Best Agrolife Board has also recommended a dividend of 30 per cent (Rs. 3 per share), which is a 50 per cent jump over last year
Best AgrolifeLimited recorded revenue of Rs. 1746 crores increased by 44 per cent in FY 2022. Best Agrolife Board has also recommended a dividend of 30 per cent (Rs. 3 per share), which is a 50 per cent jump over last year. The company reported financial results for the Quarter and Year ended March 31st, 2023.
Commenting on results, Vimal Alawadhi, Managing Director, Best Agrolife Limited, said, “I am delighted to inform you that we have delivered strong revenue from operations of Rs. 1,746 cr. which is a robust growth of 44 per cent over FY22. Our constant focus on introducing innovative products to cater to farmer’s needs has resulted in BAL introducing many specialised combination products including a patented novel combination Ronfen in FY23 which drove growth during the year. We have also expanded our margins by 427 bps during the year which was driven by a change in product mix.
Q4FY23 was difficult for the industry at large due to higher channel inventory and excess supply from China at lower prices. Best Agrolife was also affected by this as its branded product portfolio is more focused on the Kharif season. The company is working towards introducing more branded products which are focused on the Rabi season which will improve the breadth of the portfolio and will also make the portfolio more balanced which is currently skewed more towards the Kharif season.
Overall, the company has an exciting product pipeline ready to be launched in FY24 which is in line with its strategy of introducing more patented and specialised combination products which will help continue strong growth momentum as well as improve the margins in FY24.”
