Company’s gross margin for the quarter is at 30 per cent as compared to 19 per cent in Q4FY23 and 21 per cent in Q1 FY23.
Best Agrolife Limited (BAL) has reported financial results for the Quarter ended June 30th, 2023. Company has reported revenue of Rs. 612 crores from operations for Q1FY24 which grew by 141 per cent Quarter to Quarter and 32 per cent on YoY basis compared to Rs 254 crores in Q4FY23 and Rs 464 crores in Q1FY23. Company’s gross margin for the quarter is at 30 per cent as compared to 19 per cent in Q4FY23 and 21 per cent in Q1FY23 which was an expansion of 1100bps QoQ and expansion of 900bps YoY. EBITDA for the quarter came at Rs. 130 crores up 1720 per cent QoQ and 97% YoY compared to Rs. 7 cr in Q4FY23 and Rs. 66 crores in Q1FY23. The improvement in EBITDA was driven by better product mix during Q1FY24. EBITDA margin for the quarter came at 21 per cent as compared to 3 per cent in Q4 FY23 and 14 per cent in Q1FY23 which was an expansion of 1800bps QoQ and expansion of 700 bps YoY. PAT for the quarter was at Rs 90 Crores up 1168 per cent QoQ and 124 per cent YoY compared to Rs (8) Crore in Q4FY23 and Rs. 40 Crores in Q1FY23. Profit After Tax margin for the quarter came at 15 per cent as compared to (3 per cent) in Q4FY23 and 9 per cent in Q1FY23 which was an expansion of 1800 bps QoQ and expansion of 600 bps YoY.
Commenting on results, Vimal Kumar, Managing Director, Best Agrolife Limited, said: “I am delighted to share that Best Agrolife has achieved remarkable growth momentum, with revenue from operations growing by 32 per cent Y-o-Y to Rs 612 Cr, despite the headwinds that the agrochemicals industry has been facing. Our herbicide portfolio products including Amito, Propique, Tombo, Ronfen and Warden have been the driving force behind this quarter’s growth. Additionally, our EBITDA margins of 21 per cent can be attributed to the increasing contribution of speciality, niche, and patented products to our overall revenue.
This quarter’s performance also reinforces the widespread acceptance of our products and Best Agrolife’s strong brand presence in the Indian agrochemical market. Focusing on FY24, we have already launched a couple of technicals in Q1, which are seeing promising traction, with plans to introduce one patented product in Q2. Our pipeline for technicals and niche formulations is geared up for launch over the next few quarters.
While the agrochemicals industry continues to face challenges, I firmly believe that our niche product basket will not only shield us from industry perils, but also drive robust growth in FY24. This gives us a reason to remain steadfast in our commitment to achieving a 30 per cent growth target and maintaining 20 per cent EBITDA margins for FY24.”
Product Pipeline for FY24:
BAL has pipeline of 8+ products to be launched during the course of FY24 which includes a couple of patented products as well as some niche combination products and technical.
