Best Agrolife ltd Q1 net profit grows to Rs 90.5cr, income rose to Rs 616.75cr
Agro chemical firm Best Agrolife Ltd (BAL) has reported over two-fold jump in its consolidated net profit at Rs 90.5 crore for the June quarter of the current fiscal. Its net profit stood at Rs 40.12 crore in the year-ago period. Total income rose to Rs 616.75 crore in the April-June period of 2023-24 fiscal from Rs 464.07 crore in the corresponding period a year ago.
Team RuralVoice
Agro chemical firm Best Agrolife Ltd (BAL) has reported over two-fold jump in its consolidated net profit at Rs 90.5 crore for the June quarter of the current fiscal. Its net profit stood at Rs 40.12 crore in the year-ago period. Total income rose to Rs 616.75 crore in the April-June period of 2023-24 fiscal from Rs 464.07 crore in the corresponding period a year ago, according to a regulatory filing.
Vimal Kumar, Managing Director of Best Agrolife Ltd, said the company has achieved remarkable growth momentum, with revenue from operations growing by 32 per cent despite the headwinds that the agrochemicals industry has been facing. "Additionally, our EBITDA margins of 21 per cent can be attributed to the increasing contribution of speciality, niche, and patented products to our overall revenue," he said.
"Our herbicide portfolio products including Amito, Propique, Tombo, Ronfen and Warden have been the driving force behind this quarter's growth," he said. He said this quarter's performance "reinforced the widespread acceptance of our products and Best Agrolife's strong brand presence in the Indian agrochemical market".
Focusing on FY24, he said, "We have already launched a couple of technicals in Q1, which are seeing promising traction, with plans to introduce one patented product in Q2. Our pipeline for technicals and niche formulations is geared up for launch over the next few quarters.
"While the agrochemicals industry continues to face challenges, I firmly believe that our niche product basket will not only shield us from industry perils, but also drive robust growth in FY24. This gives us a reason to remain steadfast in our commitment to achieving a 30% growth target and maintaining 20% EBITDA margins for FY24.”
