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Agrotech, India, Interaction, R&D

The Conclave aimed to create a forum for discussing the role of technology and research in promoting efficiency, productivity, and sustainability in the agricultural industry.

The IMC Chamber of Commerce and Industry’s (IMC) Agriculture Committee organized the ‘IMC Agriculture Conclave – Impact of Technologies on Indian Agriculture sector on Thursday, May 16, 2024 at IMC headquarters in Mumbai. The Conclave aimed to create a forum for discussing the role of technology and research in promoting efficiency, productivity, and sustainability in the agricultural industry. The distinguished panellists engaged in remarkable panel discussions encompassing trending subjects like the role of Research and Development in Indian agriculture, the influence of resource management, the role of new technologies, digital implementation, and the sector’s transition to new-age methods.

The inaugural session was addressed by Suresh Kotak, Past President, IMC and Chairman, Kotak & Co. Kotak highlighted that technology transition and research are two key aspects for the evolution of the agriculture sector it supports a revenue generation model. He further added that agriculture has a multiplier effect towards the GDP contribution of the country and new-age technology adaptation transpires the sectoral progress. The adaptation of Farmer Producer Organisations (FPO) has enabled them to access into global markets and exhibit the region’s various agricultural products.

Samir Somaiya, President, IMC Chamber of Commerce and Industry said, “Indian Agriculture has been, and continues to be the cornerstone of the Indian economy. It is one of the fastest growing sectors of the nation with the rapidly changing scenario of modern technologies. Technology and innovation are two key drivers of progress in the agricultural sector and are a critical support for guaranteeing food security, promoting sustainable practices, and generating economic opportunities. Governments, corporate sector entities, and other stakeholders should invest in initiatives that promote Agripreneurship and the adoption of new technology and practices throughout the agricultural value chain.”

The Conclave aimed to create a forum

Company News, Finance, India, Investments, Start ups

Coromandel will invest Rs 150 crore taking its shareholding in the Dhaksha to 58 per cent.

Agriculture solutions provider Coromandel International is acquiring an additional 7 per cent stake in Dhaksha Unmanned Systems for Rs 150 crore taking its shareholding in the Chennai-based drone maker to 58 per cent.

The proceeds from the fund-raise will help Dhaksha strengthen research and development efforts, cater to servicing large orders and meeting working capital needs, Coromandel said on the acquisition through subsidiary Coromandel Technology.

“The investment in Dhaksha aligns with Coromandel’s vision of diversifying in technology spaces and promoting technology adoption across various spheres,” said Arun Alagappan, Executive Chairman Coromandel International.

Coromandel has been associated with Dhaksha from is start-up stage, supporting the company on talent acquisition, R&D and scaling up production. Dhaksha has strengthened its technological capabilities in the past year, investing in research activities to develop new products and applications. “We remain committed to bringing in latest innovations in drones and enable Dhaksha to become a drone manufacturing major in the country”, Alagappan said in a release.

The 2019 incorporated Dhaksha provides a range of Unmanned Aerial Systems (UAS) for use in agriculture, defence, surveillance and enterprise applications. It also offers remote pilot training services.

Dhaksha bagged several orders from defence and agri input companies last year and its order book stands at Rs 265 crore. It has recently expanded production capacity with a state-of-the-art manufacturing facility established on the outskirts of Chennai, Coromandel said.

Coromandel will invest Rs 150 crore taking

AgroPolicy, Horticulture, India

This strategic alliance aims to facilitate the seamless integration of Odisha’s premium mango & fresh vegetables produce into international markets.

The Agricultural and Processed Food Products Export Development Authority (APEDA) and the Directorate of Horticulture with support from Palladium as the technical support unit (TSU) of the Promotion and Stabilization of Farmer Producer Organizations (PSFPO) project joined forces to redefine the market linkage of Farmer Producer Organizations (FPOs) in Odisha.

This strategic alliance aims to facilitate the seamless integration of Odisha’s premium mango & fresh vegetables produce into international markets, marking a significant milestone in the agricultural landscape of the region. The PSFPO team facilitated the initiative by working closely with the APEDA officials, exporters and FPOs. The team started off by identifying the suitable clusters and FPOs, followed by visiting the FPOs along and facilitating discussions between the FPOs and the buyers. This was followed by creating an action plan and ensuring smooth coordination to facilitate the off take, adhering to quality standards, storage, handling, packaging and transportation and other logistics requirements.

Through the initiative, the state FPOs marked a significant milestone with the first commercial shipment of fresh produce shipped via Biju Pattnaik International Airport (BPIA) on 15th May 2024. With this, 0.75 metric ton of fresh produce have been shipped to Dubai, with an incremental price realization of 20 per cent -30 per cent for the farmers. Out of this, 0.5 MT of the fresh produce was supplied by Madanamohana Farmers Producer Cooperative Society Ltd., an FPO supported by Harsh Trust from Odapada block of Dhenkanal district. Additionally, 1.22 metric tons of Amrapalli mangoes and Dussehri mangoes from the FPO have been exported to Italy, in the last two days achieving a 40 per cent increase in price realization for the farmers.

On this collaboration, Sitakanata Mandal, Regional head, APEDA, said, “This season we wanted to operationalize the supply of fresh produce (fruits and vegetables) to global markets. This has been possible with the partnership with Palladium, the Technical Support Unit under Directorate of Horticulture. We started by identifying the clusters and FPOs to source the fresh produce and the effort culminated in shipment of first commercial shipment of fresh produce shipped via Biju Pattnaik International Airport (BPIA) on 15th May 2024! The efforts put it by the Palladium under Directorate of Horticulture in connecting FPOs of Odisha to the global markets is appreciable.”

While the above marks the beginning export of fresh produce to Dubai and Italy markets, the collaboration has helped create a sustainable market linkage of the FPO with remunerative markets, both domestic and international which have high demand for fresh produce such Mangoes, Okra, Bitter Gourd, and other vegetables through partnerships with exporters and institutional buyers.

“With 800+ FPOs in the state, Odisha has a huge potential for supply of fresh produce to global markets. Palladium works on Marketing System Development (MSD) approach to catalyse income enhancement for the smallholder farmers. Such global market connects initiatives not only boost the confidence of farmer producer organisations from remote parts of the state but also offer opportunities to scale up their supply positions with cost efficient quality control systems in place. Looking forward to connecting more FPOs in Odisha to profitable global markets through sustainable linkages through active participation from the private sector and inclusively transform agribusiness ecosystem in the state of Odisha”, said Biswajit Behera, Associate Director of Palladium.

This strategic alliance aims to facilitate the

Agribusiness, Company News, Finance, India

Asia sales declined 29 per cent (down 28 percent organically), primarily from lower volumes in China due to poor weather.

FMC Corporation reported first quarter 2024 revenue of $918 million, down 32 per cent versus first quarter 2023, and down 31 percent organically. On a GAAP basis, the company reported a loss of $0.02 per diluted share in the first quarter, a decrease of 101 per cent versus first quarter 2023. First quarter adjusted earnings were $0.36 per diluted share, down 80 percent versus first quarter 2023 and $0.04 higher than the midpoint of guidance.

“Free cash flow improved significantly, and we delivered adjusted EBITDA at the high end of our guidance range during the first quarter,” said Mark Douglas, FMC president and chief executive officer. “As expected, sales continued to be impacted by inventory management actions by customers in all regions. Our results benefited from our restructuring actions and the continued resilient sales of our new products, particularly in Latin America.”

First quarter revenue was driven by 27 percent decline in volume due to ongoing channel destocking in all regions.  Price was lower by 4 percent and foreign currency was a headwind of 1 percent.

North America sales declined 48 percent, almost entirely due to volume against a record-breaking prior-year period. Fungicide sales out-performed the portfolio with growth from new products Xyway® and Adastrio® fungicides. In Latin America, revenue declined 20 percent (down 22 percent excluding FX) due to a price decline in the mid-teens as well as lower volumes. Branded diamides and new products both reported higher sales versus prior year, aided by recently launched Premio® Star insecticide and Onsuva® fungicide.

Asia sales declined 29 percent (down 28 percent organically), primarily from lower volumes in China due to poor weather.  Actions to reduce channel inventory in India progressed despite dry conditions that reduced the consumption of crop protection products. Price in the region was down in the high-single digits.  Sales in EMEA declined 20 percent (down 17 percent organically) due to lower volumes including registration removals and rationalization of some lower-margin products.  Price in the region was up by low-single digits.  Plant Health revenue was down 14 percent in the quarter (down 12 percent organically), mainly driven by volume in Europe as customers delayed purchases and managed overall inventory to lower levels.

The company is forecasting full-year 2024 revenue to be in the range of $4.50 billion to $4.70 billion, unchanged since the last guidance and representing an increase of 2.5 percent at the midpoint versus 2023. FMC is maintaining its full year adjusted EBITDA guidance of $900 million to $1.05 billion, flat versus 2023, including the benefit of cost restructuring actions. The 2024 adjusted earnings outlook is unchanged at $3.23 to $4.41 per diluted share, representing a year-over-year increase of 1 percent at the midpoint. The company is maintaining its full-year free cash flow guidance in the range of $400 million to $600 million, representing over $1 billion in year-over-year improvement at the midpoint.

Asia sales declined 29 per cent (down

Acts & Schemes – Centre, AgroPolicy

Report provides extensive analysis of the government’s achievements; Highlights include 11 Crore Farmers benefiting from PM Kisan and a staggering 7350% increase in pulses procurement at MSP.

The Federation of All India Farmer Associations (FAIFA), a non-profit organization representing the cause of millions of farmers and farm workers of commercial crops across the States of Uttar Pradesh, Gujarat, Maharashtra, Andhra Pradesh, Telangana, Karnataka etc. convened a seminar today at the Constitution Club of India, New Delhi – Ensuring Farmer Livelihoods: Enhancing Farmer Incomes Through Sustainable Farming Practices.

During the seminar, FAIFA released a Report titled – TRANSFORMATION IN INDIA’S AGRICULTURE which highlighted key achievements in the agriculture sector in the last decade. The Report also put forward strategies to enhance farmer incomes in a sustainable manner. The seminar was graced by Sh. GVL Narasimha Rao, Former Member of Parliament, Rajya Sabha. The Key Speakers in the seminar were Prof MV Ashok, Senior Adviser BAIF Research and Development Foundation Pune and Former Chief General Manager, NABARD and Dr JP Tandon, Former Director, Indian Council of Agricultural Research.

The Report conducted an extensive analysis of the government’s achievements, providing a wealth of facts and figures. Some noteworthy highlights provided in the document include:

A remarkable 300 percent plus increase in budget allocation for agriculture over the span of 9 years

Over 11 crore farmers benefited from the PM Kisan scheme

A massive 7350 percent increase in pulses procurement at MSP

Production of over 330.5 million metric tons of food grains in the fiscal year 2022-23

Creation of 4.60 lakh Seed Villages and production of over 102 million metric tons of seeds

Recognition of over 7,000 Agri and allied start-ups in the agricultural sector

Coverage of 76 lakh hectares under the Per Drop More Crop (Drip Irrigation) initiative since 2015

Achievement of 221.06 million metric tons of milk production, marking a 51 percent increase over 9 years

Coverage of over 11 lakh hectares under the Paramparagat Krishi Vikas Yojana (PKVY) since 2016, among various other notable accomplishments.

The FAIFA Report put the spotlight on the term “Jai Kisan,” emphasising that the diverse fabric of India’s agricultural economy has been a consistent aspect of its identity throughout history. It acclaimed the farmers or the Annadaatas and stated that they have earned the foremost access to opportunities without question. The FAIFA Report commended the government’s decade-long efforts, acknowledging a comprehensive approach that has borne fruit. From initiatives supporting farmers’ income, agricultural insurance schemes and expanded irrigation coverage to promoting organic farming, empowering women farmers, bolstering infrastructure and digitizing services, the government has embraced a holistic strategy in championing the cause of the farmers.

Javare Gowda, President, Federation of All India Farmer Associations (FAIFA) on the release of the Report said, “The strides made by the government in the agriculture sector and for farmers are commendable. Efforts are being tirelessly invested in augmenting farmer income and ensuring their security, aiding our invaluable ‘Annadata’ in feeding our nation and the world too. Key policy initiatives like the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) and Pradhan Mantri Fasal Bima Yojana (PMFBY) have played pivotal roles in extending financial and income support to farmers. For instance, the PM-KISAN Samman Yojana annually provides direct financial assistance to lakhs of farmers, including marginal and small farmers, totaling over Rs 2.80 lakh crore disbursed so far. Also, crop insurance coverage has been extended to 4 crore farmers under PMFBY.”

Report provides extensive analysis of the government's

Agribusiness, Company News, Finance, India, Investments, Start ups

Eeki will commence exports of vegetables to international markets including UAE, Singapore and Europe in the next few months.

Eeki, a pioneering agritech startup cultivating nutritious vegetables in a sustainable manner, plans to invest Rs 700 crores over the next two years to scale up operations and enhance its domestic and global presence. The immediate expansion will take the company from Rajasthan and Haryana to Madhya Pradesh, Maharashtra, Tamil Nadu, and internationally into Oman. Eeki will also commence exports of vegetables to international markets including UAE, Singapore and Europe. Eeki’s technology produces 180 tonnes a year per acre, which is 18 times more than traditional farming. Eeki is the largest independent controlled environment farming company which will scale to 800 acres in the next two years.

“We are looking to expand our footprint into other states in India by partnering with like-minded landowners and partners. Our patented growing technology makes farming sustainable and climate proof, enabling year-round cultivation. Eeki farms deliver 18 times per acre yield as compared to traditional farming on even barren or unused lands at the similar cost, while using 80% less water,” said Abhay Singh, CEO & Co-Founder of Eeki.

“Automation lies at the core of Eeki’s operations, enabling seamless control of climate, irrigation, and nutrition through a cloud-based platform. We optimize yield and ensure crop health by detecting possible diseases early using image processing powered by machine learning and robotics” he further added.

“We at GC are inspired by daring founders like Abhay and Amit at Eeki who are building businesses with a focus on financial and societal return. Their business model and innovative solutions exemplify our aspiration to advance inclusive prosperity and make a meaningful difference in the lives of thousands of farmers,” said Anand Chandrasekaran Venture Advisor at General Catalyst.

“Our vision is to eradicate malnutrition globally by providing nutritious, residue-free vegetables accessible and affordable to all.  Our revolutionary approach has utilised barren land for cultivation and created a significant socio-economic impact. We have saved 13,000 kilograms of fertilisers, conserved 12 Crore Litres of water every year, and generated employment for over 150 rural women, empowering local communities and driving positive change” added Amit Kumar, COO & Co-Founder of Eeki.

“As Eeki’s first institutional investor, we are excited by the potential their patented technology holds to revolutionize current farming practices and build a climate-resilient agriculture ecosystem. We look forward to having landowners across India and the world become a part of our journey of producing nutritious vegetables at market prices, making malnutrition a thing of the past,” said Anjali Bansal of Avaana Capital.

Eeki previously secured a Series A funding of $6.5 million from institutional investors including General Catalyst and Avaana Capital positioning the company to achieve its growth objectives. Eeki is already profitable and aims to achieve a revenue of $100 million in the next two years.

Eeki will commence exports of vegetables to

India, Poultry, R&D

11 out of 14 samples collected from poultry farms across the states of Tamil Nadu and Andhra Pradesh found high levels of Antimicrobial Resistance Genes (ARG).

A new study highlighted alarming levels of Resistance Genes against medically important antibiotics in the Poultry Environment. A collaborative research report “Poultry’s pill problem; Antibiotics and its environmental concern” released by Toxics Link and World Animal Protection found high levels of Antimicrobial Resistance Genes (ARG) in 11 out of 14 samples collected from poultry farms across the states of Tamil Nadu and Andhra Pradesh.

The study analysed 14 poultry litter and groundwater samples from the above-mentioned 6 poultry farms indicating an alarming presence of ARGs against 15 important antibiotics, including glycopeptides, carbapenems, and macrolides.

Toxics Link also conducted both offline and online surveys which found that poultry farmers are using antibiotics indiscriminately due to a general lack of awareness and understanding of the possible consequences. Despite the recommendation of the Bureau of Indian Standards to not use Antibiotic Growth Promoters (AGPs) in poultry feeds, these continue to be available in the markets and used by poultry farmers. Incidentally, Colistin, a last-resort antibiotic drug for treating multidrug-resistant infections, banned for use in food-producing animals by the Union Ministry of Health in 2019, is still being sold through online platforms.

Gajendra Sharma from World Animal Protection elaborates, “Poor animal husbandry practices, especially in poultry farming, significantly contributed to antibiotic overuse. Farmers often administer antibiotics preventatively and for disease treatment, resulting in high levels of antibiotic residues in both food products and waste. Addressing the root cause of antibiotic misuse in the animal farming sector especially poultry is critical for controlling and reducing AMR. World Animal Protection strongly advocates for the effective integration and implementation of animal welfare into National and State Action plans to combat AMR. The time to act is now to safeguard the health and welfare of animals, humans, and the planet.”

ARGs are genetic facilitators of AMR which causes bacteria, viruses, fungi and parasites to no longer respond to antimicrobial medicines. Although naturally occurring, ARGs in the environment have increased in recent years due to anthropogenic activities leading to overuse and misuse of antimicrobials across different sectors. This has led to diseases such as pneumonia, gonorrhoea, post-operative infections, HIV, tuberculosis, and malaria becoming increasingly untreatable. According to the World Health Organization (WHO), at least seven lakh people die each year due to drug-resistant diseases, including more than two lakh people who die from multidrug-resistant tuberculosis.

Key highlights of the research study are given below:

  • The number of ARGs identified varied from 7,914 to 1,592 genes.
  • Manure samples in Coimbatore contained the highest amount of ARGs compared to both samples in Vijayawada (borewell samples and manure).
  • Multidrug Resistance Genes constituted 25%-45% of all the ARGs isolated in the samples, followed by Glycopeptide, Peptide, Tetracycline, Aminoglycoside and Macrolides.
  • Identified ARGs were against fifteen antimicrobials listed under the New WHOs List of Medically Important Antimicrobials, three of which were Carbapenems, Glycopeptide and Mupirocin-like antimicrobials.
  • Bacteria pathogenic to both humans and poultry, Escherichia coli and Klebsiella pneumoniae, were found in manure samples, raising concern over the development of drug-resistant zoonotic pathogens.

Survey findings

  • Poultry feeds available to the farmers are unregulated and unlabelled.
  • Farmers were largely unaware of the risk related to AMR, the withdrawal period and the guidelines provided by the pollution control board concerning poultry establishment.
  • Critically Important Antimicrobials promoted for growth promotion were found in online retail shops, despite the recommendations and regulations against them, e.g. Tylosin.
  • Colistin, banned for use in animals in 2018, is still being sold as a growth promoter in online retail shops for animal products.

11 out of 14 samples collected from

Agribusiness, Company News, Finance, India

 The company has posted net profit / (loss) of Rs. -17.9631 crores for the period ended March 31, 2024 as against net profit / (loss) of Rs. -38.2253 crores for the period ended December 31, 2023.

Meghmani Organics Ltd has reported Consolidated financial results for the period ended March 31, 2024. The company has reported total income of Rs 418.9793 crores during the period ended March 31, 2024 as compared to Rs. 361.3798 crores during the period ended December 31, 2023. The company has posted net profit / (loss) of Rs. -17.9631 crores for the period ended March 31, 2024 as against net profit / (loss) of Rs. -38.2253 crores for the period ended December 31, 2023. The company has reported EPS of Rs. -0.71 for the period ended March 31, 2024 as compared to Rs. -1.50 for the period ended December 31, 2023.

The company has reported total income of Rs. 418.9793 crores during the period ended March 31, 2024 as compared to Rs.582.6795 crores during the period ended March 31, 2023.The company has posted net profit / (loss) of Rs -17.9631 crores for the period ended March 31, 2024 as against net profit / (loss) of Rs.54.1456 crores for the period ended March 31, 2023. The company has reported EPS of Rs.0.71 for the period ended March 31, 2024 as compared to Rs.2.13 for the period ended March 31, 2023.

The company has reported total income of Rs.1603.9638 crores during the Financial Year ended March 31, 2024 as compared to Rs.2648.6576 crores during the Financial Year ended March 31, 2023. The company has posted net profit / (loss) of Rs-106.0260 crores for the Financial Year ended March 31, 2024 as against net profit / (loss) of Rs.237.7082 crores for the Financial Year ended March 31, 2023.

The company has reported EPS of Rs-4.17 for the Financial Year ended March 31, 2024, as compared to Rs.9.35 for the Financial Year ended March 31, 2023.

 The company has posted net profit /

Agro chems – Pesticides, Company News, India, People, Seeds

Geed’s expertise in strategic planning and focus on customer value creation aligns perfectly with Corteva’s commitment to advancing the transformation of agriculture.

Corteva Agriscience, a global leader in agriculture solutions, is pleased to name Subroto Geed as President, South Asia. Leading the South Asia Business, Geed will drive growth for Corteva’s Seed and Crop Protection businesses with an aim to enhance agricultural productivity, enriching farmer livelihoods, and fostering sustainable farming practices throughout the region.

Geed holds a bachelor’s degree in pharmacy from Indore University and a post graduate diploma in Management from Symbiosis Centre for Management and HRD, Pune. He brings a wealth of knowledge from his previous experience at Diageo, GSK Consumer Healthcare, Pfizer and Aliaxis.

Geed’s educational background, combined with his rich professional experience, positions him well to lead Corteva business. With a proven track record of delivering accelerated growth through multi-functional teams, Geed’s expertise in strategic planning and focus on customer value creation aligns perfectly with Corteva’s commitment to advancing the transformation of agriculture, helping farmers become more productive and sustainable.

“We are thrilled to welcome Subroto to Corteva Agriscience as our new President, South Asia,” said Rahoul Sawani, Regional President, Asia Pacific. “His extensive experience and deep understanding of diverse industries and markets will be invaluable as we pursue our growth through tech-innovation in the agriculture industry.”

“Corteva has established itself as the global leader in the agricultural technology industry and I am excited about this opportunity to build on the momentum” said Subroto Geed, President South Asia. “With an unparalleled tradition of innovation, and sustainability at the core of its business, I look forward to working closely with the team to foster strategic partnerships and deliver value to our farmers and stakeholders.”

Geed's expertise in strategic planning and focus

Agribusiness, Agrotech, Collaborations, Company News, Middle East countries, Sustainability

By sourcing ingredients exclusively from local farms, Bumblebee Food is contributing to a more productive and eco-friendlier agricultural sector for Dubai.

Bumblebee Food, a leading provider of ready-made meal plans for babies and toddlers, has partnered with different farms in Dubai to align with the goals to meet the vision.

The vision for Dubai Farms is to revolutionise Dubai’s agricultural landscape, Bumblebee Food stands at the forefront of this transformative journey, by supporting local farms and making environmentally conscious practices by reducing carbon footprints. Bumblebee Food has a small family-run farm, which produces a modest array of vegetables and fruits. The produce is entirely pesticide-free, chemical-free, non-GMO and clean, they aim to boost their production to meet growing demand.

Aligned with the Dubai Social Agenda 33 objectives, Bumblebee Food is dedicated to promoting local farming and sourcing ingredients exclusively from local farms. This partnership supports the development of the agriculture sector and enhances the sustainability of crops, all leading to making Dubai’s agriculture more productive and sustainable.

In an era dominated by imported goods, which is now changing due to technological advancements in agriculture, the emphasis now rests on the importance of local agriculture in Dubai, and the need to develop and sustain it. Bumblebee Food has already taken the lead by sourcing all its ingredients from local farms. Not only are they championing the cause of local farmers, but they are also adhering to the ethos of sustainable production.

By sourcing ingredients exclusively from local farms,

AgroPolicy, Foodgrains, India

The exhibit delves into the many superpowers of millets, showcasing their diverse varieties, cultivation methods, and culinary uses.

In collaboration with India’s Ministry of Agriculture and Farmers Welfare, Google Arts & Culture launched a new digital exhibit, “Millets: Seeds of Change,” celebrating the rich history and growing international importance of millets, of which India is the world’s largest producer. The digital exhibition highlights the history of millets from ancient grains to modern-day superfoods, as well as their nutritional benefits, contribution to global climate resilience, and potential to address global food security challenges.

The exhibit delves into the many superpowers of millets, showcasing their diverse varieties, cultivation methods, and culinary uses. It features simple and delicious millet recipes from celebrated chefs like award-winner Chef Thomas Zacharias, who is leading a millet revival movement. Interactive elements like quizzes and crosswords allow visitors to test their knowledge and engage with the content in a fun and informative way.

Launching the exhibit at Krishi Bhavan, Manoj Ahuja, Secretary, Department of Agriculture and Farmers Welfare stated: “When India spearheaded the UNGA resolution to declare 2023 the International Year of Millets, we did so with the objective of sharing our agricultural practices and experiences with the world. We were gratified to see ‘Shree Anna’, which holds immense potential for multiplier impact – including offering India’s small farmers a doorway to prosperity – receiving interest during the global G20 Summit. Our hope and ambition are that the conversations that have been generated over the past year translate into the advantages of millets spreading farther and wider. I thank Google Arts & Culture for supporting us in this endeavour with a dedicated digital exhibit.”

Amit Sood, Director, Google Arts & Culture remarked on the collaboration: “Google Arts & Culture is dedicated to leveraging technology, offering global audiences an interactive way to engage with cultural and historical treasures that shape our world. We are proud to have worked with India’s Union Ministry of Agriculture and Farmers Welfare to celebrate one such prime example from the ancient world that is capable of transformative impact – for the world of today and of tomorrow. Given its long-standing versatility in addressing multiple nutritional and sustainability challenges, it is little surprise that millets are witnessing a global resurgence. We are glad to lend our technology and platform to support the growing popularity of this food group.”

The exhibit delves into the many superpowers

Agribusiness, Company News, Drones, India, Logistics, Supply Chain

The company aims to capture a 5 per cent share of the USD 6 billion last-mile delivery segment in India, leveraging its first-mover advantage and advanced technology.

Magellanic Cloud, a leading technology enterprise, has secured Rs 43 crore order from an Indian Robotics firm for the supply of logistics drones, marking its foray into the lucrative logistics sector. The Rs 43 crore order includes 45 CargoMax series drone kits, comprising RTF Quadrotor Airframe, Flight Controllers, RC Controllers, EO Payload, and Transport Cases, to be manufactured at Magellanic Cloud’s cutting-edge facility in Bangalore.

This milestone represents a major revenue boost for Magellanic Cloud’s newly launched drone business. “This is the first major order for Magellanic Cloud in the private sector for supplying drones, particularly for logistics and delivery operations,” said Joseph Sudheer Reddy Thumma, Global CEO of Magellanic Cloud. “We are confident that more companies in this sector will opt for drones to scale up their businesses.”

A key player in this development is Magellanic Cloud’s subsidiary, Scandron, the first company to receive approval from the Directorate General of Civil Aviation (DGCA) in India for providing logistics drones. The company aims to capture a 5 per cent share of the USD 6 billion last-mile delivery segment in India, leveraging its first-mover advantage and advanced technology.

Magellanic Cloud is targeting a USD 300 million market share in the first three years of operations in the last mile delivery segment. The company plans to follow a combination of B2B and B2C models for its drone delivery services, focusing on working with aggregators in commercial use under B2B and providing last-mile delivery under critical cases like armed forces, difficult terrains, and medical supplies under B2C.

The Indian e-commerce sector, estimated at USD 27 billion, presents a significant opportunity for drone-based delivery solutions, particularly in the last mile connectivity sector, which is estimated at USD 6 billion and growing at an annual rate of approximately 15%.

With its recent DGCA approval for India’s first logistics drone, Magellanic Cloud is well-positioned to revolutionise the Indian logistics sector, providing efficient and reliable drone-based delivery solutions tailored to Indian conditions.

The company aims to capture a 5

Agribusiness, Agro chems – Chemicals, Agro chems – Fertilizers, Agro chems – Pesticides, Company News, Finance, World

Company’s revenue from operations declined 15.03 per cent YoY to Rs 14,078 crore in the quarter ended 31 March 2024, primarily due to lower prices in the post-patent market.

Agrochemical major UPL Ltd has reported 94.95 per cent decline in consolidated net profit to Rs 40 crore in Q4 FY24 as against a net profit of Rs 792 crore recorded in Q4 FY23.

 Company’s revenue from operations declined 15.03 per cent YoY to Rs 14,078 crore in the quarter ended 31 March 2024, primarily due to lower prices in the post-patent market (prices came off against last years [LY] higher base). However, volumes were largely in line with last year.

Company reported that Profit before exceptional items and tax slumped to Rs 135 crore as compared to Rs 1,420 crore reported in the same quarter a year ago. Exceptional items stood at Rs 105 crore in Q4 FY24 as compared to Rs 29 crore recorded in Q4 FY23.

Company’s EBITDA slipped 36 per cent to Rs 1,933 crore in the March 2024 quarter from Rs 3,033 crore reported in Q4 FY23. EBITDA margin dropped by 458 bps YoY to 13.7 per cent during the period under review.

The company’s revenue from crop protection was at Rs 15,080 crore (down 17.75 per cent YoY) and non agro stood at Rs 621 crore (down 9.21 per cent YoY). However, income from seeds business was at Rs 1,130 crore (up 30.33 per cent YoY).

UPL’s revenue from Europe rose by 10 per cent YoY. Income from North America declined 49 per cent YoY followed by India, down 24 per cent YoY and Latin America shed 23 per cent YoY during the period under review. Income from rest of the world increased 21 per cent YoY during the quarter.

During the quarter, net debt increased by $602 million vs previous year to $2.66 billion at the end of FY24 due to reduced factoring, and cash flow impact of decline in profitability.

Mike Frank, CEO, UPL Corporation, said, “We delivered significantly improved financial results in Q4 versus the two preceding quarters, in spite of the prevailing volatile and challenging market conditions. As compared to Q3, volumes recovered well and were in-line with LY, largely led by the strong performance of our high-margin differentiated and sustainable portfolio, which contributed 36 per cent of crop protection revenue vs 29 per cent LY. Our recent launches of Evolution, Feroce and Shenzi did exceedingly well, growing volumes by more than 50 per cent.

Furthermore, Advanta, our global seeds platform continued to see robust traction delivering revenue growth of 34 per cent and 38 per cent respectively for the quarter.

Company’s revenue from operations declined 15.03 per