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Company News, Finance, World

Third quarter results significantly impacted by lower sales in Latin America channel destocking in all regions

FMC Corporation reported a third-quarter 2023 revenue of $982 million, a decrease of 29 per cent versus the third quarter of 2022 and down 29 per cent organically. On a GAAP basis, the company reported a net loss of $0.03 per diluted share in the third quarter, down 103 per cent versus the third quarter of 2022. Adjusted earnings were $0.44 per diluted share, a decrease of 64 per cent versus the third quarter 2022.

“Our results were significantly below the prior year driven by volume headwinds from a continuation of channel destocking behaviour that began in the prior quarter.  Destocking was much worse than anticipated in Brazil. Despite this, on-the-ground application remains steady as growers continue to protect their crops,” said Mark Douglas, FMC president and chief executive officer.  “Branded diamides and our new products outperformed the overall portfolio, which illustrates robustness for differentiated and higher value products even in challenging environments.”

Revenue in the quarter was driven by a 26 per cent decline in volume. Price increases in North America, EMEA and Asia were more than offset by price decreases in Latin America. FX impacts were neutral to revenue.  While overall sales were down 29 per cent, sales of products launched in the last five years were up 4 per cent year-over-year, with growth in all regions.

Sales in all regions declined versus the prior-year period as partners, the distribution channel and growers continued to reduce inventory levels. In North America, revenue was down 34 per cent year-over-year (down 34 per cent organically). EMEA revenue declined 1 per cent (down 4 per cent organically) compared to the third quarter of 2022, as higher pricing and FX tailwinds mostly offset lower volumes. Sales in Asia declined 28 per cent (down 23 per cent organically) as continued destocking across the region negatively impacted volumes. The region reported a 16 per cent growth in products launched in the last five years. In Latin America, revenue was down 33 per cent (down 36 per cent organically) year-over-year driven mainly by lower volumes primarily due to severe destocking in Brazil and, to a lesser extent, drought conditions in Argentina.  Globally, Plant Health revenue was down 20 per cent (down 17 per cent organically) versus the prior year driven by similar, but less severe channel destocking dynamics. 

Third quarter results significantly impacted by lower sales in Latin America channel destocking

Company News, Finance, World

Significant cost mitigation actions were initiated, reducing previously expected operating expenses in the second half by $60 to $70 million.

FMC Corporation provided an update for its expectations on the second quarter and full-year 2023 outlook1. Revenue in the second quarter is now expected to be between $1.00 billion and $1.03 billion. Adjusted EBITDA is expected to be in the range of $185 million to $190 million. The revised guidance is driven by substantially lower-than-expected volumes due to an abrupt and significant reduction in inventory by channel partners, which only became evident towards the end of May and continued through the remainder of the quarter in North America, Latin America and EMEA.

Based on current channel dynamics, the Company is revising its full-year financial outlook, with revenue now expected to be $5.20 billion to $5.40 billion. Adjusted EBITDA for the full year is now expected to be $1.30 billion to $1.40 billion.

“Towards the end of May, we experienced unforeseen and unprecedented volume declines in three out of our four operating regions, as our channel partners rapidly reduced inventory levels,” said Mark Douglas, FMC president and chief executive officer. “Our full-year revenue outlook and adjusted EBITDA have been revised to reflect these channel dynamics and their impact on volumes, as well as the benefit from improved input costs and the significant operating cost mitigation actions we have already implemented.

“Even as we manage through this market contraction and significant inventory reduction by our channel partners, on-the-ground consumption of our products remains strong and at similar levels to last year,” Douglas said.

Information in this news release is preliminary and excludes the outlook on adjusted earnings per share and free cash flow, which will be updated at the second quarter 2023 earnings call. FMC will announce its second quarter 2023 earnings on Wednesday, August 2, 2023, after the stock market close with a webcast conference call on Thursday, August 3, 2023, at 9:00 a.m. ET. 

Significant cost mitigation actions were initiated, reducing

Company News, Finance, India

FY 22-23 net profits rise to Rs 233.51 Cr

Dhanuka Agritech recorded revenues of Rs 371.23 crore for the quarter ending March 31, 2023, an increase of 16.6 per cent over Rs 318.30 crore in the previous fiscal. The company announced its financial results for the fourth quarter of FY 2022-23 ended in March 2023.

Dhanuka Agritech clocked Rs 65.31 crore net profit during the January – March quarter, registering a 20.3 per cent growth over the same quarter of the previous fiscal year. For FY22-23 the net profits stood at Rs 233.51 crore, an increase of 11.8 per cent over last fiscal.

The company recorded revenues of Rs 1700.22 crore for the period ended March 31, 2023, an increase of 15.1 per cent over Rs 1477.78 crore in FY21-22. Profit after tax was Rs 233.51 crore, as compared to 208.78 crore in the previous fiscal.

Commenting on the performance, M. K. Dhanuka, Vice Chairman and Managing Director, Dhanuka Agritech Ltd. said “I am pleased to inform that Dhanuka Agritech has achieved a turnover of 1700 crores first time in its history. The net profits are 233 crores, which is the highest since the inception of the company. This achievement is commendable despite all odds. The rainfall was erratic both in Karif and Rabi seasons. The pest infestation was also low due to which many sprays were missed out by the farmers. Despite these factors, the company was able to post good figures.”

“Although the sky met is forecasting El Nino for the current season.  We hope there is no major impact on the consumption of the products. We expect double-digit volume growth in this financial year.” M. K. Dhanuka said.

The company recently launched new products to augment its offering portfolio and enter the new agri-biological segment with the launch of its BiologiQ range of sustainable agri products. Three introductory products in the BiologiQ range are Whiteaxe biological insecticide, Downil biological fungicide, and Sporenil biological silicide. Apart from these, Dhanuka further strengthened its herbicide portfolio by introducing two selective herbicides Implode and Mesotrax.

FY 22-23 net profits rise to Rs

Company News, India

The company’s revenue increased by 14 per cent over the previous year.

Agrochemical major, Rallis India announced the financial results of fourth quarter of FY2023. Company has reported revenue of Rs 523 crore in Q4FY23, an increase of 3 per cent over Q4FY22 of Rs 508 crore. The company’s exports recorded a revenue of Rs 979 crore in FY23. The company’s revenue increased by 14 per cent over the previous year. The Crop Nutrition business grew by 22 per cent. Domestic crop care business grew by 12 per cent and exports by 25 per cent during the year.

According to the release by the company, Seed’s revenue at Rs 345 crore was impacted mainly due to segmental shifts in Paddy and due to a supply shortfall in Maize.

  • Q4FY23 summary
    • Revenues of Rs 523 crore for Q4FY23, an increase of 3 per cent over Q4FY22 of Rs 508 crore
    • Loss after tax (after exceptional items) was (Rs 69) crore for Q4FY23, as compared to loss after tax (after exceptional items) of (Rs 14) crore in Q4FY22.
  • FY23 summary
    • Revenues of Rs 2,967 crore for FY23, an increase of 14 per cent over FY22 of Rs 2,604 crore
    • Profit after tax (after exceptional items) was Rs 92 crore in FY23, as compared to FY22 profit after tax (after exceptional items) of Rs 164 crore

Sanjiv Lal, Managing Director, and CEO, of Rallis India, said, “We have recognised a provision for slow moving/non-moving inventory Rs 52.8 crore and impairment in intangible assets Rs 30.4 crore. Work is underway to stabilise the business and improve its unit economics. The positive response to Diggaz, a cotton brand for North India, is encouraging.”

For FY24, there are forecasts of the likely onset of El Nino effects and efforts are underway to mitigate its business impact.

On a longer-term basis, our capex plans, new product introduction plans and demand generation investments remain on course. Our focus on Technology & Digital Transformation projects in our operations will continue.

This year marks the 75th Anniversary of Rallis’ incorporation. We want to thank all our stakeholders for supporting us in this journey. We have themed the milestone as ‘Rooted in Values. Seeding Growth’ and as we continue Serving Farmers through Science.”

The company’s revenue increased by 14 per

Company News, Finance

The EBITDA for Q4 was Rs 272 crore registering an increase of 20 per cent over Q4 of previous year

The Board of Directors of Coromandel International has approved the financial results of the company for the quarter and year ended March 31, 2022. The Board had declared an interim dividend of Rs 6.00 per share in February 2022 and was paid to the shareholders in March 2022. The board has now recommended a final dividend of Rs 6 per share for the financial year 2021-22.

The total income in Q4 was at Rs 4,294 crore compared to Rs 2,860 crore of same period previous year, registering a growth of 50 per cent over previous year. The EBITDA for Q4 was Rs 272 crore registering an increase of 20 per cent over Q4 of previous year. The PAT for Q4 was Rs 183 crore vs Rs 156 crore in Q4 of previous year registering a y/y growth of 17 per cent. The total income for the year ended March 31, 2022 was Rs 19,231 crore compared to Rs 14,231 crore of same period previous year, registering a growth of 35 per cent over previous year. The EBITDA for FY 21-22 was Rs 2,036 crore vs Rs 1,970 crore in previous year, registering an increase of 3 per cent over the previous year. The PAT for FY 21-22 was Rs 1,412 crore vs Rs 1,313 crore of the previous year registering a y/y growth of 8 per cent.

The EBITDA for Q4 was Rs 272 crore registering

Agrotech, Company News, Finance

PBT has been registered at Rs 222 crore with a decline of 24 per cent

Rallis India, a TATA Enterprise and a leading player in the Indian agri inputs industry, announced its financial results for the quarter and the financial year ended March 31, 2022.

The company recorded consolidated revenues of Rs 508 crore in Q4, an increase of 8 per cent over the previous year (PY) of Rs 471 crore. Loss before tax (before exceptional items) was at (Rs 16) crore as compared to PY of profit before tax (before exceptional item) of Rs 10 crore and the Loss after tax (after exceptional items) was (Rs 14) crore, as compared to PY profit after tax (after exceptional item) of Rs 8 crore.

During the 12 months ending March 31, 2022 quarter, the company recorded consolidated revenues of Rs 2604 crore registering a growth of 7.2 per cent over PY of Rs 2429 crore. Profit before tax (before exceptional items) was at Rs 222 crore with a decline of 24 per cent over PY of Rs 294 crore and the profit after tax (after exceptional items) was Rs 164 crore, registering a decline of 28 per cent over PY of Rs 229 crore.

Sanjiv Lal, MD and CEO, Rallis India said, “The company delivered a resilient performance in the wake of multiple headwinds during the year. Our domestic crop care business grew at 14 per cent and exports by 6.2 per cent during the year. Our seeds business faced challenges and revenue declined by 13 per cent. Supply chain challenges continued into Q4 with availability issues for certain intermediates as well as steep cost inflation. We are focussed on minimising the disruptions to our products as much as possible. Calibrated price corrections have helped in partially neutralising the material cost inflation.”

He added, “On the positive side, predictions of normal monsoons and robust commodity prices both locally and globally are expected to have a favourable impact on Indian agriculture. Moving forward we are focused on growth despite the volatile context. On a longer-term basis, our capex plans, new product introduction plans, and demand generation investments remain on course as we believe that normalcy will be restored progressively. While doing this, we are also consistently prioritising the safety and well-being of all our employees and other stakeholders.”

PBT has been registered at Rs 222

Finance

Benson Hill expects 2021 consolidated revenues to be in the range of $145 to $149 million

Benson Hill, has announced that it preliminarily expects 2021 consolidated revenues to be in the range of $145 to $149 million, ahead of the prior guidance of $127 million. On an organic and normalised basis, revenues in the ingredients segment are anticipated to nearly double versus 2020 due to high demand in the proprietary soy portfolio for the food, feed and oil markets and higher prices for yellow pea ingredients. Revenues in the Fresh segment are expected to be relatively flat versus 2020, as higher volumes were nearly offset by pricing pressure due to softness in the fresh produce market.

The Company preliminarily expects a net loss of $126 to $130 million and non-GAAP adjusted EBITDA loss in the range of $80 to $84 million for 2021. Losses were impacted as a result of start-up costs at the recently acquired Seymour facility and lower gross margins, particularly in the Fresh segment.

“Our 2021 preliminary revenue results demonstrate our ability to scale our supply chain and deliver products to meet our customers’ needs,” said Matt Crisp, Chief Executive Officer of Benson Hill.

 The Company expects 2022 consolidated revenues in the range of $315 to $350 million and an adjusted EBITDA loss that is slightly higher than in 2021. The Company anticipates a significant majority of top-line growth to come from the ingredients segment, with revenues of $250 to $275 million. It is expected that $90 to $100 million of revenue will be derived from the addition of the legacy Creston business.

Benson Hill expects improved financial performance in the Fresh segment based on a modest price recovery as the year progresses and a shift to more Company controlled farmed products. As a result, the Company expects 2022 Fresh revenues to be $65 to $75 million.

Benson Hill expects 2021 consolidated revenues to

Finance

Registers a PAT of Rs 96 crore

Suumaya Industries in the third quarter of FY2021-22 has reported consolidated revenues of Rs 1,012 crore and PAT of Rs 96 crore. For the nine months ended December 31, 2021, the company posted revenues of Rs 11,020 crore and PAT of Rs 691 crore. The company is driving its business operations in sync with its financial and growth aspirations, including investing in profitable and scalable businesses.

Ushik Gala, CMD, Suumaya Industries said, “We have taken a strategic approach in reorganising our business model with a more granular and vertical focussed. Our growth in the earlier quarters gave us the required impetus to catapult us into a certain planned expansion mode. We are evolving as a company with all our learnings in place. We are now looking towards more sustainable growth with business plans laid down within each vertical. This is being done to mitigate and put the company on a strong foundation of sustainable growth. The company is endeavouring to emerge as a fully integrated Agri-value chain player – from farm to fork model. Our next phase of growth will come from strengthening our key focus areas based on long term vision and a well-defined business plan.”

Registers a PAT of Rs 96 croreSuumaya

Finance

Year-over-year sales grew 25 per cent organically

FMC Corporation has recently reported a record of fourth quarter 2021 results with revenue of $1.41 billion, an increase of 23 per cent versus fourth quarter 2020, driven by strong demand and pricing actions. Excluding the impact of foreign exchange, year-over-year sales grew 25 per cent organically. On a GAAP basis, the company reported earnings of $1.52 per diluted share in the fourth quarter, compared to $0.38 per diluted share in the fourth quarter 2020. Adjusted earnings were $2.16 per diluted share, an increase of 52 per cent versus fourth quarter 2020, and 16 cents above the midpoint of guidance.

“Our financial performance reflects the strength of our synthetic and biological portfolios, a healthy demand environment as well as accelerating price increases. Revenue growth was particularly robust in North America and Latin America,” said Mark Douglas, FMC president and chief executive officer.

Fourth quarter revenue growth was driven by 21 per cent contribution from volume and 4 per cent contribution from price with a 2 per cent currency headwind. FMC achieved higher pricing in all regions, with the highest benefit in the quarter coming from North America and Latin America. 

In Asia, revenue was down 3 per cent compared to fourth quarter 2020, primarily due to weather challenges in several countries, including China. This offset solid growth in Australia and India, as well as broad-based pricing actions in the region.

Year-over-year sales grew 25 per cent organicallyFMC

Finance

UPL has delivered another quarter of strong business performance in a challenging environment

UPL Limited has recently reported financial results for the third quarter of FY22 (Oct-Dec 2021). Q3 FY22 revenue witnessed robust growth of 24 per cent YoY to reach Rs 11,297 crore, led by healthy growth in volumes (+11 per cent) and better product realisations (+13 per cent). Further, Q3 FY22 EBITDA grew by 21 per cent YoY to Rs 2,666 crore as against Rs 2,209 crore in Q3 FY21.

Commenting on the performance, Jai Shroff, CEO – UPL Limited, said “UPL delivered another quarter of strong business performance in a challenging environment with growth across all regions except India. We are confident of continuing this business momentum and ending the fiscal year 2022 on a strong note.” “We also undertook multiple initiatives to re-imagine sustainability and in Q3, we successfully raised a sustainability loan of $700 million.”

He added, “At the same time, furthering our commitment to the Gigaton challenge, our digital platform ‘nurture.farm’ successfully completed its Crop Residue Management Program, thereby preventing release of over 1 million tons of carbon emissions. Taken together, these initiatives underscore UPL’s commitment to sustainability as we continue to raise the bar for the industry as a whole with UPL being ranked once again as the #1 global crop protection company amongst its peers by Sustainalytics in its 2021 ESG rankings.”

UPL has delivered another quarter of strong

Bee keeping, Finance

Gross margins improved from 39 per cent in FY2020 to 42 per cent in FY2021

Bee Vectoring Technologies International released an update letter to shareholders from Chief Executive Officer Ashish Malik announcing financial results for the fourth quarter and fiscal year which ended September 30, 2021. 

The company has also made strong progress in key financial metrics: Revenue of $400,000 which represents a year-on-year growth of +47 per cent using constant currency (US$/CAD$) exchange rates for FY2021 and FY2020. As reported, revenue growth is +38 per cent since the CAD strengthened in 2021 as compared to 2020. Gross margins improved from 39 per cent in FY2020 to 42 per cent in FY2021. This improvement was driven by the lower cost of production of BVT’s Clonostachys rosea strain BVT CR-7 and the introduction of the higher-margin honey bee solution.

The company has cash on hand of $2.7 million. The strong cash balance allows the company to continue executing its growth plan as we enter 2022. The company continues to focus on operational efficiency and cash management as evident by a reduction of cash used by operations from $3.67 million in FY2020 to $2.85 million in FY2021.

Gross margins improved from 39 per cent

Finance

The company has reported total income of Rs 100.34 crores during the period ended December 31, 2021

Hyderabad-based Bhagiradha Chemicals & Industries has recently posted net profit of Rs 8.91 crores for the period ended December 31, 2021 as against net profit of Rs 8.34 crores for the period ended September 30, 2021.

For the third quarter, the company reported sales was Rs 1,001.07 million compared to Rs 692.52 million a year ago. Revenue was Rs 1,003.47 million compared to Rs 694.07 million a year ago. Net income was Rs 89.2 million compared to Rs 70.92 million a year ago.

For the 9 months ended December 31, 2021, Bhagiradha Chemicals has reported total income of Rs 298.45 crores as compared to Rs 220.97 crores.

Furthermore, the company has posted net profit of Rs 24.86 crores for the 9 months period as against net profit of Rs 16.00 crores.

The company has reported total income of

Finance, Logistics

The company posts EBITDA of Rs 19 crore

Snowman Logistics recorded revenue of Rs 73.40 crore against Rs 60.18 crore in Q3 FY20-21. The EBITDA increased by 11 per cent to Rs 19.40 crore from Rs 17.45 crore in the corresponding quarter of the previous year. PBT decreased to Rs 1.05 crore from Rs 1.42 crore in the corresponding quarter of the previous year and PAT decreased to Rs 0.83 crore in the current quarter from ₹1.42 crore in the same period in the previous year.

The company posts EBITDA of Rs 19

Company News, Finance

The company also reported PBT of Rs 7 crores as compared to Rs 25 crores in Q3 last year

Mahindra Logistics Limited (MLL), one of India’s large 3PL solutions providers, has announced its consolidated financial results for the quarter ended on December 31, 2021 with revenue at Rs 1118 crore as compared to Rs 1047 crore in Q3 last year and EBITDA at Rs 50 crore against Rs 55 crore last year.

The company also reported PBT Rs 7 crores as compared to Rs 25 crores in Q3 last year and PAT Rs 5 crores compared to Rs 18 crores last year. For the nine months in FY22 revenue was Rs 3010 crore as compared to Rs 2290 crore last year and EBITDA at Rs 149 crore against Rs 101 crore.

Further the company reported that the revenue from warehousing services and solutions in the quarter grew 35 per cent over the same period last year underlining the focus on solutions-led approach to customer’s requirements.

Rampraveen Swaminathan, Managing Director and CEO of Mahindra Logistics, said, “The quarter gone by was a challenging one. Demand from the auto sector continued to be impacted due to semi-conductor supplies; and the festive season too saw moderate growth. We continued to deliver strong revenue performance, especially across Consumer, Pharma and International freight forwarding. Our margins saw pressure due to seasonal manpower costs, lower than expected demand and start-up costs for new projects. The focus continues to be on optimising operating costs. We remain focused on delivering technology driven, integrated solutions for enterprise customers.”

The company also reported PBT of Rs