Why Mayuresh Joshi prefers Syngene to Biocon, Paradeep Phosphates to UPL

economictimes.indiatimes.com:

Mayuresh Joshi, Head Equity, Marketsmith India, says the ratings for UPL probably look a little bit weak whereas their peers – Paradeep Phosphates and Sumitomo Chemical can do well. For Biocon to a certain extent, numbers are very patchy. One good quarter has been followed by two bad quarters and therefore the consistency in numbers delivery is still not coming through. At this juncture, Syngene remains as a better player on Marketsmith watch list compared to Biocon.
Any first thoughts on UPL or any other specialty chemical name that you like?
Mayuresh Joshi: No, I think numbers are a tad below par for UPL. The Advanta or the seeds business, has done relatively better, but they are seeing pricing headwinds specifically in the crop protection business. Now within the geographies that they probably operate out of, we are seeing some scenarios where there have been instances of floods in a few European countries as well and therefore how does this revenue build up specifically in the second half that they are maintaining their guidance and specifically on the EBITDA front is something to be watched out for.

Obviously, the net debt has increased not in proportion to what it was last year, but compared to the other agrochemical players, the other agrochemical players which are more domestically focused have given a better set of numbers. Look for instance at Paradeep Phosphates. They have given a good set of numbers not just in terms of top line but they are also expected to complete their entire backward integration as