda Worldwide Exports Pvt. Ltd.)
Tel. : +91 22 66782800
FAX: +91 2266782828/66782808
E-mail: shardain@vsnl.com
Regd . Office : Domnic Holm, 29 th Road, Sandra (W) , Mumbai - 400050. India.
www .shardaworld .com

~I
~ ~,

ISO 9001: 2008 Reg . No : 690257

CIN: L51909MH2004PLC145007

August 04, 2016

The Secretary
BSE Limited
Listing Department
Phiroze Jeejeebhoy Towers
Dalal Street, Mumbai - 400 001
Scirp Code: 538666
Scrip ID: SHARDACROP
Subject: Investors/Analyst's Presentation for the Quarter ended June 30, 2016
Dear Sir!Madam,
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (Listing Regulations), we are enclosing herewith
the presentation to be made to the Investors! Analysts on the Financial Results of
the Company for the Quarter ended June 30, 2016.
The presentation is also being uploaded on the website of the Company
www.shardacropchem.comin accordance with Regulation 46 of the Listing
Regulations.
We request you to take the same on record.
Yours faithfully,

Jetkin Gudhka
Company Secretary
& Compliance Officer
End: As above

Q1 FY17
RESULTS UPDATE
AUGUST 2016

DISCLAIMER

This presentation and the following discussion may contain forward looking statements by Sharda Cropchem Limited
(Sharda or the Company) that are not historical in nature. These forward looking statements, which may include
statements relating to future results of operations, financial condition, business prospects, plans and objectives, are based
on the current beliefs, assumptions, expectations, estimates, and projections of the management of Sharda about the
business, industry and markets in which Sharda operates.
These statements are not guarantees of future performance, and are subject to known and unknown risks, uncertainties,
and other factors, some of which are beyond Shardas control and difficult to predict, that could cause actual results,
performance or achievements to differ materially from those in the forward looking statements. Such statements are not,
and should not be construed, as a representation as to future performance or achievements of Sharda.

In particular, such statements should not be regarded as a projection of future performance of Sharda. It should be noted
that the actual performance or achievements of Sharda may vary significantly from such statements.

DISCUSSION SUMMARY

Q1 FY17 Results Highlights

Q1 FY17 Consolidated Financials

About Us

Business Model

Business Strategy & Outlook

Q1 FY17 RESULTS: KEY HIGHLIGHTS

In Rs Mn

REVENUES & GROSS MARGIN

35.8%

32.1%

13.2%

Revenues

13.1%
714.0

506.4

Q1 FY17
Gross Margin %

Q1 FY16
EBITDA

PAT & PAT MARGIN

22.7%

18.3%

3,140.5

2,774.8

Q1 FY16

EBITDA & EBITDA MARGIN *

13.0%
408.9

363.6
12.5%

41.0%

Q1 FY17
EBITDA Margin %

Q1 FY16
PAT

Q1 FY17
PAT Margin %

* Excluding Foreign Exchange Impacts

4

Q1 FY17 RESULTS: KEY HIGHLIGHTS

FINANCIAL UPDATE Q1 FY17 total revenues grew by 13.2% YoY Region-wise Growth Europe (22.9%), NAFTA (0.2%), LATAM (24.6%), ROW (-1.5%)
Q1 FY17 gross profit grew by 26.3% YoY in line with revenues. Q1 FY17 gross margin increased by 373 bps from 32.1% to
35.8%.
Q1 FY17 EBIDTA excluding foreign exchange impact increased by 41.0%. Q1 FY17 EBITDA margin increased by 448 bps
from 18.3% to 22.7%.
Q1 FY17 EBIDTA including foreign exchange impact increased by 30.2%. Q1 FY17 EBITDA margin increased by 274 bps
from 18.3% to 21.0%.
Q1 FY17 PAT grew by 12.5% YoY. Q1 FY17 PAT margin was stable at 13.1%.
OPERATIONAL UPDATE

Total number of registrations increased to 1,830 as on 30 th June 2016, compared to 1,765 as on 31st March 2016.

The company has another 831 registrations in the pipeline across geographies.

Total revenue contribution from the Top 10 molecules has been 61.6% in Q1 FY17 as compared to 66.9% in Q1 FY16.

Q1 FY17 RESULTS: REVENUE ANALYSIS

In Rs Mn

AGROCHEMICALS VS. NON-AGROCHEMICALS

Revenues
From Operations

2,769.2
16.0%

3,139.2

Agrochemical
Revenues

18.0%

84.0%

Q1 FY17

Agrochemicals

Non-Agrochemicals

FORMULATIONS VS. ACTIVE INGREDIENTS

2,573.1

2,327.4
6.8%

19.5%

93.2%

80.5%

Q1 FY16
Formulations

Q1 FY17
AIs

2,573.1

2,327.4
9.4%
13.3%
30.4%

7.3%
14.2%
26.2%

47.0%

52.3%

82.0%

Q1 FY16

Agrochemical
Revenues

GEOGRAPHICAL PRESENCE AGROCHEMICAL SALES

Q1 FY16
Europe

NAFTA

Q1 FY17
LATAM

RoW

GEOGRAPHICAL PRESENCE NON-AGROCHEMICAL SALES

Non-Agrochemical
Revenues

441.8

566.1

17.5%
15.1%

18.1%

37.4%

35.5%

30.0%

28.4%

Q1 FY16
Europe
NAFTA

18.0%

Q1 FY17
LATAM
RoW
6

Q1 FY17 WORKING CAPITAL ANALYSIS

WORKING CAPITAL ANALYSIS *

145

142

141

111
52

42

Q1 FY16
Inventory Days

Q1 FY17
Receivables Days

Creditors Days

NET WORKING CAPITAL DAYS DECREASED FROM 73 DAYS IN Q1 FY16 TO 56 DAYS IN Q1 FY17

* Calculated on closing inventory, receivables, creditors

In Rs Mn

CONSOLIDATED PROFIT & LOSS STATEMENT

Q1 FY16
IGAAP

Difference
Q1 FY16
(IND AS Vs IGAAP)

Q1 FY16
IND AS

Q1 FY17
IND AS

YoY %

Revenue from Operations

2,790.4

-21.2

2,769.2

3,139.2

13.4%

Other Operating Income

Total Revenues
COGS
Gross Profit
Gross Margin
Employee Expenses
Professional Charges

3.6
2,794.0
1,886.4
907.6
32.5%
66.9
115.9

2.0
-19.2
-1.1
-18.1
-0.5
-0.0

5.6
2,774.8
1,885.3
889.5
32.1%
66.4
115.9

1.4
3,140.5
2,016.7
1,123.8
35.8%
67.5
140.5

-75.9%
13.2%
7.0%
26.3%
373 bps
1.7%
21.2%

Other Expenses

214.2

-13.4

200.8

256.6

27.8%

EBITDA
EBITDA Margin %
EBITDA Excl. Forex Impacts
EBITDA Margin % excl. Forex Impacts
Depreciation
Finance Cost
Other Income
Other Comprehensive Income (Net of tax)
PBT
Tax Expense
Minority Interest
PAT after minority interest
PAT Margin %
Earnings Per Share (EPS) In Rs.

510.6
18.3%
510.6
18.3%
91.6
0.1
109.4
0.0
528.3
168.2
0.1
360.3
12.9%
3.99

-4.2

506.4
18.3%
506.4
18.3%
91.6
0.1
109.4
-0.3
523.9
160.4
0.1
363.6
13.1%
4.03

659.2
21.0%
714.0
22.7%
127.1
0.1
45.9
-0.3
577.6
169.2
0.5
408.9
13.0%
4.54

30.2%
274 bps
41.0%
448 bps
38.7%
-58.1%
10.3%
5.5%
339.6%
12.5%
12.7%

Particulars (In Rs Mn)

-4.2
-0.0
-0.0
0.0
-0.3
-4.4
-7.8
0.0
3.3
0.04

Remarks
Provision for expected redemption of
sales incentive vouchers, selling &
distribution expenses and discounts

Regrouping of selling & distribution

expenses and provision for MTM on
outstanding derivative contracts

Impact on account of Deferred Tax

ABOUT US: COMPANY OVERVIEW

Sharda Cropchem Limited is a global crop protection chemical company largely operating across Europe, NAFTA and Latin
America across fungicides, herbicides and insecticides.

BUSINESS

Sharda operates with an asset light business model focused on identification and registration of potential molecules with
a strong demand.

OVERVIEW

As of 30TH June 2016, Sharda owned 1,605 registrations for formulations and 225 registrations for active ingredients (AIs)
and filed 831 applications for registrations globally pending at different stages.
Sharda also runs a non-agrochemical business comprising of order-based procurement and supply of non-agrochemical
products including conveyor belts and general chemicals, dyes and dyes intermediates.

Asset light business model with core competency of registrations and an extensive library of dossiers and registrations.

KEY
STRENGTHS

Strong geographical presence in more than 78 countries with an established global marketing & distribution network
(more than 634 third-party distributors and over 120 direct sales force).
Superior sourcing capabilities with an established access to cost competitive manufacturers in China and India.
Significant promoter experience and experienced management team.
Consolidated Revenues, EBITDA and PAT were Rs 12,206.1 mn, Rs 2,669.1 mn and Rs 1,749.7 mn in FY16 having grown at
CAGR of 19%, 22% and 26% over FY12 to FY16.

STRONG
FINANCIALS

Strong balance sheet and asset light model resulting into a strong cash position of Rs 1,448.5 mn (net of gross debt of
Rs 20.0 mn) and equity of Rs 8,108.1 mn in FY15.
Healthy Return Ratios in FY16 :
ROCE 30.8%
Cash Adj. ROCE 38.6%
ROE 23.9%

ABOUT US: FINANCIAL SUMMARY

In Rs Mn

REVENUE FROM OPERATIONS

CAGR: 19 %
7,777

PAT & PAT Margin

CAGR: 26 %

CAGR: 22 %

12,186

10,611
6,135

EBITDA & EBITDA Margin

11.2% 10.8% 14.1% 11.6% 14.4%

20.0% 18.0% 19.5% 16.3% 21.9%

7,904

1,750

2,669.1
1,726.5
1,225.0 1,399.8 1,542.6

FY12

FY13

FY14

FY15

FY12

FY16

FY13
EBITDA

FY14

FY15

FY16

687

844

FY12

FY13

1,111

1,230

FY14

FY15

PAT

EBITDA Margin %

LEVERAGE ANALYSIS

FY16

PAT Margin %

RETURN METRICS
8,108

4,668

6,545

5,557

19.3%

3,929
34

621

FY12

1,909

1,279
459
FY13
Equity

399
FY14
Debt

21.7%

19.6%

1,561
381

1,469
20

FY15

FY16
C&CE

26.3%
22.2%
FY12

28.7%
22.7%
FY13
ROCE %

23.9%

20.3%
31.7%

22.6%

38.6%

31.7%
23.2%

30.8%

FY14
FY15
Cash Adj. ROCE %
ROE %

FY16

Source: Figures for FY12 and FY13 are sourced from Red Herring Prospectus of the company.
PAT Margin = PAT / Revenue from Operations, EBITDA Margin = EBITDA (excl. Other Income) / Revenue from Operations,
ROE: PAT/Avg. Equity, ROCE: EBIT/Avg. Capital Employed [(Capital Employed = Equity + Total Debt), (Cash Adj. Capital Employed = Equity + Total Debt C&CE)]

10

ABOUT US: SHAREHOLDING STRUCTURE

Market Data

Share Price Performance

As on 4h August 2016
(BSE)

500.0

34,026.7

300.0

Market capitalization (Rs Mn)

CMP Rs 377.15

400.0
20000.0

200.0

Price (Rs.)

377.15

No. of shares outstanding (Mn)

90.2

Face Value (Rs.)

10.0

10000.0

100.0
0.0

0.0

Sharda Cropchem

52 week High-Low (Rs.)

409.0 203.3

Shareholding 30th June2016

DII
14.18%

Public
4.81%

FII
6.01%

Source: Company

Promoter
75.00%

30000.0

Sensex

Source: BSE

Key Institutional Investors 30th June2016

DSP Blackrock Investment Manager
HDFC Asset Management
Pinebridge
Goldman Sachs
SBI Funds Management
UTI MF
Reliance Capital

% Holding
7.04%
3.79%
2.56%
2.02%
1.82%
0.82%
0.64%

Source: Company
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DIFFERENTIATED BUSINESS MODEL: ASSET LIGHT MODEL

Agrochemical Value Chain
Basic &
Applied
Research

Identification

Shardas Operating Area

Registration

ASSET LIGHT BUSINESS MODEL

Focus on identification of generic molecules,

preparing dossiers, seeking registrations, marketing &
distributing formulations through third party
distributors and/or own sales.

Active
Ingredient
Manufacturing

Formulation &
Packaging

Shardas Model:
Demand Pulled / Customer Driven

Markets

Offering wide range of formulations and AIs.

Markets

Identification &
Registration

Overall cost competitiveness

Efficient management of fluctuating market
demand across various geographies.

Traditional Model:
Supply Pushed / Product Driven

Registration

Manufacturing of AIs and formulations is outsourced.

Highly flexible operating model resulting in

Marketing &
Distribution

AI Manufacturing

Customer & Products

Basic & Applied

Research

SHARDA IS A FOCUSSED GLOBAL AGROCHEMICAL MARKETING & DISTRIBUTION COMPANY

12

BUSINESS STRATEGY & OUTLOOK

Forward Integration Build own Sales Force

Leverage market presence and execution capabilities.

Adopt the factory-to-farmer approach and be a one-stop solution provider.
Strategy on-ground in Mexico, Colombia, Hungary, Spain, Poland, Italy, Portugal, USA & India.

Expand & Strengthen

Distribution Presence

Expand geographical reach using existing library of dossiers.

Two-fold strategy of further penetrating existing markets and entering new markets.

Continual Investment in
Obtaining Registrations

Continue to identify generic molecules going off- patent.

Investing in preparing dossiers and seeking registrations in own name.

Focus on Biocide
Registrations

Scale up marketing and distribution of biocides with a focus on Europe.

Increase biocide registrations.

Focus on
Inorganic Growth

Continue to explore possibilities of partnerships with other companies across jurisdictions.

13

ABOUT US: OUR PRESENCE

Agrochemical Operations

Diversified business operations across the globe leading to reduced risk of adverse market and seasonal conditions

14

FOR FURTHER QUERIES:

THANK YOU

Mr. Conrad Fernandes

Chief Financial Officer
Email: cfernandes@shardaintl.com
Contact No: +91 22 6678 2800

Mr. Nilesh Dalvi / Mr. Yashesh Parekh

IR Consultant
Email: nilesh.dalvi@dickensonir.com
yashesh.parekh@dickensonir.com
Contact No: +91 9819289131 / 8108321555

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