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Thursday / December 26. 2024

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HomePosts Tagged "Financial results for FY24"
Agribusiness, Agro chems – Chemicals, Company News, Finance, India, Inputs

 Company has reported revenue of Rs. 1758.54 Cr in FY’24 and growth of 3.4 per cent over FY23.

Dhanuka Agritech, one of the leading agri input companies in India, announced its financial results for the fourth quarter of the financial year ending March 2024. The company recorded revenues of Rs 1758.54 Crore for the period ended March 31, 2024, an increase of 3.4 per cent over Past Year of Rs 1700.22 Crore. Company has posted Net Profit of Rs 239.09 in FY24 compared to Rs 233.51 in FY23 registering growth of 2.4 per cent.

The company recently launched several products which will revolutionize the agricultural sector of the country. The products, include LaNevo, MYCORe SUPER and Purge.

Commenting on the Q4 performance, M. K. Dhanuka, Vice-Chairman and Managing Director, Dhanuka Agritech Ltd said, despite the year 2023 recording below-average rainfall (820 mm compared to the usual 868.6 mm) due to El Nino, prevailing volatile and challenging market conditions, the company performed reasonably well. Our new product offerings have received encouraging responses from the farming community.

As IMD forecasts predict above-normal rainfall this year, it would significantly benefit the agriculture sector, especially the kharif season. Accordingly, we at Dhanuka are hopeful of delivering a strong performance and profit stabilization in the current financial year.

Projecting into the current financial year, he said like the last few years, the company plans to launch several groundbreaking products in the current financial year. These advancements will not only revolutionize Indian agriculture but also solidify the company’s position in the competitive agrochemical market. Already, in the month of April-May, we have launched three innovative products including the global introduction of the herbicide ‘Purge’, as well as the launch of insecticide ‘LaNevo’, and bio-fertilizer ‘MYCORe Super’. The initial feedback of the market is phenomenal for all these products, and we plan the introduction of more innovative products over the next few months.

 Company has reported revenue of Rs. 1758.54

Agribusiness, Company News, Finance, India

In Q4 FY24 company’s crop protection business reported revenue of Rs 177 crore and EBIT of Rs 14 crore.

Hikal Ltd., a preferred long-term partner for leading global life sciences companies, announced its financial results for the quarter and full year ended 31st March 2024. In FY 2024 company reported revenue of Rs. 1,785 crores while EBITDA stood at Rs 267 crores. Company’s Profit After Tax stood at Rs 70 crores. Crop Protection sales stood at Rs 177 crores as compared to Rs. 180 crores in Q3 FY24.

Commenting on the results, Jai Hiremath, Executive Chairman, Hikal Ltd. said, “For the financial year ’24, we achieved revenues of Rs 1,785 Crores as compared to Rs 2,023 Crores last year. FY24 was marred with several global macroeconomic pressures and depressed market conditions for the global chemical sector on account of inventory build-up and overcapacity across the sector resulting in intense price competition from China predominantly in the Crop Protection market.

In our CDMO segment we have received several RFPs from both emerging pharma and global innovators, with several products progressing through the development stages. We have a healthy pipeline of projects in the early to mid-phase that is encouraging. During FY24, our API facility in Panoli, Gujarat, was audited by the US FDA, and the audit was concluded with ‘Zero’ 483 observations as a testament of our commitment to high standards of regulatory compliance.

For Q4FY24, our crop protection business reported revenue of Rs 177 Cr and EBIT of Rs 14 crore. Despite proactive cost improvement initiatives, the global crop protection industry continues to face significant headwinds, including subdued global demand due to inventory in the channel pipeline and intense price erosion from competitors primarily China as a result of large capacity which are under-utilized. We expect the market to stabilise post the end of this financial year and recovery to begin thereafter.

In our animal health business, advancements in developing a portfolio of products under a long-term agreement with an innovator animal health company are proceeding well. During the third quarter, our new multipurpose animal health facility was commissioned at Panoli, Gujarat. Validation of several products is underway, and it is scheduled to be completed in the upcoming quarters. These validation batches mark the initial phase toward product registration and subsequent commercialisation.

In Q4 FY24 company’s crop protection business