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BEST AGRO's Q2 FY24 Revenue Jumps by 32%, Reports QonQ Revenue of Rs. 811 Crores | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Delhi, Delhi, India Best Agrolife Limited (BAL) (BSE: 539660, NSE: BESTAGRO) today reported financial results for the quarter and half year ended September 30, 2023.
Consolidated Financial Results – Q2 & H1 FY24
Commenting on results, Mr. Vimal Kumar, Managing Director, Best Agrolife Limited, said, “Despite the challenging external environment, we have maintained a strong growth trajectory, with revenue from operations surging by 32% sequentially to reach Rs. 811 crores. This remarkable growth can be attributed to the success of our flagship products, including Ronfen, Tricolor, CTPR, Propique, Amito, and others. Notably, the second quarter is a pivotal season for Ronfen, and robust interest from farmers is contributing significantly to our growth. Our profit margins remain resilient, driven by an improved product mix. The consistent demand for our products has shielded us from pricing pressures that generic agrochemicals are grappling with.
I am also pleased at the ground-breaking achievement by our subsidiary, Seedlings India, which has been granted a 20-year patent for a revolutionary Synergistic Pesticidal Composition. This composition incorporates two insecticides and a fungicide, offering innovative solutions to the challenges faced in rice cultivation. We have additionally secured a vital 20-year patent for a revolutionary herbicidal composition that promises to enhance rice crop yields. This one-shot herbicide, set to launch in the next Kharif season under the brand name 'Orisulam', will further bolster our herbicide portfolio. During this quarter, we introduced our patented product, Tricolor, which has garnered a very encouraging response from the farming community.
Notwithstanding the industry's anticipated challenges in the forthcoming quarters, our differentiated product portfolio instils confidence in our ability to adhere to our guidance of achieving close to 25-30% growth with 18-20% EBITDA margins for FY24.”
Key Results Highlights: Q2 FY24 Consolidated
H1FY24 Consolidated
Key Business highlights for Q2FY24:
About Best Agrolife Limited BAL is a research-based company focused on bringing world-class and cost-effective crop solutions in the form of novel agrochemical formulations to the agricultural industry for improving crop productivity. Currently, BAL has 7,000 MTPA and 30,000 MTPA technical and formulation manufacturing capacity respectively through three of its manufacturing plants in Gajaraula, Greater Noida, and Jammu & Kashmir. It boasts to have more than 5200 distributors in lndia and it retains an unrivalled portfolio of 400+ formulations and more than 100+ technical manufacturing licenses. |
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