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Acquaculture, Animal Health, Live Stock, Sustainability

Artemia is widely used as live feed for farmed fish and can thrive in highly saline water

The Artemia4Bangladesh project, initiated by WorldFish, introduced Artemia or brine shrimp pond culture in the Cox Bazar region of Bangladesh to address the issue of poor fish productivity. The region, which produces 95 per cent of the salt in Bangladesh, only provides minimal income to around 1.5 million people employed in the industry.

Artemia is widely used as live feed for farmed fish and can thrive in highly saline water. It contains essential nutrients, such as over 50 per cent protein, essential amino acids, and fatty acids that are crucial for child development. This makes it a potential food source for people as well.

The project established around 150 farms and trained 1,500 farmers on Artemia pond culture, homestead aquaculture and vegetable gardening, and shrimp, tilapia, carp, and mola aquaculture. These interventions allowed farmers to supplement their income from salt production by selling Artemia to local shrimp hatcheries, nurseries, grow-out farms, and fish, shrimp, and crab producers. As a result, their income increased by up to 400 per cent.

WorldFish also developed recipes to introduce Artemia into the local diet. For example, Artemia kebabs are becoming popular in the area as an alternative to meat kebabs, and an Artemia omelette was created as a healthy option to support nutrition for women and children. These recipes were demonstrated with tastings to more than 200 salt-farming families.

Artemia not only provides an alternative source of income and nutrition for the community but also helps them adapt to the impacts of climate change. As water salinity increases, the coastal community’s agriculture and aquaculture productivity decrease. However, Artemia’s resilience to high salinity and temperatures ensures stable incomes for farmers in the face of climate change.

Artemia is widely used as live feed

AgroPolicy, Climate, Nature, Sustainability

Inter-Ministerial Meeting on issues of Management of Crop Residue Burning held

A high-level inter-Ministerial meeting was held under the co-chairmanship of Narendra Singh Tomar, Minister of Agriculture & Farmers Welfare and Bhupender Yadav, Minister of Environment, Forest & Climate Change to review the preparedness of the States of Punjab, Haryana, Uttar Pradesh and NCT of Delhi in preventing paddy stubble burning in the current season.

The high-level meeting was attended by Surya Pratap Shahi Agriculture Minister, Govt. of UP, Gurmeet Singh Khudian, Agriculture Minister of Punjab, Jai Prakash Dalal, Agriculture Minister of Haryana and Gopal Rai, Environment Minister of NCT of Delhi. Senior officers of the Ministry of Agriculture, Ministry of Environment, Govt. of India and from the States of Punjab, Haryana, Uttar Pradesh, NCT of Delhi and ICAR were also present.

During the meeting, the States presented the action plan and strategies for preventing stubble burning in the current season. The States were advised to utilise the funds provided for crop residue management, make Crop Residue Management (CRM) machinery available well before harvesting season and carry out Information, Education and Communication (IEC) activities in collaboration with ICAR and other stakeholders to bring awareness amongst farmers against paddy stubble burning.

Speaking on the occasion, the Union Minister for Environment stated that efforts to prevent paddy stubble burning for the last five years are bearing good results. Due to the concerted efforts of agencies like the Commission for Air Quality Management, burning instances in the States of Punjab, Haryana, Uttar Pradesh and NCT of Delhi have come down.  There is a need to encourage ex-situ management of paddy straw which will provide raw materials to the user industries like Power, biomass etc.

Inter-Ministerial Meeting on issues of Management of

Agrotech, India, Sugar industry, Sustainability

UPL SAS and Olam Agri will jointly implement the Shashwat Mithaas initiative assuring an additional 15 per cent increase in yields.

UPL Sustainable Agriculture Solutions Ltd. (UPL SAS), a global provider of sustainable agricultural products and solutions, signed a memorandum of understanding (MoU) with Olam Agri, a leading food and agribusiness supplier, to drive sustainable and consistent sugarcane production across India through the ‘Shashwat Mithaas’ initiative.

The programme aims to benefit farmers within the Olam Sugar Mill (Channehatti-Rajgoli, Kolhapur, Maharashtra) catchment area, with a 15 per cent increase in yield per acre and additional income. The initial phase of the programme will cover 2,000 acres in its inaugural year, with the potential to expand across a catchment area of 70,000 acres.

The project aims to reduce water usage by 30 per cent through the adoption of efficient irrigation practices, and cut fertilizer consumption by 25 per cent, while increasing crop yield and improving soil health. Through this partnership, farmers will be supported with a holistic package of solutions and services, including UPL’s climate-smart technology ZEBA as part of the ProNutiva package, training in Good Agricultural Practices (GAP), mechanization, and access to the nurture.farm platform to ensure traceability. 25 model plots have been established so far to demonstrate the efficacy of the solutions and approach.

Harshal Sonawane, Head Sustainability, UPL SAS, said: “At UPL SAS, we are committed to ensuring a greener and more prosperous future for all. This comprehensive package will empower farmers with improved productivity and enhanced profitability, while offering shared benefits for environmental health. By addressing the shortage of sugarcane in the market, this partnership is set to deliver wins for all while advancing long-term sustainability of crop production”.

Bharat Kundal, Business Head, Olam Agri, said, “At Olam Agri, reimagining global agriculture and food systems is at the heart of our endeavours. We firmly believe that adopting sustainable farming practices is crucial in addressing the challenges faced by our sugarcane farmers. Through collaborative efforts and embracing innovation, we are determined to create a lasting impact on the lives of farmers and the entire agricultural ecosystem”.

UPL SAS and Olam Agri will jointly

Company News, Horticulture, India, Start ups, Supply Chain, Trade

The first consignment of 150 boxes of INI Farms’ – ‘Kimaye’ branded pomegranates has been air-shipped to New York, USA

AgroStar, one of India’s foremost AgTech start-ups, working on the mission of Helping Farmers Win, is proud to announce a significant milestone achieved by its subsidiary, INI Farms. In a positive development for pomegranate farmers in India, INI Farms has successfully conducted a trial shipment of high-quality pomegranate exports from India to the USA, opening up new avenues for the export of Indian fresh fruits.

The pilot was executed by INI Farms in collaboration with Agricultural Products Export Development Authority (APEDA), National Plant Protection Organisation (NPPO), Maharashtra State Agricultural Marketing Board, and Pomegranate Research Centre, Solapur. The first consignment of 150 boxes (450 kg) of INI Farms’ – ‘Kimaye’ branded pomegranates has been air-shipped to New York, USA. The export venture was virtually flagged off by Chairman, APEDA at the Irradiation Facility Center in Vashi (Navi Mumbai). The successful export of pomegranates to the USA highlights the immense potential opportunities that lie ahead for Indian farmers and the country’s F&V exports on a global scale.

Sharing her thoughts on the milestone, Purnima Khandelwal, CEO, INI Farms said, “The efforts of the entire INI Farms’ team over the years have helped put the Indian Farmer on the world map by making great quality Indian fruits available around the world. ‘Kimaye’ is now a well-known global consumer F&V brand out of India, synonymous with great quality and safety. We are delighted to enable this significant trial to establish India’s pomegranate trade with the USA and excited about the opportunities and increased livelihoods it can bring for our farmers.”

Shardul Sheth, Co-founder & CEO, AgroStar, expressed his enthusiasm, stating, “We are proud to be the pioneers in the industry to successfully ship great quality pomegranates grown by Indian Farmers to one of the most quality-conscious markets in the world, the USA. This pilot is an important milestone in our journey of opening up new horizons for Indian farmers and contributing to the growth of F&V exports from India. We are grateful to the role of APEDA, NPPO, Maharashtra State Agricultural Marketing Board, Pomegranate Research Centre, Solapur and US APHIS for their role in achieving this milestone.”

The first consignment of 150 boxes of

Company News, Finance, India, Machinery - Pre-harvesting

Total tractor sales (Domestic + Exports) during July 2023 were at 25,175 units, as against 23,307 units for the same period last year.

 Mahindra & Mahindra Ltd.’s Farm Equipment Sector (FES), part of the Mahindra Group, today announced its tractor sales numbers for July 2023. Domestic sales in July 2023 were at 24,168 units, as against 21,684 units during July 2022. Total tractor sales (Domestic + Exports) during July 2023 were at 25,175 units, as against 23,307 units for the same period last year. Exports for the month stood at 1,007 units.

Commenting on the performance, Hemant Sikka, President – Farm Equipment Sector, Mahindra & Mahindra Ltd. said, “We have sold 24168 tractors in the domestic market during July, with a growth of 11 per cent over last year.  The cumulative seasonal rainfall spread across the country has recovered very well in the month of July and this has helped sowing of kharif acreage to pick up momentum. Aggregate sowing of Kharif crops is now ahead of last year, with most key crops including paddy and oil seeds have recovered, though pulses is still lagging in sowing. Terms of trade are now in favour of farmers, with continued decrease in input costs. The sentiments are positive in rural economy, and this is likely to support demand in the coming months. In the exports market, we have sold 1007 tractors”.

Total tractor sales (Domestic + Exports) during

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

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.

Company’s gross margin for the quarter is

Australia, Company News, Live Stock

Under the agreement FGS will supply Black Soldier Fly (BSF) eggs to Goterra, supplementing their existing egg supply to fulfil new contracts

Goterra, a leading provider of innovative waste management solutions, and Future Green Solutions (FGS), a pioneer in Black Soldier Fly production, have launched a new partnership aimed at transforming the future of food waste management. This relationship marks a significant milestone for both companies and the Australian insect industry.

Under the agreement FGS will supply Black Soldier Fly (BSF) eggs to Goterra, supplementing their existing egg supply to fulfil new contracts, including the largest site to date in Wetherill Park Sydney, with Woolworths as the foundation customer.

Duncan Rowland, Chair of the Insect Protein Association Australia (IPAA) commented, “By leveraging the expertise of these two industry leaders we can drive new opportunities, encourage smarter supply chains and shape the sustainable agriculture landscape in Australia.” The IPAA is the industry body for participants in the Australian insect industry. The IPAA promotes the development of insects for animal feed and human food, advocating for an environmentally and economically sustainable local industry.


Olympia Yarger, CEO of Goterra, said, “This is the culmination of 6 years of shared experience between Goterra and FGS. We could not be happier to embark on this innovative collaboration with FGS. We recognise the urgent need to address global challenges such as waste management and food security, and through this partnership, we can be more effective at tackling these issues head-on. For us, this partnership shows the power of collaboration and sets the stage for a more sustainable future.”

Luke Wheat CEO of FGS, explained, “This partnership signals the next stage of maturity for FGS and insect farming in Australia, with the launch of our FutureFlies product – the commercial production of high-quality, BSF eggs. FGS’s managed breeding program allows us to help streamline and fast-track the growth of sustainable waste management companies like Goterra. We look forward to growing the industry alongside Olympia and her team.”

Under the agreement FGS will supply Black

Agrotech, Company News, India, Sustainability

The holistic training program with Sambhav Foundation has provided economic stability to over 25,000 households across 84 villages in Karnataka, Rajasthan, and Madhya Pradesh.

 Herbalife India, a global health and wellness company, partnered with Sambhav Foundation, a non-profit organization, to train and empower farmers in India as part of its CSR initiative. Through Herbalife’s Seed-to-Mouth initiative, the organization has strengthened the farming capabilities of over 9,300 farmers across India. In line with Herbalife’s commitment to the United Nations’ Sustainable Development Goals (SDGs), the comprehensive training program has transformed over 25,000 households across 84 villages in Karnataka, Rajasthan, and Madhya Pradesh.

The project was implemented across major districts such as Ajmer (Rajasthan), Vijayapura (Karnataka), and Vidisha (Madhya Pradesh), equipping the farming community with cutting-edge agricultural learning resources, reducing operating costs, and enabling market reach to enhance their income generation. Since its launch in July 2022, the Seed-to-Mouth initiative has enhanced sector access for farmers by connecting them with major industry players, enabling them to reach a wider customer base and expand their market reach.

Ajay Khanna, Senior Vice President and Managing Director of Herbalife India said, “We believe that community empowerment and upliftment is a powerful tool for creating an equitable society. This initiative aimed at addressing the challenges faced by small-scale farmers. The collaboration aimed at providing farmers with adequate training and resources to improve their farming methods.”

The NGO conducted a diagnostic study in consultation with over 50 agri-experts across the states to identify and address existing gaps in agricultural practices by providing farmers with essential resources such as seeds, equipment, fertilizers, and loans. Farmers also gained practical knowledge on essential topics such as advanced farming technology, crop diversification, safe use of chemicals, land management, credit support, and market access through collaboration with Krishi Vigyan Kendras and university incubators. Expert-led awareness sessions on farming and irrigation supported farmers throughout the farming process.

The initiative not only aimed at strengthening the agricultural ecosystem in India but also enhanced the farmer’s agricultural practices enabling them to increase their economic status. The transformative impact of this initiative has been felt in the lives of farmers in Indian villages, leading to improved livelihoods and overall well-being.” said Khanna.

 Gayathri Vasudevan, CEO of Sambhav Foundation, added, “Sambhav’s inclusive approach towards the ‘Annadata’ (Food Giver) will support in generating the sustainable income by empowering them with cutting edge knowledge of the farming, reducing input cost and facilitating with market access. With a focus on addressing the significant challenges faced by the Indian farming community, the Seed-to-Mouth project was envisioned to strengthen the agricultural ecosystem in India.”

The holistic training program with Sambhav Foundation

Company News, Europe, Finance, Live Stock, Poultry

The move comes as the industry sees signs of recovery for the first time since the start of the cost-of-living crisis

Tesco has announced it is providing a further £10 million of additional support for the UK egg sector as it continues its commitment to sourcing all of its shell eggs from the UK. £6 million of the support will be provided from August this year until March 2024. The move comes after Tesco’s investment of £27.5m in the sector across 2022/23.

In a further boost to producers and customers, Tesco is lifting its buying restrictions on shell eggs. The restrictions, which mean customers can only buy three packs of eggs at a time, were introduced in November 2022 to ease pressure on a supply chain that was adversely affected by price increases in key inputs such as feed and energy, as well as the avian flu outbreak. 

The support package will be paid to suppliers to cover the cost of handling, processing and egg production, including any increases in feed for farmers. Tesco will continue to work with its suppliers to ensure the additional investment gets passed to farmers as quickly as possible.

Tesco will also continue operating its industry-leading poultry feed model. Poultry feed represents up to 70 per cent of the cost of production on egg and poultry farms. The model adjusts to price changes in the market, providing producers with the cost protection and security they need when buying feed.

The move comes as the industry sees

Agrotech, Company News, Machinery – Post-harvesting, World

The company spent over five years meeting with farmers, ranchers, large acreage property owners and big game hunters to develop an extreme-duty vehicle that was missing from the market

Polaris Off-Road is once again breaking new ground with the industry’s first extreme duty utility side-by-side: the all-new RANGER XD 1500. With its unprecedented capability, brute strength and unmatched comfort, the new extreme duty class of RANGER side-by-sides are engineered with the first-ever ProStar 1500cc 3-cylinder engine that offers an industry-leading 110 horsepower, the industry-exclusive STEELDRIVE automatic transmission for greater durability and precise control, and over 70 new accessories for enhanced customisation, highlighted by Polaris’ exclusive Lock & Ride MAX system. The RANGER XD 1500 establishes a new benchmark for utility side-by-side.

“We spent over five years meeting with farmers, ranchers, large acreage property owners and big game hunters to develop an extreme-duty vehicle that was missing from the market. From its ProStar 1500cc engine to the industry’s only STEELDRIVE transmission, RANGER XD 1500 is unlike anything else offered today and is yet another example of our relentless commitment to advancing the industry with fresh thinking and innovative solutions that meet the real-world needs of our utility customers,” said Steve Menneto, President of Polaris Off Road.

“Polaris RANGER has been the No. 1 selling utility side-by-side brand for more than 15 years and with the introduction of RANGER Extreme Duty, we’ve taken the industry’s hardest-working lineup and expanded it,” said Chris Judson, Vice President of Off Road Utility. “A segment of our utility customers said they are facing exceptionally large tasks and they simply need a machine with more power, more torque, more hauling and towing capacity, and more durability. And our team set out to deliver just that, incorporating dozens of new features and the latest engineering to make the RANGER XD 1500 more capable, stronger, and more comfortable than any other utility side-by-side out there.”

The company spent over five years meeting

Acquaculture, Agro Universities, Animal Health, Live Stock

The collaboration aims to address critical environmental challenges and improve the quality of aquaculture products by focusing on the production and testing processes of protein-rich fish meals derived from non-fish raw materials

The Kerala University of Fisheries and Ocean Studies (KUFOS) entered into a memorandum of understanding (MoU) with Meridian Biotech, a leading industrial biotechnology company based in Texas. The collaboration aims to address critical environmental challenges and improve the quality of aquaculture products by focusing on the production and testing processes of protein-rich fish meals derived from non-fish raw materials.

Meridian Biotech specialises in the production of high-value single-cell proteins for the pet food and aquaculture markets, and together with KUFOS, they plan to implement industrial production of fish meals based on single-cell proteins. This will make them available at affordable costs to aqua farmers and overcome the unsustainable practice of juvenile fish catch. By reducing the rejection rate of Indian shrimp by the US and the European Union through the availability of protein-rich fish meals, KUFOS Vice-Chancellor T Pradeepkumar sees a positive impact on marine biodiversity.

The collaboration aims to address critical environmental

Agro chems – Chemicals, Agro chems – Pesticides, Agrotech, Company News, North America

Tuque exoGEM fungicide is engineered with new formulation technology from Syngenta for enhanced turf protection.

This fall, golf course superintendents will have an additional tool to help prevent snow mold with the launch of Tuque™ exoGEM™ fungicide from Syngenta. Developed with an advanced formulation, Tuque exoGEM is designed to quickly protect turf and last through winter weather extremes.

“Snow mold can delay spring opening if not properly prevented, so we’re excited for the reliable control Tuque exoGEM will bring superintendents,” said Stephanie Schwenke, turf market manager for Syngenta. “We have also included it as part of the GreenTrust® 365 Snow Mold Guarantee to give superintendents additional options for confidently preventing snow mold based on the needs of their courses.”

The new exoGEM formulation technology helps protect the active ingredients ― SOLATENOL® technology, an advanced SDHI in FRAC group 7, and fludioxonil, a contact fungicide in FRAC group 12 with translaminar activity ― from unpredictable weather conditions.

“The exoGEM formulation has been proven to increase the uptake, movement and retention of the active ingredients to significantly improve rainfastness and protect the plant quicker,” explained Andrew Coughlin, Ph.D., group leader of formulation and technology for Syngenta. “It also requires very minimal energy to resuspend after storage.”

While Tuque exoGEM provides strong snow mold control as a standalone product, it is also an excellent tank mix partner with other Syngenta fungicides, including Posterity® XT, Daconil WeatherStik® and Banner Maxx® II.

Tuque exoGEM fungicide is engineered with new

Acquaculture, Australia, Company News, Live Stock

MPA Fish Farms operates the only ocean-based barramundi farm in Australia, located at Cone Bay

Tassal has recently acquired MPA Fish Farms and MPA Marketing, which operates the only ocean-based barramundi farm in Australia, located at Cone Bay. Tassal is Australia’s largest seafood grower, processor, marketer, and seller, employing almost 2,000 people across the country.

The company is now part of Cooke Inc, a global aquaculture and seafood family of companies that produce salmon, sea bass, shrimp/prawns, and harvest various wild fisheries species.

Mark Ryan, Tassal’s managing director and CEO, expressed excitement about including Australian ocean-farmed barramundi in their business, adding that they have successfully turned around the salmon and prawn industries in Australia and have the skills to do the same for MPA companies and the wider barramundi industry in Australia.

MPA currently produces around 1,600 tonnes of barramundi annually in Australia. Once operations are consolidated, Tassal plans to explore growth opportunities, creating more job opportunities in Northern WA.

Western Australia’s fisheries minister, Don Punch, has welcomed the acquisition, recognising aquaculture as one of the world’s fastest-growing food production sectors and an important contributor to WA’s food industries, job creation, and economic diversification.

MPA Fish Farms operates the only ocean-based

Agro chems – Chemicals, Agro chems – Fertilizers, Agro chems – Pesticides, Company News, Finance, India, Poultry

Segment results of Crop Protection business improved significantly by 224 per cent in Q1 FY24 as compared to the same period last year.

Godrej Agrovet Limited (GAVL) has today announced its financial results for the first quarter ended June 30, 2023. The Company reported consolidated revenues from operations of Rs 2,510.2 crore in Q1 FY24, unchanged from the same period last year. FY24 consolidated EBITDA* increased to Rs 206.8 crore from Rs. 169.3 crore in Q1 FY23, a growth of 22 per cent year-on-year. Q1 FY24 Profit before tax* increased to Rs 124.5 crore from Rs 102.8 crore in Q1 FY23, a growth of 21 per cent year-on-year.

Commenting on the performance, B. S. Yadav, Managing Director, Godrej Agrovet Limited, said, Godrej Agrovet started FY24 with a strong growth in profitability and margin expansion in the first quarter ended June 30, 2023. While our topline growth was flat, we achieved 21 per cent  year-on-year growth to clock Profit before tax of Rs. 124.5 Crore in Q1 FY24. The growth in profitability was driven by the strong performance of domestic Crop Protection, Animal Feed and Poultry businesses.

With robust volume growth and improved realizations in HITWEED (in-house herbicide), domestic Crop Protection business achieved a record quarterly topline and profitability in Q1 FY24. Segment results of Crop Protection business improved significantly by 224 per cent in Q1 FY24 as compared to the same period last year. In Feed business, sustained volume growth in cattle-feed and aqua feed was accompanied by notable recovery in margin profile across categories. Our food businesses-maintained volume growth momentum in branded products and delivered margin expansion. In Poultry, revenues from branded products increased by 15% year-on-year led by higher volumes. Lower live bird costs on account of better operational efficiencies boosted profitability as segment EBITDA grew by 50% year-on-year. Dairy business turned EBITDA positive in Q1 FY24. The higher salience of value-added products coupled with reduction in procurement costs contributed to recovery in margin profile.

Astec LifeSciences and Vegetable Oil businesses were adversely impacted by challenging market conditions. The continued demand-supply imbalance and the resultant decline in volumes as well as realizations of key enterprise products led to a sharp drop in Astec’s profitability. Astec’s contract manufacturing business, however, remained on track and its performance was in line with our expectations. Vegetable Oil business suffered from correction in end-product prices more than offsetting higher volumes.

During the quarter, GAVL commissioned its first downstream project in Vegetable oil business of an edible oil refinery in Andhra Pradesh. The refinery has a capacity of 400 MT per day.

Segment results of Crop Protection business improved