Connect with:
Tuesday / July 2. 2024

logo
mobile-logo
HomePosts Tagged "Best Agrolife Limited"
Agribusiness, Agro chems – Chemicals, Company News, Finance, India

In Q4 FY24 Company’s Revenue from Operations declined by 46.68 per cent Y-o-Y to Rs. 135.39 crore compared to Rs 253.91 crore in Q4 FY23.

Best Agrolife Limited, amongst India’s leading agrochemicals manufacturers, announced its audited financial results for the quarter and financial year ended March 31st, 2024, in the Board meeting held on 24th May 2024.

Company’s Revenue from Operations declined by 46.68 per cent Y-o-Y to Rs. 135.39 crore in Q4 FY24 compared to Rs 253.91 crore in Q4 FY23, due to an unexpected seasonal failure, of Q3 and Q4 of FY24 as against normal seasonal conditions in same period last year, leading to lower-than-expected sales coupled with surge in sales returns. Q4 FY24 EBITDA (excluding Other Income) was a loss of Rs. 67.10 crore against a profit of Rs 7.14 crore in Q4 FY23. Q4 FY24 PAT stood at loss of Rs 72.49 crore against a loss of Rs 8.41 crore in Q4 FY23, caused by price erosion and our investments in brand building.

Company’s revenue from Operations grew by 7.31 per cent to Rs 1,873.32 crore in FY24 compared to Rs. 1,745.68 crore in FY23. This is mainly due to significant growth in branded sales as compared to the previous corresponding period. FY24 EBITDA (excluding Other Income) was at Rs. 225.59 crore against Rs. 313.66 crore in FY23, a decline of 28.08 per cent on Y-o-Y basis. This is mainly due to shift in business strategy from institutional sales to branded sales, which has resulted in higher employee costs and other expenses. The increase in employee costs is attributable to the strategic investment in manpower to expand the dealer network. Additionally, other expenses have increased due to incremental travel and marketing expenses. In FY24, company posted PAT of Rs. 106.27 crore.

Commenting on the result and overall update on the financial year 2023-2024, Vimal Kumar, Managing Director, Best Agrolife Ltd. said, “Despite the many challenges faced during the year, for the full year FY24, our revenue grew by 7 per cent on Y-o-Y basis. This growth was driven by our shift in business strategy from institutional sales to branded sales. This has resulted in the growth of our branded business by 85 per cent.  However, the EBITDA margins reduced to 12 per cent in FY24, mainly because of the stress on the gross margin due to pricing pressures in the market, primarily caused by oversupply from China. Combination of weather factors, our shift towards branded products, and an expanding distributor network led to higher trade inventory.

Additionally, employee costs have gone up due to a shift in business strategy. The planned increase in employee cost is a strategic investment to strengthen our sales distribution network. Also, other expenses have risen due to incremental marketing costs for focus on branded business.

Despite the high competition from imports, particularly pricing pressure from China and the challenges posed by the global economic climate, we have maintained good profit margins.

This year, our company achieved several significant operational milestones. We became a major partner in Kashmir Chemicals by acquiring a 99 per cent stake, increasing our formulation capacities. Our strategic acquisition of Sudarshan Farm Chemicals will allow us to leverage SFCL’s robust R&D capabilities, IP portfolio, and backward-integrated technical manufacturing expertise. These developments will be crucial in enhancing our manufacturing and innovation capabilities.

In Q4 FY24 Company’s Revenue from Operations

Agro chems – Chemicals, Agrotech, Company News, India

BAL also received the registration for indigenous manufacturing of another crucial pesticide Kresoxim Methyl Technical u/s 9 (4) in the RC meeting.

Best Agrolife Limited, a leading player in the Indian agrochemical industry, has been granted registration for the indigenous manufacturing of Pyroxasulfone technical u/s 9(3) by Central Insecticides Board & Registration Committee in the 440th meeting. With this Best Agrolife Limited (BAL) will become the first Indian agrochemical company to manufacture Pyroxasulfone Technical in India. BAL also received the registration for indigenous manufacturing of another crucial pesticide Kresoxim Methyl Technical u/s 9 (4) in the same RC meeting.

 Pyroxasulfone is a novel pre-emergence herbicide for wheat, corn, and soybean. Wheat is the primary cereal crop in India. The total area under the yield is about 29.8 million hectares in the country. While the area harvested for corn across India in 2021/2022 was 9.7 million hectares the Kharif acreage under soybean in the 2021 Kharif season was 120 lakh hectares. Pyroxasulfone controls the problematic weeds in these crops and ensures their better quality and higher yields. It acts by inhibiting the biosynthesis of very long-chain fatty acids in plants. As compared with other commercial herbicides it has lower application rates and higher efficacy against broadleaf weeds.

The market size of Pyroxasulfone is approximately Rs 450 crore at present and its demand will increase further in the coming years. Until now India was dependent on other countries for Pyroxasulfone. However, now under the Government of India’s ‘Make in India’ initiative, it will be manufactured indigenously and will be easily available to the farmers. This will prove to be highly beneficial for them as they will get a high-quality product at a better price.

“This new development is of paramount importance for our company and we strongly believe it will play a decisive role in achieving our goals. Our company is focused on developing cost-effective and sustainable crop solutions which benefit farmers across multiple crops and our comprehensive product portfolio is a testimony to that. With these new pesticides in our product portfolio we will be able to contribute more to efficient global food production in the future,” said Mr. Vimal Alawadhi, Managing Director – Best Agrolife Limited.

BAL also received the registration for indigenous

Uncategorized

The one-shot solution will help to protect soybean crops from the attack of narrow-leaved weeds, broad-leaved weeds, and sedges

Best Agrolife Limited (BAL) has received one more patent for herbicidal composition of haloxyfop, imazethapyr, and chlorimuron, likely to emerge as an effective one-shot solution to protect soybean crops from the attack of narrow-leaved weeds, broadleaved weeds, and sedges.

“The company is planning to launch this in-house developed ternary herbicide in all these Indian states by early 2023 with the brand name ‘Shot Down’. With this patent in hand, BAL will now have a competitive advantage over the contemporary agrochemical players in India as this product is going to be of high importance not only in India but in other soybean-producing countries as well. Therefore, the company is also moving ahead with the procedures of filing the PCT application to globalise the proprietary brand Shot Down in many other major soybean-producing countries like Brazil,” said Vimal Alawadhi, MD, BAL.

The one-shot solution will help to protect

Finance

The company recorded consolidated revenue of Rs 901.4 crore for the period ended on December 31, 2021, a growth of 29 per cent over PY of Rs 697.3 crore.

Delhi-based agro-inputs major, Best Agrolife Limited has announced its financial results for Q3FY22 on January 25, 2022 in their Board of Directors meeting.

Commenting on the results, Managing Director of BAL, Vimal Alawadhi said, “The current quarter’s performance would be sustainable in quarter 4 too, as the production will soon commence in its newly set up state-of-the-art formulation unit Seedlings India Limited where BAL’s new proprietary formulation ‘RONFEN’ will also be produced. Above all, the strategic alliances with premier customers including leading MNC’s are also being formed under which new businesses will commence with newly launched high value speciality products.”
 
The company recorded consolidated revenue of Rs 901.4 crore for the period ended on December 31, 2021, a growth of 29 per cent over PY of Rs 697.3 crore. Profit before tax was at Rs 91.3 crore, with a growth of 466 per cent over PY of Rs 16.1 crore and the profit after tax was Rs 66.6 crore, registering a growth of 464 per cent over PY of Rs 11.8 crore. EBITDA was at Rs 103.7 crore (11.5 per cent) with a growth of 628 per cent over PY of Rs 14.2 crore (2 per cent).

Moving ahead with their expansion plan BAL has now acquired Agrico Chemicals through a cash deal of Rs 10.22 crore. Agrico Chemicals is situated at Phase-1, SIDCO Industry Complex, IGC Samba, Jammu & Kashmir.

This acquisition is crucial for BAL in many ways. Other than increasing the company’s revenue by Rs 150 crore approximately this unit will also add formulation capacity of 8000 KL/MT per annum. The plant at Agrico Chemicals will be specifically dedicated to proprietary formulations like WG, SC, and EC.

The company recorded consolidated revenue of Rs