Paddy procurement in KMS 2024-25 has so far benefitted 6.58 lakh farmers in Punjab with an MSP value of Rs 27995 crore.
A total quantity of 126.67 LMT of paddy has arrived in the Punjab mandis as of 8th November 2024, out of which 120.67 LMT has been procured by State agencies and Food Corporation of India (FCI). The paddy is being purchased at MSP @ Rs 2320/- per Quintal as decided by Government of India for Grade ‘A’ paddy and the total paddy purchased by Government till date in the ongoing KMS 2024-25, amounts to Rs 27995 crore benefitting around 6.58 lakh farmers, in Punjab. Further, 4839 millers have applied for shelling of paddy and 4743 Millers have already been allotted work by Punjab State Government.
The Procurement of Paddy for KMS 2024-25 has commenced in Punjab from 1st October 2024 and 2927 designated mandis and temporary yards are operational throughout the State for smooth procurement from the farmers of Punjab. Central Government has fixed an estimated target of 185 LMT for Paddy Procurement for the ongoing KMS 2024-25 which shall continue up to 30.11.2024.
The paddy lifting from the mandis is in full swing and the paddy lifted is more than the daily arrival quantity. As such paddy procurement is going on smoothly.
Laboratory to play a key role in Global fight against Equine Piroplasmosis; a blood-borne disease affecting horses, donkeys, mules, etc.
In a landmark achievement for India’s Animal Health Sector, the Department of Animal Husbandry & Dairying (DAHD) under the Ministry of Fisheries, Animal Husbandry and Dairying has facilitated the designation of Indian Council of Agricultural Research-National Research Centre on Equines, Hisar (ICAR-NRC Equine) as a World Organisation for Animal Health (WOAH) Reference Laboratory for Equine Piroplasmosis. This global recognition underscores DAHD’s sustained commitment to enhancing India’s scientific capabilities, diagnostic infrastructure, and leadership in tackling critical animal health challenges.
As per the 20th Livestock Census, India possesses around 0.55 million Equines (horses, ponies, donkeys, mules) that plays a significant role in various livelihoods and industries. This population includes around 0.34 million horses and ponies, 0.12 million donkeys, and 0.08 million mules, with states like Uttar Pradesh, Rajasthan, Gujarat, and Haryana having the highest concentrations. WOAH Reference Laboratory status not only affirms India’s adherence to the highest international standards in research and diagnostics but also reinforces India’s contributions to global animal health. NRC Equine will now play a key role in international collaborations, providing advanced diagnostic services, sharing technical expertise, and leading research initiatives on equine piroplasmosis. This recognition makes ICAR-NRC Equine the fourth laboratory in India’s Animal Husbandry sector to receive WOAH Reference Laboratory status, joining ICAR- National Institute of High Security Animal Disease, Bhopal (Avian Influenza); Veterinary College, Karnataka Veterinary Animal and Fisheries Sciences University, Bangalore (Rabies); and ICAR- National Institute for Veterinary Epidemiology and Disease Informatics, Bangalore (PPR and Leptospirosis).
The official designation of ICAR-NRC Equine as a WOAH Reference Laboratory will be formally announced at the 92nd WOAH General Session and World Assembly of Delegates in May 2025. This milestone achievement is a step towards advancing India’s diagnostic capabilities, establishing partnerships, and solidifying India’s leadership in animal health. It also highlights India’s growing influence in global animal health, particularly in combating equine piroplasmosis, a disease with substantial implications for the international equine industry.
About Equine Piroplasmosis disease:
Equine piroplasmosis, caused by the tick-borne protozoan parasites Babesia caballi and Theileria equi, affects horses, donkeys, mules, and zebras and poses a serious threat to the health of these animals, with significant economic impact. It has a reported seroprevalence rate of 15-25% across India. In certain high-risk regions, this prevalence can reach up to 40%, resulting in severe economic losses due to decreased productivity, health deterioration, and restrictions on the movement and export of equines. Recognizing the need for rigorous control and early diagnostics, DAHD has prioritized NRC Equine as India’s National Reference Center for equine diseases and the institute has developed cutting-edge diagnostic tools for Equine Piroplasmosis such as ELISA based on recombinant antigen, Indirect Fluorescent Antibody Test, Competitive ELISA for antibody detection and blood smear examination, MASP in-vitro culture system, and PCR for antigen detection.
The initiative aims to nurture a generation of innovators and entrepreneurs who can bring transformative ideas to India’s agricultural landscape.
Sher-e-Kashmir University of Agricultural Sciences and Technology (SKUAST) Kashmir, in collaboration with AVPL International, has successfully commenced an intensive training program on the third day of the event to advance drone technology skills among aspiring agritech professionals. With funding from the Ministry of Micro, Small, and Medium Enterprises (MSME), this specialised training aims to enhance the precision and profitability of farming practices through the integration of drone technology. With initiatives like this, SKUAST aims to nurture a generation of innovators and entrepreneurs who can bring transformative ideas to India’s agricultural landscape.
The program, hosted at SKUAST’s Center for Artificial Intelligence and Machine Learning (CAIML), has drawn many participants from diverse academic and professional backgrounds, reflecting the growing interest in tech-driven agriculture. The training sessions, led by prominent industry experts, focus on key drone technologies and their applications in sustainable farming, including the use of multispectral cameras and thermal imaging for enhanced crop yield and soil health.
AVPL International, an innovator in drone technology, has played a pivotal role in the training sessions. Himanshu Sharma, CEO of AVPL International, emphasized the critical role of precision farming in ensuring sustainable agriculture. “Sustainable farming can only be achieved through precision farming, and AVPL International is committed to advancing technology in this field. The right choice of drones and technology, including innovations such as AI-driven imaging and IoT integration, is essential for creating viable and impactful solutions,” Sharma said.
Prof. Nazir A. Ganai, Vice Chancellor of SKUAST, praised AVPL’s role in revolutionizing farming with drone technology, stating, “AVPL has been a leader in integrating drone technology into agriculture, significantly contributing to both farming efficiency and environmental sustainability.”
The program was also attended by Dr. Himanshu Parhak, Director General of ICAR Sher-e-Kashmir, who lauded the collaborative efforts at SKUAST, including the CAIML’s initiatives in artificial intelligence and machine learning, which are expected to drive future advancements in agricultural technology. Dr. Showkat Rasool, the Program Coordinator and head of CAIML, also highlighted the essential role of industry collaboration in building a strong, tech-savvy workforce equipped for the demands of modern agriculture.
Experts from across India, including IoTechWorld Avigation, MACFOS LIMITED, and IIT Mandi, also contributed their expertise to the sessions. Their involvement provided students with hands-on experience in essential technologies, such as AI and IoT-integrated drones, underscoring the benefits of drone-based crop management, which include enhanced crop quality, increased yield, and reduced labor costs.
Company posted revenue of Rs.2,941 crores H1 FY25 as compared to Rs.2,658 crores in H1 FY24.
Mahindra Logistics Ltd. (MLL), one of India’s integrated logistics & mobility solutions providers, announced its unaudited consolidated financial results for the quarter and half year ended 30th September, 2024. In Q2 FY25 company’s revenue stood at Rs 1,521 crores as compared to Rs. 1,365 crores in Q2FY24. EBITDA is at Rs 66 crores as compared to Rs 54 crores same period in previous year. Company reported Profit Before Tax Rs 5.0 crore as compared to Rs. (8.2) crores previous year. Company’s Profit After Tax loss stood at Rs 10.7 crores compared to Rs. 15.9 crores in Q2 FY24.
Company posted revenue of Rs.2,941 crores H1 FY25 as compared to Rs.2,658 crores in H1 FY24. Company’s EBITDA stood at Rs133 crores as compared to Rs.120 crores previous year. Company reported Profit Before Tax Rs 7.5 crores H1 FY25 as compared to Rs. (7.6) crores in H1FY24. Profit After Tax stood at Rs 20.1 crores as compared to Rs (24.5) crores previous year.
Company’s overall Revenues during Q2 FY25 demonstrated a strong growth of 11.5 per cent on YOY across businesses. Continued the focus on expanding capacity and making investments in the Eastern and North Eastern region, focussing on warehouses, delivery stations and express logistics.
The revenues for Freight forwarding the business grew by 65 per cent on YoY basis on the back of improved pricing in Ocean freight. The losses for the Express business were reduced by 32 per cent on YoY basis, driven by continuous cost optimization. The EBITDA losses were also reduced by 10 per cent on QoQ basis.
Commenting on the performance, Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics Ltd. said, “During the quarter, we saw strong revenue performance with year-on-year growth of 11.5 per cent. Our 3PL contract logistics, cross border and last mile delivery segments registered strong growth driven by account additions, new offerings and a stable cross border pricing environment. During the quarter, we expanded our offerings for transportation & green logistics. We continue to expand the overall network, with new infrastructure expansions in the east to support warehousing, last mile and express segments, which should help drive future growth. With the upcoming peak in Q3, we have expanded capacity and resources in contract logistics and last mile delivery, having a seasonal impact on operating earnings in the quarter. A soft demand environment and operating conditions impacted the express business. We believe H2 will be stronger driven by the festive peak and impact of margin improvement programs across all the businesses.”
Company has surpassed its all-previous monthly records with an outstanding 20,056 tractor sales in the month October 24.
India’s leading tractor export brand Sonalika Tractors announced that company has reached a new pinnacle of its highest ever monthly overall sales record of 20,056 tractors in Oct ’24. The biggest monthly performance in the history of Sonalika Tractors is line with its mission to make it simpler for farmers to own a customised tractor and embrace sustainable farm prosperity.
Sonalika Tractors continues to be trusted brand that is driving transformational growth among farmers as well as uplifting the agriculture domain with the most powerful heavy-duty tractors. During the biggest festive season, the company’s annual ‘Heavy Duty Dhamaka’ offer assured advanced tech powered tractors at reasonable prices for farmers and be an important support mechanism for farmers to surge ahead in life. With its widest dealership network in the country, the company ensured to seed correct product placement customised as per regional farmer requirements and deliver on its commitment to quality with every tractor to offer exceptional performance.
Sharing his thoughts on this unprecedented achievement, Raman Mittal, Joint Managing Director of International Tractors Limited, expressed, ‘We are thrilled to have surpassed all previous monthly records with an outstanding 20,056 tractor sales, marking a proud moment shared with our farming community. Our greatest motivation lies in ensuring that every farmer has access to the right tractor–one that is reliable, customized, and uniquely suited to their needs–supporting their journey toward sustainable prosperity. As we celebrate this milestone performance of the year, this accomplishment renews our commitment to advancing the next generation of intelligent, heavy-duty tractors tailored to empower farmers at every step.’
FMC Corporation confirms full-year outlook adjusted for expected sale of GSS business
FMC Corporation reported third quarter 2024 revenue of $1.07 billion, an increase of 9 percent versus third quarter 2023 and up 12 per cent organically. On a GAAP basis, the company reported net income of $0.52 per diluted share in the third quarter, up from a net loss of $0.03 per diluted share in the third quarter 2023 driven by higher sales and lower costs from restructuring actions as well as a lower effective tax provision. Adjusted earnings were $0.69 per diluted share, an increase of 57 per cent versus third quarter of 2023.
Third Quarter Adjusted EPS versus Prior-Year Quarter
Adjusted EBITDA
+25 cents
Interest Expense
+4 cents
Depreciation & Amortization
+2 cents
Minority Interest
-1 cent
Taxes
+3 cents
Rounding
-1 cent
“We delivered revenue and earnings growth as market conditions improved although at varying rates across the regions,” said Pierre Brondeau, FMC chairman and chief executive officer. “Strong volume growth in Latin America and North America more than offset lower pricing, particularly in Brazil and Argentina which accounted for two-thirds of the total company price decline. Despite suboptimal market conditions, we saw increased demand for new products, specifically fluindapyr-based fungicide products, which confirms the strength of FMC’s innovation pipeline.”
Revenue growth in the quarter of 9 per cent was driven by a 17 per cent increase in volume, with some North America second half orders occurring earlier than expected due to improved channel inventory levels. Price was lower by 5 per cent, driven primarily by Latin America due to challenging market conditions in Brazil and Argentina including delayed rains and elevated channel inventory. In addition, the bankruptcy of a large customer led FMC to offer additional incentives to replace lost volumes and maintain market share. Sales in Asia declined 10 per cent (down 12 per cent organically) due to volume declines, mainly in India, as well as lower pricing. In Latin America, revenue improved 8 per cent year-over-year (up 15 per cent organically).
FMC Revenue
Q3 2024
Total Revenue Change (GAAP)
9%
Less FX Impact
(3)%
Organic1 Revenue Change (Non-GAAP)
12%
Third quarter adjusted EBITDA was $201 million, an increase of 15 per cent versus the prior-year period and above the top-end of our guidance range. Higher sales volume, FX tailwinds and above-target restructuring benefits more than offset lower pricing and the recognition of unabsorbed fixed costs from lower manufacturing activity in prior periods.
Full-Year 2024 Outlook The company is confirming its full-year 2024 outlook for sales and EBITDA and updating its outlook for adjusted EPS. The midpoints for sales and EBITDA are adjusted for the imminent sale of the GSS business, which is expected to close in early November. Full-year revenue guidance has tightened to be in the range of $4.33 billion to $4.44 billion, representing a 2 per cent decrease at the midpoint versus 2023. Mid-single digit volume growth is expected to be more than offset by price and, to a lesser extent, FX headwinds. Full-year adjusted EBITDA range has been narrowed and is expected to be $885 million to $915 million, an 8 percent decline at the midpoint versus prior year. The range for 2024 adjusted earnings per share is updated to be $3.16 to $3.52 per diluted share, representing a decrease of 12 percent year-over-year. The tax rate range is narrowed to 13 to 15 percent, a 150 bps reduction versus prior guidance at the midpoint. The company is maintaining its full-year free cash flow guidance range of $400 million to $500 million.
Fourth Quarter Outlook
The fourth quarter outlook has been adjusted to reflect the imminent sale of the GSS business ($20 million loss in revenue and $10 million loss in EBITDA) and outperformance in Q3. Fourth quarter revenue is now expected to be in the range of $1.30 billion to $1.41 billion, a 19 per cent increase at the midpoint compared to fourth quarter 2023. Adjusted EBITDA is forecasted to be in the range of $321 million to $351 million, representing a 32 per cent increase at the midpoint versus fourth quarter 2023. FMC now expects adjusted earnings per diluted share to be in the range of $1.47 to $1.83 in the fourth quarter, which represents an improvement of 54 per cent at the midpoint versus fourth quarter 2023.
The Global Innovation Index (GII) 2024is based on a range of metrics, including R&D efforts, technology adoption rates, technology production, patents filed, and country’s economic context.
UPL Ltd., a global provider of sustainable agricultural solutions, has been recognised as the top Patent Cooperation Treaty (PCT) applicant in the Indian Science and Technology (S&T) clusters for agrochemical research. This recognition comes from the Global Innovation Index (GII) 2024, which annually ranks the world’s economies based on their innovation capabilities, with a focus on identifying and evaluating key regional science and technology hubs.
Expressing happiness, Dr. Vishal Sodha, Global IP Head of UPL said, “We are honoured to be recognized as the top PCT applicant within the Indian S&T clusters for agrochemical research. At UPL, we believe that innovation is the key to solving the most pressing challenges in agriculture, and this recognition further strengthens our resolve to continue delivering impactful, sustainable solutions.”
“We extend our gratitude to the dedicated scientific community for their continued efforts in driving innovation and developing solutions that address the challenges of modern agriculture. We also acknowledge the support of our Intellectual Property (IP) team for their invaluable role in safeguarding these innovations through robust patent protection,” he further added.
The Global Innovation Index (GII) 2024 has identified four Indian S&T clusters—Bengaluru, Delhi, Chennai, and Mumbai—that are among the top 100 in the world. It evaluates 133 economies, highlighting regions with thriving inventor and scientific ecosystems. The index is based on a range of metrics, including R&D efforts, technology adoption rates, technology production, patents filed, and country’s economic context. This recognition reflects UPL’s dedication to innovation, empowering farmers and advancing sustainable agriculture.
India has shown remarkable improvement in global innovation rankings, climbing from 66th place in 2013 to 39th in 2024. The GII also notes that India, along with the Republic of Moldova and Vietnam, remains an innovation over performer, holding this distinction for the 14th consecutive year. India’s surge in PCT applications, which has grown by 44.6 per cent, underscores the country’s growing leadership in global innovation.
The regional conference held at Krishi Bhawan, New Delhi, highlighted the importance of operationalizing SNA-SPARSH, for fostering growth, and supporting farmers across all regions of Northern States
The Ministry of Agriculture and Farmers Welfare held a regional conference at Krishi Bhawan, New Delhi, to conduct a midterm review of agricultural schemes implemented by Northern States. Key officials from Punjab, Uttarakhand, Himachal Pradesh, Haryana, and the Union Territories of Jammu & Kashmir, Ladakh, and Delhi gathered to evaluate progress and address challenges in the effective implementation of these schemes. During the meeting, Secretary Dr. Devesh Chaturvedi urged states to expedite the execution of Centrally Sponsored Schemes (CSS) by ensuring timely fund allocation and addressing issues related to state contributions and Single Nodal Account (SNA) balances.
The initiative focused on improving implementation of major schemes, including Rashtriya Krishi Vikas Yojana (RKVY) and Krishonnati Yojana, where non-performing states were encouraged to enhance their efforts in the remaining months of the fiscal year. Dr. Chaturvedi also advised states to finalize the RKVY annual action plan for FY 2025-26 by December to enable timely release of the first installment by April, aiming to reduce previous delays in fund utilization. A comprehensive review of key initiatives took place, covering the Kisan Credit Card (KCC) Mission for enhancing credit access, the Pradhan Mantri Fasal Bima Yojana (PMFBY) for risk mitigation and expanded crop insurance, and the Digital Agriculture Mission for advancing data-driven agriculture. The conference highlighted the need for digital integration in crop surveys and the alignment of state land records with the Agristack to streamline operations under PM KISAN.
The meeting also discussed high-priority topics, including the National Edible Oils Mission, NABL accreditation for laboratories under the Insecticides Act, and the efficient use of the Krishi Nivesh Portal and Agricultural Infrastructure Fund (AIF) to foster sector growth.
Shri Ajeet Kumar Sahu, Joint Secretary (IC, Oilseeds & Credit), set the agenda for the review and welcomed delegates from the agriculture departments of Northern States, as well as representatives from allied departments including Tribal Affairs, NABARD, and Cooperation.
Senior officials from the Department of Agriculture and Farmers Welfare, including Additional Secretaries Ms. Manindar Kaur, Dr. Pramod Kumar Meherda, Mr. Faiz Ahmed Kidwai, Ms. Shubha Thakur, and Joint Secretaries Mr. Praveen Kumar Singh, Mr. Samuel Praveen Kumar, Ms. Perin Devi, Mr. Muktanand Agrawal, Mr. Prabhat Kumar, Mr. Binod Kumar, Mr. Priya Ranjan, and Mr. Purna Chandra Kishan, as well as representatives from the Ministry of Cooperation, NABARD, and the Department of Financial Services.were the other key attendees of the conference.
Dr Blade currently serves as Deputy Director General – Research until the new Director General, Dr Himanshu Pathak, takes up the position next year.
The International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) announces a transition of leadership as Dr Jacqueline Hughes, the outgoing Director General, hands over official duties to Dr Stanford Blade, who will serve as Director General – Interim.
Dr Blade currently serves as Deputy Director General – Research and will guide the institute during this period of transition until the new Director General, Dr Himanshu Pathak, takes up the position next year. Dr Hughes expressed confidence in Dr Blade’s leadership as he assumes the role of Director General – Interim. “I leave ICRISAT in capable hands, knowing that Dr Blade’s deep commitment to our mission and his strategic expertise will ensure continuity as we advance our work in resilient agriculture,” stated Dr Hughes.
As Director General – Interim, Dr Blade is committed to reinforcing ICRISAT’s position as a leader in dryland agricultural research, championing scientific innovation, resilience-building, and partnerships.
“I am honoured to serve as a bridge for ICRISAT during this pivotal time, ensuring we maintain momentum until Dr Pathak joins us next year. Together, we remain dedicated to supporting smallholder farmers and delivering on our promise of a more food-secure and climate-resilient future,” said Dr Blade.
ICRISAT thanks Dr Hughes for her exceptional leadership and welcomes Dr Blade to this vital interim role. The institute looks forward to continuing its mission with renewed commitment and advancing agricultural innovations that benefit dryland communities worldwide.
Company’s Profit After Tax stood at Rs. 538.310 million in Q2FY25.
Praj Industries (Praj), announced its unaudited financial results for the quarter ended Sept 30, 2024.Company’s income from operations stood at Rs. 8,161.920 million in Q2FY25 (Q1 FY25: Rs. 6,991.414 million; Q2 FY24: Rs 8,823.685 million). Company reported Profit Before Tax (PBT) Rs 744.419 million for the period (Q1 FY25: Rs. 788.805 million; Q2 FY24: Rs 848.121 million). Company’s Profit After Tax is at Rs. 538.310 million in Q2FY25 (Q1 FY25: Rs. 841.807 million; Q2 FY24: 623.679 million). Order intake during the quarter Rs. 9,210 million (Q1 FY25: 8,880 million; Q2 FY24: Rs. 10,630 million)
In H1FY25 Company’s Income from operations stood at Rs. 15,153.334 million (H1 FY24: Rs. 16,190.912 million). Company’s PBT before exceptional items is at Rs. 1,533.224 million for the period (H1 FY24: Rs. 1,625.154 million). PBT after exceptional items Rs. 1,814.796 million. In H1FY25 company’s PAT stood at Rs. 1,380.117 million (H1 FY24: Rs. 1,210.405 million). Order intake Rs.18,090 million (H1 FY24: Rs. 21,640 million)
Commenting on the Company’s performance, Shishir Joshipura, CEO & MD, Praj Industries said, “The Bioenergy segment continues to develop positively as we witness our business growing in multiple dimensions, with healthy order and enquiry inflows from international, services and engineering verticals in the first half of the year. Several positive developments in the ecosystem and market augur well for continued growth journey as we move forward. Commissioning of our Demo plant for biopolymers opens a completely new dimension in form of renewable chemicals and materials segment. Our strong focus on R&D backed solutions will continue help us stay on our envisioned growth path”.
Key Developments:
Inauguration of India’s first-of-its-kind Demo Facility for Biopolymers, showcasing indigenously developed integrated Polylactic Acid (PLA) technology at the hands of Union Minister, Dr Jitendra Singh, Ministry of Science & Technology, in the presence of Dr Rajesh Gokhale, Secretary, Dept. of Biotechnology (DBT) and Dr. Ashish Lele (NCL).
These R&D Units act as focal points for cutting-edge research, skill development, and knowledge dissemination, facilitating collaboration among stakeholders, including industry, academia, and Government towards driving innovations in Green Hydrogen technologies, leading to improved process efficiencies and new product development.
The Government of India has invited Proposals for setting up Centres of Excellence (CoE) under Research and Development (R&D) Scheme of National Green Hydrogen Mission.
Government of India aims to establish world-class Centers of Excellence for Green Hydrogen in India to foster promote sustainability, thereby enhancing energy independence in the long term. The Centers of Excellence would contribute towards transition to a low-carbon economy by advancing Green Hydrogen production, storage, and utilization technologies.
These R&D Units act as focal points for cutting-edge research, skill development, and knowledge dissemination, facilitating collaboration among stakeholders, including industry, academia, and Government towards driving innovations in Green Hydrogen technologies, leading to improved process efficiencies and new product development.
The Government has allotted Rs 100 crores for setting up such Centres, under the Green Hydrogen Mission. MNRE had laid down guidelines for the implementation of R&D Scheme under the National Green Hydrogen Mission. Under these guidelines, Public and Private entities including Research Institutions, Universities are supposed to form partnerships to submit proposals against this CfP.
The National Green Hydrogen Mission launched on 4th January 2023, with an outlay of Rs. 19,744 crores up to FY 2029-30 is supposed to contribute to India’s goal to become Aatma Nirbhar (self-reliant) through clean energy and serve as an inspiration for the global Clean Energy transition. The Mission will lead to significant decarbonization of the economy, reduced dependence on fossil fuel imports, and enable India to assume technology and market leadership in Green Hydrogen.
The initiative will help in focusing on attracting investments through investors meetings to foster partnerships with tuna-fishing nations and implementing training and capacity-building programs
The Department of Fisheries, under the Ministry of Fisheries, Animal Husbandry and Dairying has notified the Development of Tuna Cluster in the Andaman and Nicobar Islands under the Pradhan Mantri Matsya Sampada Yojana (PMMSY).Over the past decade, flagship initiatives like Pradhan Mantri Matsya Sampada Yojana (PMMSY), Fisheries and Aquaculture Infrastructure Development Fund (FIDF) and the Blue Revolution have proved themselves as transformative agenda with an unprecedented investment of Rs 38,572 crores since 2015 in terms of increasing its efforts on the adoption of production and processing fisheries cluster-based approach with an end-to-end value chain in fisheries and aquaculture.
The Andaman and Nicobar Islands offers huge potential for fisheries development, with around 6.0 lakh square km of Exclusive Economic Zone (EEZ) rich in under-exploited sea resources, particularly Tuna and Tuna like high valued species, estimated at 60,000 metric tons. Their proximity to Southeast Asian countries adds on to the geographical advantage in terms of efficient sea and air trade, while the pristine waters support sustainable fishing practices thus assisting in leveraging its marine resources for economic growth. The notification of the Andaman and Nicobar Islands as a tuna cluster is expected to generate economies of scale, increase incomes, and accelerate organized growth in fisheries across the country. The initiative will help in focusing on attracting investments through investors meetings to foster partnerships with tuna-fishing nations and implementing training and capacity-building programs, along with exposure visits for the stakeholders to promote reduce costs, promote innovation, and support sustainable practices. . Additionally, the initiative would result in development of infrastructure for fish landing, processing and export connectivity that is essential for streamlining operations and enhancing India’s global competitiveness in the sector.
The Department of Fisheries has also envisaged a roadmap to focus on cluster development across key areas, including Pearl, Seaweed, and Ornamental Fisheries; Reservoir Fisheries; Fishing Harbours; Saline Water Aquaculture; Cold Water Fisheries; Sea Cage Culture; Freshwater and Brackish-Water Fisheries; Deep Sea and Oceanic Fisheries; Organic Fisheries; Wetland Fisheries, and other areas tailored to specific sectoral and regional needs. The Department of Fisheries has already identified Hazaribagh District in Jharkhand for pearl culture, Madurai District in Tamil for ornamental fisheries and UT of Lakshadweep for seaweed.
Sales for the first nine months of 2024 at Syngenta Group, were $21.4 billion, down $3.0 billion or 12 percent year-on-year, compared to a strong first nine months in 2023.
Syngenta Group announced financial results for the third quarter with sales for the third quarter 2024 being $6.8 billion, flat compared to the prior year period (up 4 percent at CER).Sales for the first nine months of 2024 at Syngenta Group, were $21.4 billion, down $3.0 billion or 12 percent year-on-year, compared to a strong first nine months in 2023. Sales were down 9 percent at constant exchange rates (CER). EBITDA for the first nine months of the year was $2.7 billion, 23 per cent lower (-12 per cent at CER) year-on-year. The Group’s EBITDA margin for the first nine months of 2024 was 12.9 percent, down 1.7 percentage points compared to 14.6 percent in the same period last year.
Adverse weather conditions across key markets affected applications of crop protection products. Sustained price pressure, particularly in the commoditized segments of the crop protection portfolio (and notably in Latin America), and reduced grower profitability had an impact on demand. Crop commodity prices have continued to decline, reducing farmer income and hampering demand for input materials. The crop protection market is showing initial signs of recovery with channel inventories now closer to normal levels. Syngenta Group expects the market to further recover after the first half of 2025 with a market also less impacted by lower crop prices and overcapacity. Syngenta Group has continued to implement further initiatives to drive profitability improvements, streamlining operations and improving cash flow, including optimizing working capital.
Q3 2024
Q3 2024
Q3 2023
Change
Change (CER)
$bn
$bn
%
%
Sales
6.8
6.8
0
4
EBITDA
0.7
0.3
112
159
Syngenta Crop Protection Q3 sales of $3.3bn were down by 3 percent, driven by adverse currency effects in Brazil offsetting underlying volume growth as the market begins to stabilize. At a constant exchange rate sales were up 3 percent in the quarter. Biologicals delivered further growth. Customer buying behavior is shifting more towards a pre-pandemic pattern, which means products are being ordered closer to the time of application than in previous years where products were ordered earlier to account for extended delivery times.
The Seeds business delivered 3 percent year-on-year sales growth in the third quarter of 2024 (4% at CER). In Q3 2024, Syngenta Group China sales increased 11 percent compared to the same period last year. Sales growth was boosted by the market introduction of new seeds varieties and a strong growth momentum for biologicals. In the first nine months of the year, sales declined 10 percent due to price headwinds in active ingredients and the proactive reduction of low-margin business.
The Group will continue to leverage its industry-leading R&D pipeline for sustainable innovation and focus on expanding its digital platforms to help growers manage weather changes and make better, data-based decisions.
Syngenta Crop Protection
Syngenta Crop Protection sales were 16 percent lower at $9.5 billion in the first nine months of 2024. Biologicals delivered further strong growth in the first nine months, growing 5 percent versus the previous period in 2023. In the first nine months, sales in North America were 28 percent lower due to ongoing channel destocking. Sales were down 15 percent in Europe and 11 percent lower in Asia, the Middle East & Africa. Sales in Latin America were 13 percent lower. Sales in China were up 10 percent driven by strong growth momentum from new products and biologicals. During the quarter, the biologicals business continued to show promising growth with sales also up 10 percent.
Syngenta Seeds
Seeds sales were $3.2 billion in the first nine months of 2024, down 2 percent year-on-year.
Field Crop sales in Brazil were up 13 percent; China continued with very strong growth delivering 31 percent increase in sales; and North America was up 4 percent. Europe sales were 1 percent lower; Asia, Middle East & Africa down 24 percent; and LATAM sales 26 percent lower. Sales of Vegetable Seeds increased by 9 percent and sales of Flowers were 2 percent higher. Asia, Middle East & Africa saw high double-digit corn volume increase Q3 24 versus Q3 23 despite a very challenging regulatory environment. LATAM is working closely with farmers on last-minute decision making due to economic uncertainty and acreage shift due to corn stunt disease. Syngenta Vegetable Seeds opened a new world-class small seed processing facility in the U.S., increasing the processing volume of this business with up to 30 percent more capacity to meet growing demand for high-quality vegetable seeds. The business also hosted thousands of growers and industry stakeholders from around the world at innovation showcase events in the Netherlands and U.S.
In the third quarter in China, Crop Protection achieved three new formulation registrations. The advancement of the “Bio+” strategy in the crop nutrition business continued, with a 28 percent increase in biofertilizer gross profit. In Seeds, in the first nine months of 2024, 134 new varieties were certified, achieving the #1 ranking in newly approved rice and corn varieties.
Vitra.ai’s face augmentation technology enables Mahindra to deliver a first-of-its-kind seamless hyper-personalised video experience for customers
In continuation with celebrating 60 years of Mahindra Tractors, India’s No 1 tractor brand launched a unique virtual tractor drive experience for customers to generate a realistic, life like personalized video of themselves driving a Mahindra Tractor. Following the unveil of ‘Desh ka Tractor: ‘Mitti se juda, Junoon se Saja’, as a tribute to the Indian farming community, the virtual tractor drive was launched to foster a deeper connection with the brand, while capitalising on the celebratory mood of the festive season.
Partnering with Vitra.ai, a leader in AI-driven face augmentation technology for video personalization and translation, Mahindra Tractors aims to provide farmers with a personal “HERO MOMENT” of themselves alongside a Mahindra Tractor. Utilising cutting-edge rich media powered by advanced machine learning and deep learning methodologies, Vitra.ai’s face augmentation technology enables Mahindra to deliver a first-of-its-kind seamless hyper-personalised video experience for customers, in Mahindra Tractors campaign videos.
To generate a personalised video, users need to go through a simple intuitive process by visiting the Mahindra Tractors website and upload a picture of themselves, their cell phone number and location, for the video to be delivered over WhatsApp, in regional languages based on their location.
Commenting on the initiative, Vikram Wagh, Chief Executive Officer – Mahindra Tractors, said, “At Mahindra Tractors, we are excited to present the first-ever virtual tractor drive, a brand-new initiative that represents our brand at the forefront of technology beyond just our products for a deeper connection with our new and evolving farmers. The new initiative is a testament to the power of AI, through which we have already enabled over 250,000 experiences.”
Speaking about the Virtual Tractor Drive initiative at Mahindra Tractors, Satvik Jagannath – Co-founder & CEO, Vitra.ai, “Leveraging Vitra.ai’s state-of-the-art personalized and augmented AI-generated face-swap video technology for farm tractors, gives farmers an immersive experience, enabling them to connect with the Mahindra brand like never before. We are thrilled to have scaled this innovation to meet Mahindra’s high engagement goals, effectively and efficiently personalising their customer engagements for their widest range of tractors.”
