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Agribusiness, Agro chems – Chemicals, Company News, Finance, India

Company posted Profit After Tax of Rs 21.3 Crore in Q1FY25.

Best Agrolife Limited, amongst India’s leading agrochemicals manufacturers, announced its unaudited financial results for the quarter ended June 30th, 2024. Company reported Rs 519.3 Cr revenue from operations in Q1 FY25. Company’s EBITDA (excluding other income) stood at 54.6 crore. Company posted Profit After Tax of Rs 21.3 Crore in Q1FY25.

Inventory de-stocking issues should improve with the good monsoon, as higher demand and improved volumes have helped companies liquidate excess inventory in Q1 FY25.

During the quarter, Best Agrolife achieved key milestones by launching four patented products. The Company launched a patented rice herbicide under the brand name “Orisulam,” which is a broad-spectrum pre-emergence, early post-emergence and post-emergence herbicide. This patented triple combination herbicide controls a wide variety of weeds, grasses and sedges.

Best Agrolife also introduced another new patented product under the brand name of “Nemagen”. This is an innovative broad-spectrum insecticide with three potent technicals of CTPR, Novaluron, and Emamectin. This product combats the developing pest resistance. This product is an excellent solution for farmers for crops such as cotton, paddy, maize, pulses and vegetables.

The Company also introduced a patented soybean seed treatment and insecticide under the brand name “Warden Extra”. India ranks 5th in the world for soybean production and this product has an excellent scope for the years to come.

And the fourth patented product is a unique product – “Defender”. This unique insecticide plus fungicide combination is an excellent paddy product with effectiveness against fungal diseases such as blight as well as for eradicating the major paddy pest of BPH. This combination will control the major threats to paddy crops, thus improving yields and crop resilience. With the expectation of good rains and a good paddy crop, this will be another good product for the years to come.

Additionally, the Company secured a patent for a Stable Synergistic Pesticidal Composition, highlighting its commitment to innovation and sustainability. These advancements demonstrate the Company’s dedication to providing cutting-edge solutions and supporting farmers with reliable products.

Company posted Profit After Tax of Rs

Agribusiness, Company News, Farm Mechanisation, Finance, India

This success is attributed to the company’s extensive product lineup, which ranges from tractors with 20 to 120 horsepower and incorporates advanced features.

Sonalika Tractors announced that the company has reached a huge milestone through sales of 51,268 units from April to July 2024. This impressive feat underscores Sonalika’s dominant position in India’s competitive tractor market, illustrating its ability to capture substantial market share.

This success is attributed to the company’s extensive product lineup, which ranges from tractors with 20 to 120 horsepower and incorporates advanced features such as Heavy-Duty Mileage (HDM) and Common Rail Direct Injection (CRDS) engines. As the Indian tractor industry approaches its peak season, Sonalika’s growth is notably significant.

Raman Mittal, Joint Managing Director of International Tractors Ltd, said, “The company’s performance and in-house production capabilities, expressing optimism about the impact of the 2024 budget on farm mechanisation. With increased industry activity expected Sonalika’s early FY25 results could signal broader trends in the agricultural machinery sector.”

The Indian government’s recent allocation of Rs 1.52 lakh crore to the agricultural sector is anticipated to drive demand for modern farming machinery, further fuelling industry expansion.

This success is attributed to the company’s

Company News, India, People, Speciality Chemicals

Chandrashekhar has over three decades of experience in managing profit center operations, international marketing, and sales and portfolio management.

 Specialty chemicals major Safex Chemicals announced the appointment of Chandrashekhar Shukla as its new president for sales and marketing. Chandrashekhar has over three decades of experience in managing profit center operations, international marketing, and sales and portfolio management in various companies.

“We are thrilled to welcome Shukla to the Safex family. His vast experience aligns perfectly with our mission to drive growth and innovation throughout the chemical industry. We are confident that his leadership will significantly contribute to our ongoing success and expansion”, S.K. Chaudhary, founder director, Safex Chemicals Group, said.

Prior to this new role, Chandrashekhar served in leadership roles in Bayer, BASF, DCM Shriram Ltd. and Crystal Crop Protection Ltd. Reportedly, his strategic expertise spans managing P&L responsibilities in pesticides, seeds, and farm equipment across India, Thailand, and East Africa. Most recently, he served as the Head of International Business Development at Crystal Crop Protection Limited.

“I am honoured to join Safex Chemicals, a company renowned for its commitment to excellence across the chemical industry. I look forward to collaborating with the talented team at Safex, engaging with our diverse customer base and partners, and driving forward our mission to innovate and provide high-quality chemical solutions for various sectors.” Chandrashekhar said.

Chandrashekhar has over three decades of experience

Agribusiness, Collaborations, Company News, Europe, Water

This partnership is committed to fostering sustainable agriculture and equipping farmers to meet the challenges posed by changing climate conditions.

McCain Foods is partnering with Orbia Netafim to implement drip irrigation in potato cultivation. Field trials have demonstrated that drip not only reduces water usage by 20 per cent but also boosts crop yields by 4 per cent to 23 per cent, depending on yearly rainfall conditions.

Drip irrigation meets the specific needs of the plant by delivering water and nutrients directly to the plant’s root zone, in the right amounts, at the right time, and adapted to its growth stage. This targeted approach minimises waste due to evapotranspiration and runoff, ensuring optimal plant growth with minimal environmental impact.

Guillaume Callens, a participating farmer in the comparative trials, reports significant benefits: “Drip irrigation has improved water efficiency during heatwaves and reduced the time I spend on irrigation during dry periods. Fertigation has also allowed for more precise nitrogen application, making it a resilient system for both the environment and soil health.”

In collaboration with Verhaeghe, McCain Foods’ exclusive producers will enjoy special terms to facilitate the adoption of drip irrigation systems for potatoes. This partnership is committed to fostering sustainable agriculture and equipping farmers to meet the challenges posed by changing climate conditions.

This partnership is committed to fostering sustainable

Agribusiness, Company News, Finance, India, Start ups

 Company projects an additional Rs 16 crore in revenue from drone spraying services and input sales during the upcoming Kharif season.

Salam Kisan, a pioneering agri-tech platform, has recorded a remarkable 11X growth in revenue for the fiscal year 2023-2024, reaching an impressive total of Rs 23.61 crore. This exponential growth showcases the company’s success in leveraging its operational efficiency in drones and technological capabilities to boost overall sales and profitability.

Salam Kisan projects an additional Rs 16 crore in revenue from drone spraying services and input sales during the upcoming Kharif season, driven by farmers’ increasing adoption of its application. The company has been bootstrapped with positive EBITDA since its inception, and Salam Kisan is expecting to raise its first round of investment to expand its business with drones and increase market penetration.

Offering services across 35 districts in Maharashtra, Salam Kisan covered 41,000 acres in drone spraying that generated a revenue of Rs 2.41 crore. The success of their drone services and real-time crop calendar with agri-input recommendations has boosted Salam Kisan’s agri-input sales, which recorded a significant Rs 5.41 crore. Additionally, the company’s buyback program for farmers using the Salam Kisan platform and services throughout the agricultural cycle offered linkages worth Rs 15.225 crore in FY 23-24. By onboarding over 80 FPOs, Salam Kisan makes their advanced agricultural technology accessible to a wider spectrum of farmers.

Salam Kisan is a multi-stack precision farming platform that helps farmers in making informed decisions. They provide an array of services that leverage technology and data insights to empower modern farming practices. These services include an AI-enabled crop calendar for tailored crop management, precision agriculture guidance, customized fertilizer dosage recommendations, drone rental for fertilizer and seed spraying, farm mapping, input product marketplace, farmers community, government convergence, agriculture news, traceability solutions, and guaranteed output procurement.

Over the past year and Q1 24-25, Salam Kisan, under its parent company PRYM Group, has invested Rs 9.1 crore in developing agricultural drones and precision farming software. These advancements enhance the company’s technological and operational capabilities, enabling farmers to use drones and advanced analytics to optimize crop yield and soil health. This investment significantly boosts farmers’ productivity and profitability. The company deployed over 50 drones and pilots in Maharashtra, saving at least 70 lakh liters of water through optimized drone-based spraying.

Dhanashree Mandhani, Founder & CEO of Salam Kisan, said, “Our exceptional growth and remarkable increase in revenue this fiscal year is a clear indication of our commitment to transforming the agricultural sector through innovation and technology. Our crop calendar, drone services, and precision farming tools have not only improved yields but have also redefined farming practices in India. Farmers using Salam Kisan have seen an incremental revenue of at least Rs 16,000 and a 30% cost saving each season. As we expand into Uttar Pradesh and Madhya Pradesh, we intend to aid more farmers across India with our advanced agritech solutions.”

 Company projects an additional Rs 16 crore

AgroPolicy, India, R&D, Seeds

The 109 varieties of 61 crops released by the Prime Minister included 34 field crops and 27 horticultural crops.

Prime Minister Narendra Modi released 109 high yielding, climate resilient and biofortified varieties of crops at India Agricultural Research Institute, New Delhi. The 109 varieties of 61 crops released by the Prime Minister included 34 field crops and 27 horticultural crops. Among the field crops, seeds of various cereals including millets, forage crops, oilseeds, pulses, sugarcane, cotton, fibre and other potential crops were released. Among the horticultural crops, different varieties of fruits, vegetable crops, plantation crops, tuber crops, spices, flowers and medicinal crops were released.

 Prime Minister also interacted with the farmers and scientists on the occasion. Discussing the importance of these new crop varieties, Prime Minister stressed on the significance of value addition in agriculture. The farmers said that these new varieties will be highly beneficial as they will help reduce their expenditure and also have a positive impact on the environment.

Prime Minister discussed the importance of millets and underlined how people are moving towards nutritious food. He also talked about the benefits of natural farming and the increasing faith of common people towards organic farming, adding that people have started consuming and demanding organic foods. The farmers appreciated the efforts undertaken by the government for promoting natural farming.

The farmers also lauded the role played by Krishi Vigyan Kendras (KVK) in creating awareness. Prime Minister suggested that KVKs should proactively inform farmers about the benefits of the new varieties being developed every month to enhance awareness about their benefits.

Prime Minister also lauded the scientists for the development of these new crop varieties. The scientists informed that they have been working in line with the suggestion given by Prime Minister to bring unutilised crops into the mainstream.

The 109 varieties of 61 crops released

AgroPolicy, Fruits, Horticulture, India, Vegetables

Nine world class state-of-the-art Clean Plant Centres, equipped with advanced diagnostic therapeutics and tissue culture labs, will be established across India.

The Union Cabinet, chaired by the Prime Minister Narendra Modi, approved the Clean Plant Programme (CPP) proposed by the Ministry of Agriculture and Farmers Welfare. With a substantial investment of Rs 1,765.67 crore, this pioneering initiative is set to revolutionise the horticulture sector in India and expected to set new standards for excellence and sustainability.  Announced earlier in the Budget Speech by the finance minister in February 2023, the CPP represents a major leap forward in enhancing the quality and productivity of fruit crops across the nation.

Key Benefits of the Clean Plant Programme (CPP):

Farmers: The CPP will provide access to virus-free, high-quality planting material, leading to increased crop yields and improved income opportunities.

Nurseries: Streamlined certification processes and infrastructure support will enable nurseries to efficiently propagate clean planting material, fostering growth and sustainability.

Consumers: The initiative will ensure that consumers benefit from superior produce that is free from viruses, enhancing the taste, appearance, and nutritional value of fruits.

Exports: By producing higher-quality, disease-free fruits, India will strengthen its position as a leading global exporter, expanding market opportunities and increasing its share in the international fruit trade.

The Programme will prioritise affordable access to clean plant material for all farmers, regardless of their landholding size or socioeconomic status. The Programme will actively engage women farmers in its planning and implementation, ensuring their access to resources, training and decision-making opportunities. The Programme will address the diverse agro-climatic conditions across India by developing region-specific clean plant varieties and technologies.

Core Components of the CPP:

Clean Plant Centers (CPCs): Nine world class state-of-the-art CPCs, equipped with advanced diagnostic therapeutics and tissue culture labs, will be established across India. These include Grapes (NRC, Pune), Temperate Fruits – Apple, Almond, Walnuts etc. (CITH, Srinagar &Mukteshwar), Citrus Fruits (CCRI, Nagpur & CIAH, Bikaner), Mango/Guava/Avacado (IIHR, Bangaluru), Mango/Guava/Litchi (CISH, Lucknow), Pomegranate (NRC, Sholapur) and Tropical/Sub-Tropical Fruits in Eastern India. These centres will play a crucial role in producing and maintaining virus-free planting material meant for larger propagation.

Certification and Legal Framework: A robust certification system will be implemented, supported by a regulatory framework under the Seeds Act 1966, to ensure thorough accountability and traceability in planting material production and sale.

Enhanced Infrastructure: Support will be provided to large-scale nurseries for the development of infrastructure, facilitating the efficient multiplication of clean planting material.

Nine world class state-of-the-art Clean Plant Centres,

Agrotech, Company News, Seeds, World

BioLumic’s technology is being commercialised for inbred and hybrid corn cultivars, with plans underway for light-treated seeds to be available to farmers for the 2025 planting season.

BioLumic, the world’s only company treating seeds with light to activate genetic expression for new crop traits, has achieved a breakthrough in enhancing inbred corn lines. These genetically ‘pure’ parent seeds are crucial for producing the world’s high-performing hybrid seeds favoured by most farmers.

After achieving significant performance milestones in 2023 field trials, BioLumic is partnering with Beck’s Hybrids, Peterson Corn Genetics, Peterson Farms Seed, Breeder Direct and other seed companies to use BioLumic’s Genetic Expression Trait™ light-activated technology on a wide range of inbred and hybrid corn lines aiming to enhance their productivity. The inbred trials specifically target improved germination, emergence, seedling vigor, yield, and hybrid seed quality – all issues often associated when working with inbred seed corn breeding and production.

BioLumic harnesses ultraviolet (UV) light signaling, a scientifically-proven process, to rapidly activate natural genetic expression in plants for improved yield, quality, and plant defense traits without requiring genetic modification or chemical additives. BioLumic’s technology is being commercialized for inbred and hybrid corn cultivars, with plans underway for light-treated seeds to be available to farmers for the 2025 planting season.

“By activating Genetic Expression Traits in corn parent lines and showing the ability to lock in those traits to hybrid corn progeny without any ensuing treatments, our UV light technology is rewriting the playbook for seed production,” said Steve Sibulkin, BioLumic CEO. “It eliminates years of trait identification and breeding work for driving yield, quality and plant health without the multi-year regulatory process associated with genetic modification.”

United States field corn production is dominated by vigorous, high-yielding hybrid cultivars bred from crossing genetically pure inbred seed lines to target specific traits. However, problems experienced with inbreeding depression – including reduced germination, poor seedling emergence and vigor, increased susceptibility to environmental stressors and nutrient deficiency – often result in reduced yields and poor hybrid seed quality during the seed production process.

BioLumic’s light treatments for inbred seed are tailored to solve the problems associated with inbreeding depression. In 2023 trials, treated inbred corn lines with the stand establishment and yield trait package demonstrated a more than 7.3% yield gain without any changes compared to the grower’s standard practice – and the company is targeting double-digit yield gains this year. These substantial improvements in inbred uniformity and yield were driven by enhanced early-season germination and increased seedling vigor, including an average 16% advantage in root biomass. BioLumic’s Genetic Expression Traits can also be stacked together as trait packages to target multiple traits, such as improved stand establishment, yield, and composition (e.g. lipid content).

“Through our partnership with BioLumic, we are integrating this unique technology into our hybrid and inbred corn lines, evaluating BioLumic’s trait performance on some of our most promising germplasm this season,” said Marc Neuman, Director of Sales and Product Development at Breeder Direct. “Our mission is to deliver elite genetics that give our seed company clients improved margin opportunity. BioLumic’s ability to improve the yield potential of germplasm that is already outstanding creates a big opportunity for us and independent seed companies.”

BioLumic is set to commercialise Genetic Expression Traits for both inbred and hybrid corn in partnership with Gro Alliance in Q1 2025. The company is actively collaborating with genetics providers to develop new traits for their cultivars. Additionally, BioLumic is advancing trait development of soybean parent lines, with initial trials commencing this year.

BioLumic’s technology is being commercialised for inbred

Agbiologicals, Australia, Collaborations, Company News, Fungicides

The new bio-fungicide, set to launch in 2026 for winter crops and spring turf, addresses the growing challenge of foliar diseases in cereals, canola and turf applications.

ADAMA, a global leader in crop protection solutions, has announced a partnership with Elemental Enzymes, a US-based life sciences company, to introduce an innovative biological fungicide to the Australian market.

The new bio-fungicide, set to launch in 2026 for winter crops and spring turf, addresses the growing challenge of foliar diseases in cereals, canola and turf applications. Utilizing Elemental Enzymes’ patented peptide technology, the product will offer a novel mode of action to protect against fungal diseases like septoria tritici and septoria nodorum in wheat.

By stimulating plants’ natural defenses, the bio-fungicide will complement existing chemical fungicides, helping to manage disease resistance and improve crop health. This innovative peptide technology will support conventional fungicides by activating the plant’s natural immune response to diseases. ADAMA Australia will exclusively distribute the bio-fungicide for broadacre crops and turf, while also exploring additional applications through its research and development program.

“We are excited to partner with Elemental Enzymes to bring this innovative technology to Australian growers,” said Steve Scott, General Manager of ADAMA Australia. “The increasing prevalence of fungal diseases and the growing resistance to traditional fungicides highlight the urgent need for new solutions. This bio-fungicide offers a promising approach to enhance crop protection and sustainability. We are committed to rigorous testing and development to ensure this product delivers tangible benefits to Australian farmers.”

This partnership aligns with ADAMA’s strategy to provide innovative and sustainable crop protection solutions that deliver high return on investment and meet the evolving needs of farmers worldwide.

The new bio-fungicide, set to launch in

Agro chems – Chemicals, Company News, India, People

Before joining IFFCO-MC, Varshney served as the National Head of Marketing at Dhanuka Agritech, further cementing his reputation as a leader in the industry.

In a significant leadership change, Manoj Varshney has assumed the role of Managing Director and Chief Executive Officer at IFFCO-MC Crop Science Pvt. Ltd recently. Varshney brings to the table an impressive background in agricultural sciences and rural management, holding a BSc in Agriculture from G.B. Pant University, Pantnagar, and a PGDM in Rural Management from XIMB, Bhubaneswar.

Varshney carries around 20 years of rich and diverse experience Nationally and Internationally, primarily in Marketing of Agri inputs.  Varshney, in his earlier roles, held different positions i.e. Product Manager, Marketing Manager, General Manager, and Marketing Leader in across all the inputs viz. Seeds, Speciality Fertilizers, and Agrochemicals. Before joining IFFCO-MC, Varshney served as the National Head of Marketing at Dhanuka Agritech, further cementing his reputation as a leader in the industry.

Recognised as one of India’s top 30 influential marketing leaders, Varshney has been honoured with numerous awards throughout his career. His appointment is a strategic move by IFFCO-MC, as the organization looks forward to leveraging his dynamic leadership to achieve new milestones.

IFFCO-MC welcomed Manoj Varshney, a young and dynamic leader from the industry and look forward to touch new heights under his exemplary leadership.

Before joining IFFCO-MC, Varshney served as the

Agribusiness, Agro chems – Chemicals, Company News, Finance, India

Company reported PAT Rs 331 Cr in Q1 FY25 vs Rs 505 Cr in Q1 of previous year.

Coromandel International Limited, India’s leading Agri solutions provider is in the business of Fertilisers, Crop Protection Chemicals, Bio products, Specialty Nutrients, Organic Fertilizer and Retail. The Company has reported the financial results for the quarter ended 30th June 2024. Company’s total income for the quarter ended June 2024 was at Rs 4,783 Cr vs. Rs 5,740 Cr for the quarter ended June 2023. The profit after tax for the quarter was at Rs 309 Cr as against Rs. 494 Cr for the quarter ended June 2023. Company’s EBITDA for Q1 was Rs. 507 Cr vs. Rs 710 Cr in Q1 of previous year. Company reported PAT Rs 331 Cr in Q1 FY25 vs Rs. 505 Cr in Q1 of previous year.

Nutrient and Allied Business

The Revenue for the quarter ended June 2024 was at Rs 4,198 Cr as against Rs. 5,192 Cr for the quarter ended June 2023, registering a year-on-year de-growth of 19 per cent. Profit before interest and tax for the quarter was Rs 436 Cr vs. Rs. 672 Cr for the quarter ended June 2023.

Crop Protection Business

The Revenue for the quarter ended June 2024 was at Rs 551 Cr as against Rs. 556 Cr for the quarter ended June 2023. Profit before interest and tax for the quarter was Rs 63 Cr vs. Rs 55 Cr for the quarter ended June 2023.

Commenting on the financial results, S Sankarasubramanian, Managing Director & CEO, Coromandel International Ltd. said, ″During the quarter, Coromandel made sequential recovery, registering healthy volume sales in Nutrients and Crop Protection businesses despite the delay in onset of monsoons. However, margins for the fertilizers business were impacted due to lower subsidy rates and rise in input costs.

Strengthening its backward integration capabilities has been one of the core focus areas for the company. Towards this, the fertilizer business has commenced activities for its Phosphoric acid (650 tpd)-Sulphuric acid (2000 tpd) complex at Kakinada. Further, to improve the operational efficiency and throughput at its phosphate mines at BMCC, Senegal, the company is setting up a fixed processing plant which is expected to be commissioned during the 2nd quarter of the year. During the quarter, the company commissioned Nano DAP plant at Kakinada and has set up Urea Super Phosphate unit at Nimrani, MP.

Crop Protection business volumes improved by 5 per cent driven by growth in technical and formulations. The company introduced ten new products during Q1 including four patented products. Its inlicenced formulation ‘Prachand’ has received very encouraging response from the market and business intends to introduce such novel formulations in coming periods by partnering with global innovators. The business has also finalized plans for setting up multi product plants for herbicide and fungicide manufacturing and activities for the same will commence during the year. The company continues to take progressive steps in strengthening its capabilities in Speciality chemicals and CDMO space.

Company reported PAT Rs 331 Cr in

Agribusiness, Company News, Finance, India

Profit Before Tax for the quarter stood at Rs 3,158 million, compared to Rs 4,061 million in the corresponding quarter of the previous financial year.

Bayer CropScience Limited announced its unaudited results for the first quarter (Q1) of Financial Year (FY) 2024-25. For Q1 ended June 30, 2024, the Company registered Revenue from Operations of Rs 16,312 million, compared to Rs 17,396 million in the corresponding period of FY 2023-24. Profit Before Tax for the quarter stood at Rs 3,158 million, compared to Rs 4,061 million in the corresponding quarter of the previous financial year.

Commenting on the quarterly results, Simon Wiebusch, Vice Chairman/Managing Director and CEO, Bayer CropScience Limited said, “Despite the slow progression of monsoons and the impact of low reservoir levels on our first quarter, we still achieved a 3 per cent growth in liquidation. Business picked up towards the end of June, coinciding with increased farming activity, indicating a positive market shift. However, supply constraints in our seeds business affected availability and increased the cost of corn seeds. Although revenue from operations declined, we maintain optimism for the upcoming season due to promising monsoon coverage across the country. Nevertheless, we remain sensitive to rain distribution, cropping patterns, and price pressure resulting from high industry inventories.”

Simon Britsch, Chief Financial Officer, Bayer CropScience Limited, while speaking about the quarterly results said, “We continue to focus on sustained operational expense management and rigorous working capital discipline, including targeted efforts in receivable collections. As we look forward, we maintain an optimistic outlook on our future prospects, confident in our ability to build momentum and steady growth investments.”

Profit Before Tax for the quarter stood

Agribusiness, Agro chems – Fertilizers, Company News, Finance, India

Competition Commission of India (CCI) also approved acquisition of equity shares of Mangalore Chemicals & Fertilizers Limited by Zuari Maroc Phosphates Private Limited.

The Competition Commission of India (CCI) has approved the proposed amalgamation of Mangalore Chemicals & Fertilizers with Paradeep Phosphates Limited and proposed acquisition of equity shares of Mangalore Chemicals & Fertilizers Limited by Zuari Maroc Phosphates Private Limited.

Paradeep Phosphates Limited (PPL) is a company under the Adventz group of companies (Adventz group). The majority shareholding in PPL is held by ZMPPL. ZMPPL is a 50:50 joint venture between Zuari Agro Chemicals Ltd (ZACL), a company belonging to the Adventz group and OCP S.A. (OCP). PPL is primarily engaged in the production and marketing of complex phosphatic fertilizers.

Mangalore Chemicals & Fertilizers Limited (MCFL) is a company under the Adventz group. The majority shareholding (i.e. 54.03 per cent) in MCFL is held by ZACL. MCFL is primarily engaged in the production and marketing of complex phosphatic fertilizers.

Zuari Maroc Phosphates Private Limited (ZMPPL) is a 50:50 joint venture between ZACL and OCP. ZMPPL currently holds 56.08 per cent equity stake in PPL. ZMPPL carries out trading of fertilizers.

The Proposed Combination comprises of: (i) the proposed amalgamation of MCFL with and into PPL, on a going concern basis (Proposed Merger); and (ii) the proposed acquisition of 3,92,06,000 equity shares of MCFL by ZMPPL from ZACL (Proposed Acquisition) (the Proposed Merger and Proposed Acquisition are collectively referred to as the Proposed Combination).

Competition Commission of India (CCI) also approved

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

Seeds business faced headwinds on account of weather challenges that impacted production, created inventory shortages and supply constraints, leading to a revenue drop of 7 per cent.

 Agrochemical major, UPL Ltd., reported financial results for the first quarter ended June 30, 2024. Revenue growth for the first quarter was flat at 1 per cent, driven by 16 per cent increase in volumes, 14 per cent decline in price and a negative 1per cent Fx impact.

Seeds business faced headwinds on account of weather challenges that impacted production, created inventory shortages and supply constraints, leading to a revenue drop of 7 per cent and EBITDA drop of 30 per cent YoY.

Net Debt increased by $639 million in Q1FY25 vs year end March 24. The corresponding increase last year was $1,136 million.

Commenting on the Q1FY25 performance, Mike Frank, CEO, UPL Corporation Ltd., said: ″We continue to see strong fundamentals in the global crop protection market, with farmgate demand for our products at or above last year levels in most regions.

Herbicides led the growth in North America, driven by glufosinate and clethodim. Our herbicide performance in Brazil also did well. Fungicides growth was led by higher volumes in Europe and North America.

Revenue growth in our Natural Plant Protection (NPP) business was impressive, up 10 per cent versus last year, driven by a strong performance in Europe, among other regions.

Our contribution margin compressed by 600 bps vs Q1FY24. This was primarily due to price decline, and partially offset with lower cost of goods. Increased freight costs and foreign exchange were also headwinds on margins this quarter.

From an SG&A perspective, we continue to remain disciplined, and the organization is focused on making improvements in the operating model and driving efficiency throughout the enterprise. ″

Commenting on the Q1FY25 performance, Ashish Dobhal, CEO, UPL SAS, said: ″On our India Crop Protection business (UPL SAS), we continued our efforts to restructure the business through strict credit policies and tighter credit terms, which lead to a postponement of sales closer to season, and the consequent impact on Q1FY25 revenues. However, our contribution margins and cash flows have improved and working capital reduced, giving us the confidence that this is the right structural move for us in India”.

Commenting on the Q1FY25 performance, Bhupen Dubey, CEO, Advanta, said: ″On our global seed platform, Advanta, we saw some headwinds in Q1FY25 on account of weather challenges that impacted production, created inventory shortages and supply constraints, leading to the impact on sales and EBITDA margins. ″

Seeds business faced headwinds on account of