Company’s PAT for the quarter was at Rs 95 crores up 5 per cent QoQ and down 27 per cent YoY compared to Rs 91 crore in Q1 FY24 and Rs 130 crores in Q2 FY23.
Best Agrolife Limited (BAL) today reported financial results for the quarter and half year ended September 30, 2023.
Key Results Highlights:
- Q2 FY24 Consolidated Revenue from operations for Q2 FY24 stood at Rs 811 crores which grew by 32 per cent QoQ and 16 per cent on YoY basis compared to Rs 612 crore in Q1 FY24 and Rs 700 crores in Q2 FY23.
- EBITDA for the quarter came at Rs 144 crore up 11 per cent QoQ and de-grew 21 per cent YoY compared to Rs 130 crore in Q1 FY24 and Rs 183 crores in Q2 FY23. The improvement in EBITDA for the quarter was on account of better product mix.
- EBITDA margin for the quarter came at 18 per cent as compared to 21 per cent in Q1 FY24 and 26 per cent in Q2 FY23, down 300 bps QoQ and down 800 bps YoY.
- PAT for the quarter was at Rs 95 crores up 5 per cent QoQ and down 27 per cent YoY compared to Rs 91 crore in Q1 FY24 and Rs 130 crores in Q2 FY23.
- PAT margin for the quarter came at 12 per cent as compared to 15 per cent in Q1 FY24 and 19 per cent in Q2 FY23, down 300 bps QoQ and down 700 bps YoY.
H1FY24 Consolidated
- Revenue from operations for H1 FY24 stood at Rs. 1,423 crores which grew by 22 per cent on YoY basis compared to Rs 1,164 crores in H1 FY23.
- EBITDA for H1 FY24 came at Rs 274 crores up 10 per cent YoY compared to Rs 248 crores in H1 FY23. The improvement in EBITDA was driven by better product mix during H1FY24.
- EBITDA margin for H1 FY24 was at 19 per cent as compared to 21 per cent in H1 FY23, down 200 bps YoY.
- PAT for H1 FY24 came at Rs 185 crores up 9 per cent YoY compared to Rs. 170 crores in H1 FY23.
- PAT margin for H1 FY24 was at 13 per cent as compared to 15 per cent in H1 FY23, down 200 bps YoY.
Commenting on results, Vimal Kumar, Managing Director, Best Agrolife Limited, said, “Despite the challenging external environment, we have maintained a strong growth trajectory, with revenue from operations surging by 32 per cent sequentially to reach Rs 811 crores. This remarkable growth can be attributed to the success of our flagship products, including Ronfen, Tricolor, CTPR, Propique, Amito, and others. Notably, the second quarter is a pivotal season for Ronfen, and robust interest from farmers is contributing significantly to our growth. Our profit margins remain resilient, driven by an improved product mix. The consistent demand for our products has shielded us from pricing pressures that generic agrochemicals are grappling with.
He also added that I am also pleased at the ground-breaking achievement by our subsidiary, Seedlings India, which has been granted a 20-year patent for a revolutionary Synergistic Pesticidal Composition. This composition incorporates two insecticides and a fungicide, offering innovative solutions to the challenges faced in rice cultivation. We have additionally secured a vital 20-year patent for a revolutionary herbicidal composition that promises to enhance rice crop yields. This one-shot herbicide, set to launch in the next Kharif season under the brand name ‘Orisulam’, will further bolster our herbicide portfolio. During this quarter, we introduced our patented product, Tricolor, which has garnered a very encouraging response from the farming community.
