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HomePosts Tagged "financial results for first 9 months of 2023"
Agribusiness, Agrotech, Biofuel industry, Company News, Finance, India

Company reports Rs 8,286.226 million incomes from operations in Q3 FY24.

Praj Industries (Praj) announced its unaudited financial results for the quarter and nine months ended Dec 31, 2023. Income from operations stood at Rs. 8,286.226 million (Q2 FY24: Rs. 8,823.685 million; Q3 FY23: Rs ,114.647 million). Company’s Profit Before Tax stood at Rs 919.217 million for the period (Q2 FY24: Rs. 848.121 million; Q3 FY23: Rs. 858.997 million).  Profit After Tax is at Rs. 704.143 million (Q2 FY24: Rs. 623.679 million; Q3 FY23: 623.113 million). Order intake during the quarter Rs 10,370 million (Q2 FY24: 10,630 million; Q3 FY23: Rs. 9,440 million) 

Performance Review for 9M FY24 ‐ Consolidated:

  • Income from operations stood at Rs. 24,477.138 million (9M FY23: Rs. 25,240.533 million) 
  • PBT is at Rs. 2,544.371 million for the period (9M FY23: Rs. 2,059.116 million)
  • PAT is at Rs. 1,914.548 million (9M FY23: Rs. 1,517.031 million)
  • Order intake Rs. 32,010 million (9M FY23: Rs. 30,190 million)

The consolidated order backlog as on December 31, 2023 stood at Rs 39,500 million which comprises of 75 per cent domestic orders and 25 per cent international orders.

Commenting on the Company’s performance, Shishir Joshipura, CEO & MD, Praj Industries said, “The quarter saw positive business development in new growth areas identified.  The policy restriction on the use of sugar syrup as feedstock created a near‐term challenge in the market. Praj has already developed solutions for mitigating the feedstock challenge for our customers and we are confident that these solutions will help restore the opportunity next year.  Our Mangalore facility is developing along the planned lines and the business pipeline to feed this facility is also growing stronger.”

Company reports Rs 8,286.226 million incomes from

Company News, Finance, India, Supply Chain, Transportation

Portfolio ports deliver 300 MMT cargo milestone in a record 266 days.

In December 2023, Adani Ports and Special Economic Zone Ltd (APSEZ) handled 35.65 MMT of cargo volumes, resulting in a strong 42 per cent year-on-year (YoY) increase. Dry bulk cargo handling was up 63 per cent while handling of containers increased by over 28 per cent on a YoY basis. For the quarter ended December, APSEZ handled around 109 MMT of overall cargo, with around 106 MMT contributed by our domestic port’s portfolio. In the initial nine months of FY 24, APSEZ managed around 311 MMT of total cargo, which is a healthy 23 per cent YoY growth.

“APSEZ crossed the 300 MMT cargo mark in just 266 days versus its previous best of 329 days in the previous financial year. This milestone only proves that our strategy of driving operational efficiencies to achieve industry leading growth is yielding the desired results. We are now targeting over 400 MMT of cargo volumes in FY24, surpassing the upper end of the guidance range (370-390 MMT) provided at the start of the current financial year,” said Karan Adani, CEO and Whole Time Director, APSEZ.

During the Apr-Dec’23 period, many APSEZ ports recorded new milestones. Mundra, the flagship port, handled around 5.5 million TEUs in a record nine months and is on track to surpass 7 million TEUs of container cargo volumes during FY24. It handled 3,000 ships in just 261 days, surpassing its previous record of 288 days in FY23. The JV terminal at Mundra Port, AICTPL, created a national record by handling 3,00,431 TEUs (around 10,000 TEUs every day) in November 2023, breaking its own record of 2,98,634 TEUs in March 2021. In October 2023, the port handled 16 MMT of cargo volumes and established a new milestone of achieving the highest cargo volumes by any Indian port in a single month.

Other milestones recorded by Mundra Port during the period under consideration include the highest-ever parcel size of fertilizer vessel (100,282 MT), the largest count of over-dimensional container/s in a single vessel (219 TEUs), the largest shipment of soyabean oil (61,841 MT) and the berthing of the largest-ever vessel that has called on any Indian port (around 399 meters long and 54 meters wide). In December 2023, the port also handled 43 vessel movements in 24 hours, surpassing its previous record of 40 vessels.

Portfolio ports deliver 300 MMT cargo milestone

Agro chems – Chemicals, Agro chems – Fertilizers, Agro chems – Pesticides, Company News, Finance, Inputs, Seeds, World

Sales of the Group for the third quarter were $6.8 billion, down 13 percent (-13% CER) and EBITDA was $0.3 billion, down 68 percent from prior year.

Syngenta Group announced financial results for the first nine months and third quarter of 2023. Group sales for the first nine months of 2023 were $24.3 billion, down 6 percent year-on-year (-3% CER) and EBITDA was 22 per cent lower (-20 per cent CER) when compared to an exceptionally strong 2022.

In the first nine months of 2023, the industry-wide channel destocking continued as distributors and retailers further reduced inventories, they built up in response to the supply chain disruptions of 2022. Overall farmer income and use of agricultural products, solutions and services remain robust. However, high working capital costs for customers due to sustained higher interest rates prompted many channel partners and farmers to order closer to application. These factors weighed on the comparison with the same period last year, when the Group achieved record sales and profits.

Sales of the Group for the third quarter were $6.8 billion, down 13 percent (-13% CER) and EBITDA was $0.3 billion, down 68 percent from prior year. The EBITDA was significantly impacted by a softer market in Brazil versus a record high in 2022 and a one-time seed inventory correction in Brazil, in addition to the timing of a royalty receipt, which was advanced to Q2 as noted in the H1 earnings release.

Sales of Syngenta Crop Protection and ADAMA were lower compared to the exceptionally strong first three quarters of the prior year. Crop Protection in China continued to see strong growth in the first nine months of 2023, with sales up 16 percent year-on-year, benefiting from launch of new technologies. Syngenta Group’s biological solutions grew 14 percent in sales compared to the first nine months of the previous year.

The Seeds business grew 3 percent to $3.3 billion sales in the first nine of months of 2023. Year-on-year comparison of Q3 was distorted by an earlier phasing of royalty income, realized in Q2 this year, while being recorded in Q3 last year. The Seeds business in Latin America saw lower sales and profit due to a one-time inventory adjustment.

Syngenta Group China grew by 9 percent in the first nine months of 2023, with total sales of $7.7 billion. MAP, Syngenta Group’s Modern Agriculture Platform grew in the same period by 25 percent to $3.3 billion, while the number of MAP centers further increased by 162 to a total of 727.

Syngenta Group continued its productivity improvements, cost containment and, where applicable, price adjustments to help mitigate the impact of higher cost incurred in 2022. Syngenta Group’s EBITDA margin for the first nine months of 2023 was 14.6 percent, which is lower than the record high EBITDA during the same period last year.

Sales of Syngenta Crop Protection and ADAMA were lower compared to the exceptionally strong first three quarters of the prior year. Crop Protection in China continued to see strong growth in the first nine months of 2023, with sales up 16 percent year-on-year, benefiting from launch of new technologies. Syngenta Group’s biological solutions grew 14 percent in sales compared to the first nine months of the previous year.

The Seeds business grew 3 percent to $3.3 billion sales in the first nine of months of 2023. Year-on-year comparison of Q3 was distorted by an earlier phasing of royalty income, realized in Q2 this year, while being recorded in Q3 last year. The Seeds business in Latin America saw lower sales and profit due to a one-time inventory adjustment.

Syngenta Group China grew by 9 percent in the first nine months of 2023, with total sales of $7.7 billion. MAP, Syngenta Group’s Modern Agriculture Platform grew in the same period by 25 percent to $3.3 billion, while the number of MAP centers further increased by 162 to a total of 727.

Syngenta Group continued its productivity improvements, cost containment and, where applicable, price adjustments to help mitigate the impact of higher cost incurred in 2022. Syngenta Group’s EBITDA margin for the first nine months of 2023 was 14.6 percent, which is lower than the record high EBITDA during the same period last year.

Sales of the Group for the third