FY 22-23 net profits rise to Rs 233.51 Cr
Dhanuka Agritech recorded revenues of Rs 371.23 crore for the quarter ending March 31, 2023, an increase of 16.6 per cent over Rs 318.30 crore in the previous fiscal. The company announced its financial results for the fourth quarter of FY 2022-23 ended in March 2023.
Dhanuka Agritech clocked Rs 65.31 crore net profit during the January – March quarter, registering a 20.3 per cent growth over the same quarter of the previous fiscal year. For FY22-23 the net profits stood at Rs 233.51 crore, an increase of 11.8 per cent over last fiscal.
The company recorded revenues of Rs 1700.22 crore for the period ended March 31, 2023, an increase of 15.1 per cent over Rs 1477.78 crore in FY21-22. Profit after tax was Rs 233.51 crore, as compared to 208.78 crore in the previous fiscal.
Commenting on the performance, M. K. Dhanuka, Vice Chairman and Managing Director, Dhanuka Agritech Ltd. said “I am pleased to inform that Dhanuka Agritech has achieved a turnover of 1700 crores first time in its history. The net profits are 233 crores, which is the highest since the inception of the company. This achievement is commendable despite all odds. The rainfall was erratic both in Karif and Rabi seasons. The pest infestation was also low due to which many sprays were missed out by the farmers. Despite these factors, the company was able to post good figures.”
“Although the sky met is forecasting El Nino for the current season. We hope there is no major impact on the consumption of the products. We expect double-digit volume growth in this financial year.” M. K. Dhanuka said.
The company recently launched new products to augment its offering portfolio and enter the new agri-biological segment with the launch of its BiologiQ range of sustainable agri products. Three introductory products in the BiologiQ range are Whiteaxe biological insecticide, Downil biological fungicide, and Sporenil biological silicide. Apart from these, Dhanuka further strengthened its herbicide portfolio by introducing two selective herbicides Implode and Mesotrax.