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Agro Universities, Agrotech, Award, People, R&D

The award honours the legacy of Robert Glenn Anderson (1924-81), eminent Canadian agricultural scientist and former CIMMYT wheat research director.

The Canadian Phytopathological Society (CPS) bestowed on Bram Govaerts, director general of CIMMYT, the 2023 Glenn Anderson Lectureship Award, during the International Congress of Plant Pathology (ICPP2023) in Lyon, France, on August 21, 2023.

A CIMMYT scientist since 2007 as a Post-doctoral Fellow, Maize and Wheat based Cropping Systems Management, and current director general, in 2014 Govaerts received the World Food Prize’s “Norman Borlaug Award for Field Research and Application from the World Food Prize” for the development and spread of sustainable agricultural systems. He is A.D. White Professor-at-Large at Cornell University and, in 2020, was elected a Fellow of the American Society of Agronomy (ASA) for outstanding contributions to the field of agronomy.

As a Robert Glenn Anderson lecturer, Govaerts enters the hallowed company of other distinguished scientists who have been invited to give the address, including Norman E. Borlaug (1992); Per Pinstrup-Andersen, Emeritus Professor of Cornell University (2000), South African researcher Jennifer A. Thomson (2015); and late World Food Prize laureate and CIMMYT wheat director, Sanjaya Rajaram (2019).

The award honors the legacy of Robert Glenn Anderson (1924-81), eminent Canadian agricultural scientist and former CIMMYT wheat research director who helped ignite in India the “green revolution,” a rapid modernization of agriculture during the 1960s-70s and by which that nation went from grain shortages and hunger to becoming a leading grain exporter.

A bioscience engineer and soil scientist who is a PhD graduate from Belgium’s Katholieke Universiteit Leuven and has worked in Africa, Asia, and Latin America, Govaerts gave the keynote address “Agrifood system for a food and nutrition secure world: From efficiency to resilience,” describing in part the relevance of CIMMYT and its partners’ work.

“Early warning and surveillance systems are key to building resilience in food insecure communities and regions,” said Govaerts. “Supporting this, in concert with national agricultural research systems and private partners, CIMMYT crop breeding programs yearly disseminate dozens of diseases resistant, climate resilient varieties of maize, wheat, and dryland cereals, where they are most needed.”

“The Center’s science and partnerships have helped prevent the spread of deadly crop pests and diseases in sub-Saharan Africa and South Asia,” he added, “and we have new ‘Glenn Andersons’ who are doing exactly what is needed to strengthen global food security, with plant health innovations and systemic thinking.”

Borlaug’s wish: Take it to the farmer

Working with scientists, training specialists, extension agents, farmers, and communications and technology experts, a CIMMYT program led by Govaerts for over a decade in Mexico applied the admonition of Norman E. Borlaug, Nobel laureate and colleague of Anderson, to “take it to the farmer,” combining the right seed with the right conservation agriculture production practices embedded in integrated markets, while recognizing and incorporating farmer knowledge.

“Ongoing efforts of the Center and national and local partners are promoting the adoption of conservation agriculture-based sustainable intensification to transform food systems throughout the Global South” Govaerts explained. “The training offered, and the advisory systems supported by CIMMYT’s work aim to empower women and disadvantaged social groups, while offering opportunities for fulfilling livelihoods to a new generation of farmers who will grow nutritious food for all.”

The award honours the legacy of Robert

Agro chems – Chemicals, Agro chems – Fertilizers, Company News, India

Located at RCF Trombay Unit Industrial Area, Chembur, Suburban Mumbai, new nano-urea fertilizer plant has total production capacity of 27,375 kilo-litre per annum.

Leading fertilizer and chemical manufacturing company, Rashtriya Chemicals and Fertilizers (RCF) has received the environmental clearance for setting up a nano-urea plant at its Trombay facility in Mumbai suburbs.

In a filing with the exchanges, Rashtriya Chemicals and Fertilizers has said that the company had received prior environmental clearance from Ministry of Environment, Forest and Climate Change for the installation of new nano-urea fertilizer plant of total production capacity of 27,375 kilo-litre per annum located at RCF Trombay Unit Industrial Area, Chembur, Suburban Mumbai.

RCF, a Government of India Undertaking is a leading fertilizer and chemical manufacturing company with about 80% of its equity held by the Government of India. The company manufactures Urea, Complex Fertilizers, Biofertilizers, Micronutrients, 100 per cent water soluble fertilizers, soil conditioners and a wide range of Industrial Chemicals.

Located at RCF Trombay Unit Industrial Area,

Company News, India, Packaging & Labelling, R&D, Supply Chain

Goose aims to address the surging demand for efficient and sustainable dairy processing and packaging solutions

Goose, a pioneering force in the dairy processing and packaging industry, announces the inauguration of its cutting-edge Product Development and Innovation Centre in Pune. This state-of-the-art facility is a testament to Goose’s commitment to pushing the boundaries of technological advancement in the field. The innovation centre is designed to foster innovation, research, and transformative automated solutions that redefine industry standards.

Graced by the distinguished presence of Fenil Cyriac, Managing Director at Goose and Director of the UK-based Enveritz Group, the inauguration ceremony marked a significant milestone. His visionary leadership has played a significant role in guiding Goose toward disruptive innovation within the industry.

Underscoring the company’s dedication to delivering high-quality automated solutions, Cyriac affirmed, “Our primary focus areas encompass pioneering plant-based beverages, honey processing, and egg processing units. With strategic sights set on the Middle East and European markets, Goose aims to address the surging demand for efficient and sustainable dairy processing and packaging solutions.”

Under the guidance of Jithin Eliyas, Director of Operations for Goose India and the Middle East, the company is set to revolutionise the automated dairy solutions landscape. Eliyas’ strategic leadership is poised to pioneer advancements in technical services and automation capabilities, propelling the industry towards unprecedented horizons.

Speaking about the innovation centre, Eliyas said, “At Goose, we take pride in our team of seasoned professionals who bring diverse skills, knowledge, and experience to the table. Our collaborative approach ensures that we understand not only the unique challenges our clients face but also craft innovative, effective solutions that align with their goals.”

He added, “Our dedication to innovation is evident in our state-of-the-art innovation centre, where we constantly strive to push the boundaries of what’s possible. We leverage emerging technologies and trends to develop solutions addressing current and future industry demands.”

Goose aims to address the surging demand

Agrotech, Company News, World

In addition, the preliminary injunction orders the Federal Committee for Protection from Sanitary Risks (Comisión Federal para la Protección contra Riesgos Sanitarios) (COFEPRIS) to prohibit the import and export of chlorantraniliprole technical from Rainbow

FMC Corporation announced the Mexican Federal Court of Administrative Justice, Specialised Court in Intellectual Property (Tribunal Federal de Justicia Administrativa, Sala Especializada en Materia de Propiedad Intelectual), granted FMC Corporation and FMC Agroquímica de México, S. de R. L. de C.V. a preliminary injunction against Rainbow Agro Sciences, S.A. De C.V. (Rainbow) for patent infringement relating to the company seeking registration of chlorantraniliprole and chlorantraniliprole-containing products in Mexico. Chlorantraniliprole is FMC’s leading insecticide ingredient branded as Rynaxypyr active.

In addition, the preliminary injunction orders the Federal Committee for Protection from Sanitary Risks (Comisión Federal para la Protección contra Riesgos Sanitarios) (COFEPRIS) to prohibit the import and export of chlorantraniliprole technical from Rainbow in and out of Mexico and denies Rainbow any registration for formulated products that contain chlorantraniliprole.

“We are pleased with the Court’s decision, which reflects its understanding of the urgency of this matter and the importance of using genuine, registered crop protection technologies on farms in Mexico,” said Michael Reilly, FMC executive vice president, general counsel and secretary. “The principles decided by the Court are significant for future infringement actions and reinforce FMC’s confidence in protecting and enforcing its patents around the world. Our intellectual property rights are an essential tool to drive innovation and continued significant investment in new crop protection solutions.”

FMC Corporation invests heavily in research and development to bring the latest innovations to farms around the world. The company is committed to ensuring farmers use genuine crop protection products from legitimate sources. Its #DealWithRealFMC social media campaign is helping to raise awareness about the numerous benefits of using trusted crop protection technologies and brands from reputable companies and the many risks posed by counterfeit pesticide products.

In addition, the preliminary injunction orders the Federal

Company News, India, People

Bala has been associated at the apex level with several reputed organisations such as Adama India Pvt. Ltd

Best Agrolife Ltd. (BAL) announced the appointment of Suradevara Bala Venkata Rama Prasad as its new Executive Director. The appointment came into effect on July 31, BAL said in a statement.

A business leader with an excellent track record across leading companies Bala has been associated at the apex level with several reputed organisations such as Adama India Pvt. Ltd. An Agri graduate from Kanpur University Bala comes with more than 40 years of substantial experience in the chemical industry. As a Founder member and Director of the Board of Adama India Pvt. Ltd. from 2009 to till date, he has delivered significant portfolio and organisational change as part of transforming it into a more focused, growth-driven and sustainable business.

Prior to joining Adama India Pvt. Ltd. in 2009, Bala worked for Nagarjuna Group (Fertilisers & Pesticides) for more than two decades (1986-2009). With his analytical and strategic mindset and his ability to turn challenges into great success, Bala took Nagarjuna Agrichem & Adama to new heights and turned them into high-revenue-earning companies.

“We are delighted to welcome Bala as our new Executive Director,” said Vimal Kumar, MD, BAL. “He is a dynamic, values-driven business leader with a diverse background of experience and an excellent track record of delivering outstanding results. He has exceptional strategic capabilities, proven operational effectiveness, and strong experience in both domestic and global markets. The Board looks forward to Bala realising the full potential of BAL as a winning business that delivers long-term growth and value for all its stakeholders.”

Bala, newly appointed ED of BAL said, “I am delighted to have been appointed to lead BAL. It is a great organization with a rapidly growing global footprint, a strong brand portfolio, a talented team, and an impressive reputation in the industry. I will be very focused on working with the BAL team to deliver a step-up in business performance.”

Bala has been associated at the apex

Company News, Environment, India, Start ups, Sustainability

The support offered by the accelerator programme includes financial readiness, innovation potential and market reach to the startups.

Kochi-based agritech start up, Farmers Fresh Zone, the only start-up from India to be recognized for FAO and Seed’s SDG Agrifood accelerator programme for innovators, to receive tailor-made help. Farmers FZ model focuses on bringing in fresh food to the plates and also on lowering carbon emissions. Farmers Fresh Zone (Farmers FZ), a, was one among the 12 agri-food start-ups selected across the world by Food and Agriculture organization of the United Nations.

For the first time, UN hosted the SDG Agrifood accelerator programme and Farmer’s Fresh Zone stood out for its unique module and practices which are scalable at any part of the world. Farmers Fresh Zone was one of the three start-ups to be part of the panel discussion happened in the event. While six were invited to present their unique SDGs, a total of 12 were selected for the programme. 

Under this programme, Farmers FZ will receive grands and other funds to make the necessary changes needed for each market, thus helping them widen their reach and making their business global. The support offered by the accelerator includes financial readiness, innovation potential and market reach. The core objective of the programme is to help agrifood startups to scale while conforming to the UN’s Sustainable Development Goals. Farmers Fresh Zone business model contributes majorly towards SDG 1, SDG 2 and SDG 12 along with others.

Sharing more details, Pradeep P S, Chief Executive Officer, AgriTech D2C & FAAS (Farm to fork as SaaS), said, “India is the second largest country in agriculture production and we, at Farmers Fresh Zone, are super proud to represent as the only one from India at a global forum. The event was at Rome, Italy aiming to attain the UN sustainable development goals. Being recognized as a leader of sustainability in the agriculture sector is no mere feat. I am extremely elated that our sincere thoughts and efforts to bring down carbon emissions have garnered attention. We presented our model before an august audience in the event. Participation at UN function in Rome also opened roads to network with global names in this sector.”

The support offered by the accelerator programme

AgroPolicy, India, Supply Chain, Trade, Vegetables

As per directives from Department of Consumer Affairs, NCCF will sell onions at retail price of Rs 25 per kg.

In an unprecedented move the Government raised the quantum of onion buffer to 5.00 lakh metric tonnes this year, after achieving the initial procurement target of 3.00 lakh metric tonnes. In this regard, the Department of Consumer Affairs has directed NCCF and NAFED to procure 1.00 lakh tonnes each to achieve the additional procurement target alongside calibrated disposal of the procured stocks in major consumption centres.

Disposal of onions from the buffer has commenced, targeting major markets in States and UTs where retail prices are above the all-India average and/or are significantly higher than the previous month. As on date, about 1,400 MT of onions from the buffer has been dispatched to the targeted markets and are being continuously released to augment the availability.

Apart from releasing in major markets, onions from the buffer are also being made available to retail consumers at a subsidized rate of Rs.25/- per kg through retail outlets and mobile vans of NCCF from tomorrow i.e., Monday 21st August 2023. Retail sale of onion will be suitably enhanced in coming days by involving other agencies and e-commerce platforms.

The multipronged measures taken by the Government onion like procurement for the buffer, targeted release of stocks and imposition of export duty will benefit the farmers and consumers by assuring remunerative prices to the onion farmers while ensuring continuous availability to the consumers at affordable prices.

As per directives from Department of Consumer

AgroPolicy, India, Trade, Vegetables

The central government had already planned to keep 3 lakh tonnes of onions on hand as a buffer stock for the 2023-24 season.

In order to improve domestic availability and stabilize soaring onion prices, the government on Saturday imposed a 40 per cent duty on the export of onions to check price rise and improve supplies in the domestic market. The Finance Ministry through a notification imposed a 40 per cent export duty on onions till December 31. The export duty comes amid reports that onion prices are likely to rise in September.

The move comes in the context of the government using trade-related measures to combat inflation. The government has already placed restrictions on the export of wheat and rice. Earlier, the Centre had reduced the import duty on edible oils.

The central government had already planned to keep 3 lakh tonnes of onions on hand as a buffer stock for the 2023-24 season. The government kept 2.51 lakh tonnes of onion as a buffer stock in 2022-23. If rates rise dramatically during the low supply season, a buffer stock is kept on hand to meet any emergencies and to keep prices stable.

Rabi onions harvested between April and June account for 65 percent of India’s onion production and sustain consumer demand until the Kharif crop is harvested between October and November.

The central government had already planned to

Agrotech, Company News, Horticulture, India, Start ups

The plant with the capacity of processing 100 tonnes of cashew per day while processing cashew will also produce oil from cashew shells.

India’s leading grape exporter Nashik-based Sahyadri Farmers Producer Company has set up Maharashtra’s biggest cashew processing plant at its Mohadi campus in Nashik district in an effort to build a value chain of cashew which is a vital crop in Konkan and the tribal belt of the State.  

The plant with the capacity of processing 100 tonnes of cashew per day while processing cashew will also produce oil from cashew shells which will help to elevate the economic status of the farmers.

Vilas Shinde, President and Managing Director of Sahyadri said that despite being the leading cashew producer in the world, India is not even able to meet the domestic requirement. “There is immense opportunity in cashew farming and business as cashew has the potential to revolutionize the economy of Konkan and areas in the Sahyadri mountain range,” he said.       

Shinde added that along with increasing the average productivity of cashews, it is necessary to focus on setting up big projects for cashew pulp and cashew nut products.  “This will not only increase the income of the cashew farmers but also create job opportunities in the villages and curb migration to cities”  

Started in 2010 with a group of 10 farmers, Sahyadri Farms took the initiative in collectively producing and exporting fresh grapes to Europe. That initiative has grown into the leading fruits and vegetable export and processing company that Sahyadri Farms is today, servicing over 18,000 farmers, covering more than 31,000 acres and 9 crops. The company walks with its farmers from their choice of crops to the farming practices they employ, from the inputs they use to how they harvest and sell their agricultural products.

The plant with the capacity of processing

Agro chems – Chemicals, Agrotech, Company News, India

Drone spraying initiative involves deploying an impressive fleet of 500 agricultural drones across the country, making it the largest agri-drone fleet in India.

In a demonstration of the significance of drones in agriculture, Syngenta India launched an awareness drive by simultaneously using 100 drones across Punjab and Haryana to spray Incipio, its new crop protection solution. The Syngenta drone yantra is travelling in Punjab and Haryana and is targeting to cover approx. 10,000 farmers across multiple districts about the benefits of drone spraying.

Based on the new age PLINAZOLIN® technology, these products promise effective defence against various pests, ensuring improved yields and crop quality. These are developed to efficiently meet the challenges arising from climate change and pest resistance, which are responsible for major crop losses every year. During the launch event, over 600 farmers from Macchiwara in the Ludhiana district participated in the demonstration.

Susheel Kumar, Country Head and Managing Director Syngenta India, emphasized the pivotal role of technology in achieving sustainable agriculture. He said that Syngenta India is at the forefront of enabling farmers to embrace innovation, not only for a greener future but also for increased productivity and improved income.

 Highlighting the significance of technology integration in agriculture, Kumar noted that the world faces escalating food demand and environmental challenges. He underlined how technology adoption in agriculture can ensure food security, resilience, and resource-efficient farming systems.

Syngenta India’s drone spraying initiative involves deploying an impressive fleet of 500 agricultural drones across the country, making it the largest agri-drone fleet in India. The company has also trained 150 drone pilots to support this endeavour.

Sachin Kamra, Head of Farmer Centric Ecosystem at Syngenta India, highlighted the company’s commitment to technology-driven progress. He mentioned the launch of drone spray solutions and the successful implementation of commercial spray services across several states, including Maharashtra, Punjab, Haryana, Madhya Pradesh, Andhra Pradesh, Telangana, and Karnataka. He said that 2643 acres have been sprayed commercially so far using Syngenta’s drone technology. In 2022, Syngenta’s Drone Yatra covered 13 states completing a milestone of 17,000 km to create awareness of drone spraying among farmers.

“We aim to strengthen and expand the drone ecosystem by collaborating with manufacturers, suppliers, and technology providers. This involves working closely with industry experts to improve drone capabilities, enhance operational efficiency, and address any technical limitations,” he added.

Drone spraying initiative involves deploying an impressive

Agrotech, Company News, India, Sugar industry, Sustainability

It aims to achieve a minimum 15% increase in yield per acre, equating to approximately 5 metric tons per acre, resulting in an additional income of Rs 12,000 to 15,000 for farmers.

UPL Sustainable Agriculture Solutions Ltd. (UPL SAS), a global provider of sustainable agriculture products and solutions, keeping the “Farmers First’ approach, signed a memorandum of understanding (MoU) with NSL Sugars Ltd (NSL), one of the leading sugar producers in the country, for Sustainable Sugarcane Production. The collaboration is also aimed at promoting green agriculture through optimised usage of natural resources. The MOU with NSL will indirectly add approx. 50000 beneficiaries across three states of Telangana, Karnataka and Maharashtra and will encompass an impacted area of nearly 1 lakh acres. This partnership between UPL SAS and ASL Sugars brings forth mutual benefits. UPL SAS gains market penetration while ASL Sugars reaps the advantages of sustainable sugarcane cultivation. This creates a win-win situation for the entire ecosystem of the sugar value chain, including customers seeking to purchase sustainable sugar.

The primary objective of this partnership is to achieve a minimum 15 per cent increase in yield per acre, equating to approximately 5 metric tons per acre, resulting in an additional income of Rs 12,000 to 15,000 for farmers. This also aims at significantly reducing input costs for farmers while promoting sustainable agri practices. This collaborative effort is expected to save an estimated 6 lakh litres of water and 50 kilograms of urea per acre thus promoting green agriculture practices and reducing environmental impact.

This collaboration serves as an extension of UPL SAS’s Shashwat Mithaas – Sustainable Sugar Program initiative, which has already made significant strides in Pune, Maharashtra, covering over 10,000 acres. Over the course of three years, UPL SAS and NSL will take this collaboration to the next level by implementing the program in a phased manner. The initial phase will cover 30,000 acres in the first year, gradually expanding to encompass the entire operational area.

The anticipated impact of the program on the initial 30,000 acres is significant. It is expected to conserve approximately 1,800 crore litres of water, amounting to approximately 6 lakh litres per acre. Additionally, the program aims to save 1,500 metric tons of urea consumption, approximately 50 kilograms per acre, resulting in a 25 per cent reduction in nitrous oxide (GHG) emissions. Nitrous oxide is 300 times more potent than carbon dioxide. This collaboration between UPL and NSL demonstrates a strong commitment to sustainable practices in sugarcane cultivation, highlighting their dedication to conserving resources, reducing environmental impact, and promoting sustainable farming methods.

Govinda Rajulu Chintala, NSL Group Chairman, “By implementing environmentally-friendly methods, we aim to maximize cane production per acre, leading to improved yields and increased income for our esteemed farmers. This partnership signifies a significant stride towards empowering our farmers and securing a prosperous and sustainable future for Sugarcane farming.

Sagar Kaushik, President Global Corporate & Industry Affairs at UPL ltd, said, “Through the implementation of sustainable agricultural practices, we aim to foster a harmonious relationship between farming and the environment. The introduction of our sustainable sugarcane program marks the initial phase of our expansive vision. Looking ahead, we are determined to extend these sustainable interventions to encompass a wider range of crops, as we endeavor to redefine sustainability across the entire food value chain”.

It aims to achieve a minimum 15%

Biostimulants, Company News, Europe, Inputs

New range of biofertilisers is suitable for use in agriculture, horticulture, forestry, sport turf and amenities.

Bionema Group Ltd, a leading UK-based biocontrol technology developer and manufacturer of biocontrol, biostimulants and biofertilisers, has announced the launch of a new range of biofertiliser products in the UK for use in agriculture, horticulture, forestry, sport turf and amenities.

Bionema’s expanded portfolio reflects Bionema’s evolution in focus and strategy, announced in 2022 following the company’s deal with Syngenta that secured Bionema’s position as a top 20 world-leading biocontrol company.

Bionema Group Ltd is launching four biofertilisers comprising living microbes that enhance plant nutrition by mobilising or increasing nutrient availability in soils and substrates. The BioNFix™ range and Rhizosafe™ include Paenibacillus azotofixans BNL1913, Azospirillum lipoferum BNL714, Bradyrhizobium japonicum BNL1061, and Rhizophagus irregularis BNL2414 encapsulated in a novel Incapsulex™ technology platform. This technology effectively encapsulates naturally derived microorganisms and delivers them on target, safely and effectively. 

These biofertilisers restore the soil’s natural nutrient cycle and build soil organic matter, enhancing plant growth while avoiding the use of synthetic fertilisers that can pollute the world’s waters and its atmosphere.

Field trials conducted by Bionema in different parts of world demonstrated significantly enhanced growth in agricultural crops grown with biofertilisers, and positive changes in soil organic matter content and pH, soil type and agroecological condition. These effects resulted in yield improvements as well a 40–50 per cent reduction in synthetic fertiliser use.

As the benefits of these products have become more recognised, and consumer preference for organic foods has intensified, there has been growing interest in biofertilisers. The biofertilisers market was valued at $2.6 billion in 2021 and projected to reach $4.5 billion by 2026 at 11.9 per cent CGAR (Markets and Markets, 2022). In particular, the mycorrhizae-based biofertilisers market is projected to reach $1.087 billion by 2027, and the use of mycorrhizal biofertilizers (especially arbuscular mycorrhizae species for agriculture crops) is expanding.

Speaking on the launch, Dr Minshad Ansari, Founder and CEO of Bionema Group Ltd said “Bionema’s collection of exclusive microorganisms and its novel delivery system provides a unique solution to soil fertility and crop health improvement. With a wide range of microbes that support Nitrogen fixation, Phosphorus solubilisation, Potassium mobilisation, and more, these biofertilisers are the ideal choice for anyone seeking to boost their soil’s health and vitality.”

Dr Sarah Harding, Global Head of Innovation at Bionema said, “These new products are the results of many years of research, not just into the microbes used for promoting and protecting plant growth, but also into the technology used for formulating these products in a way that ensures their survival and efficacy in the field.”

Meraj Syeda, Operations Director & Co-founder of Bionema Group Ltd said, “We believe in strict loyalty to ‘Innovation’ and in building value by supplying products and services that conform to global standards, ensuring consistent availability of world class products”.

New range of biofertilisers is suitable for

Agro chems – Chemicals, Company News, India

The company has invested more than Rs 300 crore over a period of two years to set up Dahej unit.

Leading agrochemicals company Dhanuka Agritech Ltd. announced the commencement of trial production at its new plant in Dahej, Gujarat. Company’s  Dahej plant is a technical manufacturing plant that will provide raw material security and the benefit of backward integration in the form of lower raw material costs. The company has invested more than Rs 300 crore over a period of two years to set up the unit, Dhanuka Agritech mentioned in filing to the stock exchanges.

Brokerage firm Prabhudas Lilladher said in its research report dated August 2 that it expected nearly Rs 50 crore of revenue contribution from the technical plant at Dahej in 2023-24, with an initial operating loss due to lower utilisation.

Dhanuka Agritech had also said that declining prices of agrochemicals would have an impact on the company’s margins as the delayed onset of monsoons led to delayed sowing and increased agrochemical inventories.

The company has invested more than Rs

Company News, Finance, India, Sugar industry

Total income up by 18 per cent over the previous year from Rs 19,401 million to Rs 22,865 million Refinery contributed 70 per cent of the topline.

Shree Renuka Sugars Limited – one of India’s largest sugars and green energy (ethanol and renewable power) producers and a subsidiary of Wilmar Sugar Holdings Pte Ltd, Singapore has reported its financial performance for the quarter ended June 30, 2023.

Highlights of the results for Q1-FY24 are summarized below –

  • Total income up by 18 per cent over the previous year from Rs 19,401 million to Rs 22,865 million. Refinery contributed 70 per cent of the topline.
  • Gross profit has improved from Rs 3,048 million to 3,562 million up by 17 per cent.
  • EBITDA has improved from Rs 1,102 Mn to 1,468 million up by 33 per cent. EBITDA margin improved by 74 bps.
  • Volume growth was led by 1) Domestic sugar sales (up by 33 per cent) of which Consumer pack sales (grew by 9 per cent) and 2) Refinery (2 per cent).
  • Distillery had a record production of 4.67 crore litres despite being off season due to availability of stored molasses, compared to 4.62 crore litres produced in the previous year.

Atul Chaturvedi, Executive Chairman said, “This quarter’s results must be seen in the light of inflationary headwinds, high interest rates, weakening currency and disruption caused at our Kandla refinery by cyclone Biparjoy. We have commenced the first quarter on a positive note and achieved healthy growth. Our total income for the quarter has increased by 18 per cent over the previous year. Revenues have grown significantly across all segments with upside in our refinery and sugar business. The delay in the onset of monsoon in the country was offset due to the torrential rains in the sugarcane belts of Maharashtra and Karnataka in June and we anticipate adequate sugarcane availability in the upcoming season. With the further thrust on ESG initiatives, our organic manure “BHU SANJIVANI” was launched at our Munoli unit (Karnataka) recently which is expected to improve soil health and increasing farmer’s income by increasing quantity and quality of their crop yield.

 Sunil Ranka, Chief Financial Officer said, “Shree Renuka Sugars has delivered one of the best performances in the first quarter with a gross profit growth of about 17 per cent and EBITDA growth of 33 per cent. The current results demonstrate our unwavering commitment to operational excellence and providing superior results to our stakeholders.

High volumes and margins propped EBITDA up to Rs 1,468 Mn from EBITDA of Rs 1,102 million in the previous year. Even after increase in the FRP (fair and remunerative price), which is likely to lead to some cost escalation, the same should not pose a problem as the macro environment is supportive and the industry expects further upward improvement in the ethanol purchase price. Good monsoon, strong sugarcane planting and government policies will continue to keep Renuka on the accelerated growth path.”

Total income up by 18 per cent