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Best Agrolife's Revenue Crosses Rs. 1,700 Cr., EBITDA Margin Reaches 18%, and 30% Dividend Recommended in FY23 | ||
New Delhi, Delhi, India Best AgrolifeLimited (BAL) (BSE: 539660, NSE: BESTAGRO) today reported financial results for the Quarter and Year ended March 31st, 2023.
Commenting on results, Mr. Vimal Alawadhi, Managing Director, Best Agrolife Limited, said, “I am delighted to inform you that we have delivered strong revenue from operations of Rs. 1,746 cr. which is a robust growth of 44% over FY22. Our constant focus on introducing the innovative products to cater to farmers need has resulted in BAL introducing many specialised combination products including patented novel combination Ronfen in FY23 which drove the growth during the year. We have also expanded our margins by 427 bps during the year which was driven by change in product mix.
Best Agrolife Board has also recommended a dividend of 30% (i.e. Rs. 3 per share), which is 50% jump over last year.
Q4FY23 was difficult for the industry at large due to higher channel inventory and excess supply from China at lower prices. Best Agrolife was also affected by this as its branded product portfolio is more focused on the kharif season. The company is working towards introducing more branded products which are focused on Rabi season which will improve breadth of the portfolio and will also make the portfolio more balanced which is currently skewed more towards kharif season.
In line with its commitment to “Make in India”, Best Agrolife has embarked on a capex plan to expand its technical capabilities as well as improve backward integration which will lead to lower dependence on China and better cost structure.
Overall, the company has an exciting product pipeline ready to be launched in FY24 which are in line with its strategy of introducing more patented and specialised combination products which will help continue strong growth momentum as well as improve the margins in FY24.”
Key Results Highlights (FY23 Consolidated)
Key Business highlights for FY23
Product Pipeline for FY24
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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