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HomePosts Tagged "financial results for Q4 FY24"
Agribusiness, Company News, Finance, India, Sugar industry

The refinery division delivered strong performance due to firm international sugar prices and high export volumes.  

Shree Renuka Sugars Limited – one of India’s largest sugar and green energy (ethanol and renewable power) producer and a subsidiary of Wilmar Sugar and Energy Pte Ltd (formerly known as Wilmar Sugar Holdings Pte Ltd) Singapore – has reported its financial performance for the quarter and year ended March 31, 2024.

In FY24, Company posted 25 per cent growth in revenue from Rs 91,065 million to Rs 1,13,674 million. Company’s EBITDA for the year stood at Rs 7,560 million, an increase of 5 per cent over the last year of Rs 7,196 million. In FY24, the company strategically invested Rs 3,450 million in Anamika to derisk the business geographically. Company’s Profit Before Tax Loss for the year widened to negative Rs 4,618 Mn vs negative Rs 1,796 million over the last year.

In Q4FY24 company’s Revenue went up by 25 per cent from Rs 86,862 million to Rs 108,981 million. Company’s EBITDA for FY24 was sustained at last year’s levels – Rs 7,195 million. The refinery division delivered strong performance due to firm international sugar prices and high export volumes.  Ethanol and Sugar segment were a drag due to restrictive government policy on Ethanol.

Atul Chaturvedi, Executive Chairman said, “The company has displayed strong momentum, anchored by the Refinery division’s strong performance driven by firm international sugar prices and high export volumes. The domestic business was impacted due to lower production & sales volumes on account of drought induced low cane availability and restrictive policies on Ethanol.

Our flagship Consumer Pack brand Madhur continued to grow. Further, higher net realization especially in domestic sugar and refinery businesses resulted in stable Q4 performance. Our consolidated total income has increased by 25 per cent over the previous year. The company’s resilience is driven by its robust business model”.

Sunil Ranka, Chief Financial Officer said, “Shree Renuka Sugars has delivered a stable financial performance driven by the strong topline and consolidated EBITDA growth of 5 per cent. Though our company’s EBITDA is comparable amongst the peers, the interest cost has escalated due to the upward movement in the borrowing rates along with additional working capital requirements for our refinery division thereby resulting in higher interest burden and impacting the profitability of the Company”

The refinery division delivered strong performance due

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

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

During Q4 FY24, PI Industries has registered 9 per cent growth in agrochemical exports mainly driven by volumes and new products.

PI Industries Ltd. has reported Q4 FY24 consolidated net profit of Rs 369.5 crore in the fourth quarter-ended March, in comparison with Rs 280.6 crore in the year-ago period. Revenue for Q4 FY24 was higher at Rs 1,741 crore as compared to Rs 1,565.6 crore in Q4 FY23.

During Q4 FY24, PI Industries has registered 9 per cent growth in agrochemical exports mainly driven by volumes and new products. Meanwhile, domestic revenues were subdued with reduction of 5 per cent Y-o-Y mainly due to volume drop of 6 per cent driven by delayed and erratic spread of monsoon although favourable product mix and improved working capital management helped in containing the financial impact. Biologicals products’ revenue increased by 35 per cent Y-o-Y.

For the Financial Year ended March 31, 2024, PI Industries has reported 18 per cent growth in its revenue at Rs 7,665.8 crore as compared to Rs 6,492 in Financial Year ended March 31, 2023. During FY 2024, the company posted net profit of Rs 1,681.5 crore as compared to Rs. 1,229.5 crore, reflecting a growth of 37 per cent.

During FY 2023-24, PI Industries reported 19 per cent growth in agrochemical exports over a high based mainly on account of scale-up of existing products and introduction of 6 new products. Growth comprises volume growth of 18 per cent and 1 per cent from price, currency and favourable product mix.  More than 70 per cent of revenue growth came from new products. Domestic segment remained subdued due to erratic monsoon and El Niño conditions which led to long dry spells impacting insecticide and herbicide sales in certain geographies. Biologicals products’ revenue increased by 29 per cent Y-o-Y.

During Q4 FY24, PI Industries has registered

Agribusiness, Company News, Finance, India

 The company has posted net profit / (loss) of Rs. -17.9631 crores for the period ended March 31, 2024 as against net profit / (loss) of Rs. -38.2253 crores for the period ended December 31, 2023.

Meghmani Organics Ltd has reported Consolidated financial results for the period ended March 31, 2024. The company has reported total income of Rs 418.9793 crores during the period ended March 31, 2024 as compared to Rs. 361.3798 crores during the period ended December 31, 2023. The company has posted net profit / (loss) of Rs. -17.9631 crores for the period ended March 31, 2024 as against net profit / (loss) of Rs. -38.2253 crores for the period ended December 31, 2023. The company has reported EPS of Rs. -0.71 for the period ended March 31, 2024 as compared to Rs. -1.50 for the period ended December 31, 2023.

The company has reported total income of Rs. 418.9793 crores during the period ended March 31, 2024 as compared to Rs.582.6795 crores during the period ended March 31, 2023.The company has posted net profit / (loss) of Rs -17.9631 crores for the period ended March 31, 2024 as against net profit / (loss) of Rs.54.1456 crores for the period ended March 31, 2023. The company has reported EPS of Rs.0.71 for the period ended March 31, 2024 as compared to Rs.2.13 for the period ended March 31, 2023.

The company has reported total income of Rs.1603.9638 crores during the Financial Year ended March 31, 2024 as compared to Rs.2648.6576 crores during the Financial Year ended March 31, 2023. The company has posted net profit / (loss) of Rs-106.0260 crores for the Financial Year ended March 31, 2024 as against net profit / (loss) of Rs.237.7082 crores for the Financial Year ended March 31, 2023.

The company has reported EPS of Rs-4.17 for the Financial Year ended March 31, 2024, as compared to Rs.9.35 for the Financial Year ended March 31, 2023.

 The company has posted net profit /

Agribusiness, Agro chems – Chemicals, Agro chems – Fertilizers, Agro chems – Pesticides, Company News, Finance, World

Company’s revenue from operations declined 15.03 per cent YoY to Rs 14,078 crore in the quarter ended 31 March 2024, primarily due to lower prices in the post-patent market.

Agrochemical major UPL Ltd has reported 94.95 per cent decline in consolidated net profit to Rs 40 crore in Q4 FY24 as against a net profit of Rs 792 crore recorded in Q4 FY23.

 Company’s revenue from operations declined 15.03 per cent YoY to Rs 14,078 crore in the quarter ended 31 March 2024, primarily due to lower prices in the post-patent market (prices came off against last years [LY] higher base). However, volumes were largely in line with last year.

Company reported that Profit before exceptional items and tax slumped to Rs 135 crore as compared to Rs 1,420 crore reported in the same quarter a year ago. Exceptional items stood at Rs 105 crore in Q4 FY24 as compared to Rs 29 crore recorded in Q4 FY23.

Company’s EBITDA slipped 36 per cent to Rs 1,933 crore in the March 2024 quarter from Rs 3,033 crore reported in Q4 FY23. EBITDA margin dropped by 458 bps YoY to 13.7 per cent during the period under review.

The company’s revenue from crop protection was at Rs 15,080 crore (down 17.75 per cent YoY) and non agro stood at Rs 621 crore (down 9.21 per cent YoY). However, income from seeds business was at Rs 1,130 crore (up 30.33 per cent YoY).

UPL’s revenue from Europe rose by 10 per cent YoY. Income from North America declined 49 per cent YoY followed by India, down 24 per cent YoY and Latin America shed 23 per cent YoY during the period under review. Income from rest of the world increased 21 per cent YoY during the quarter.

During the quarter, net debt increased by $602 million vs previous year to $2.66 billion at the end of FY24 due to reduced factoring, and cash flow impact of decline in profitability.

Mike Frank, CEO, UPL Corporation, said, “We delivered significantly improved financial results in Q4 versus the two preceding quarters, in spite of the prevailing volatile and challenging market conditions. As compared to Q3, volumes recovered well and were in-line with LY, largely led by the strong performance of our high-margin differentiated and sustainable portfolio, which contributed 36 per cent of crop protection revenue vs 29 per cent LY. Our recent launches of Evolution, Feroce and Shenzi did exceedingly well, growing volumes by more than 50 per cent.

Furthermore, Advanta, our global seeds platform continued to see robust traction delivering revenue growth of 34 per cent and 38 per cent respectively for the quarter.

Company’s revenue from operations declined 15.03 per

Agribusiness, Company News, Dairy, Finance, India

Company’s PAT in Q4 FY 24 was Rs.52.16 crores as against Rs 24.99 crores in Q4 FY 23 registered a growth of 108.76 per cent.

Chennai based Hatsun Agro Product Ltd, India’s leading private sector dairy company, has announced its financial results for the 4th Quarter and for Financial Year ended 31st March 2024. Company’s revenue from operations in Q4 FY 24 was Rs 2046.87 crores as against Rs 1789.46 crores in Q4 FY 23 registered a growth of 14.38 per cent. Company registered a growth of 39.04 per cent in milk procurement in FY 24 over FY 23.

COVID had disturbed the operations for two years, which led to an impact on milk procurement in the second half of FY 2022-23 and the first half of FY 2023-24. Normalcy has been restored in the second half of 2023-24 for both procurement of milk and sales.

Commenting on the results, R G Chandramogan, Chairman, Hatsun Agro Product Ltd said, “We are happy to report good growth in procurement of milk and revenues both in Q4 and for the full FY 2023-24. Strong sales recovery in the domestic market post Covid with good summer sales have led to good sales volume. All our business verticals did well with our leading brands registering healthy sales growth.

HAP’s retail expansion in the last two years helped us reach customers in new markets like Maharashtra, Orissa, West Bengal and Madhya Pradesh and also supported existing strong bases in South India. HAP in the last financial year, had invested about Rs 550 crores across new manufacturing facilities for capacity expansion in Curd and Milk Products and in market assets. The new capacities will further support our sales plans for FY 2024-25. Considerable investments have also been made to strengthen distribution, sales and marketing of our brands.”

Q4 FY 24 Vs Q4 FY 23 Highlights:

1. Revenue from operations in Q4 FY 24 was Rs.2046.87 crores as against Rs 1789.46 crores in Q4 FY 23 registered a growth of 14.38 per cent

2. EBITDA in Q4 FY 24 was Rs.231.77 crores as against Rs.158.05 crores in Q4 FY 23 registered a growth of 46.64 per cent.

3. PBT in Q4 FY 24 was Rs.70.89 crores as against Rs 32.88 crores in Q4 FY 23 registered a growth of 115.59 per cent.

4. PAT in Q4 FY 24 was Rs.52.16 crores as against Rs 24.99 crores in Q4 FY 23 registered a growth of 108.76 per cent.

5. Procurement of milk registered a growth of 39.04 per cent in FY 24 over FY 23.

FY 24 Vs FY 23 Highlights:

1. Revenue from operations in FY 24 was Rs.7990.40 crores as against Rs.7246.97 crores in FY 23 registered a growth of 10.26 per cent.

2. EBITDA in FY 24 was Rs.921.56 crores as against Rs.712.00 crores in FY 23 registered a growth of 29.43 per cent.

3. PBT in FY 24 was Rs.357.89 crores as against Rs.224.56 crores in FY 23 registered a growth of 59.37 per cent.

4. PAT in FY 24 was Rs.267.29 crores as against Rs.165.86 crores in FY 23 registered a growth of 61.15 per cent.

5. Procurement of milk in FY 24 registered a growth of 20.30 per cent

Company’s PAT in Q4 FY 24 was