Best Agrolife records 44pc YoY jump in revenue
India's leading agrochemicals company Best Agrolife Limited (BAL) closed FY23 on a happy note, recording a 44 per cent YoY jump in revenue at Rs. 1,746 crore. Announcing the financial results for the Quarter and Year ended March 31, 2023, the research-based company in a pressnote said its EBITDA margin jumped to 18 per cent to Rs. 314 crore.
India's leading agrochemicals company Best Agrolife Limited (BAL) closed FY23 on a happy note, recording a 44 per cent YoY jump in revenue at Rs. 1,746 crore. Announcing the financial results for the Quarter and Year ended March 31, 2023, the research-based company in a pressnote said its EBITDA margin jumped to 18 per cent to Rs. 314 crore.
The company's Board recommended a dividend of 30 per cent, (i.e. Rs.3 per share).
Commenting on the results, Managing Director, Best Agrolife Limited, Vimal Alawadhi, said: “I am delighted to inform you that we have delivered strong revenue from operations of Rs. 1,746 crore, which is a robust growth of 44 per cent 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," he said.
Ronfen is a single-shot solution that controls all sucking pests in various crops like cotton, chilly, and vegetables, and many other segments having addressable market of Rs. 8,000 crore.
Alawadhi said the company has expanded its margins by 427 bps during the year which was driven by change in product mix.
"Happy to mention, Board has recommended a dividend of 30 per cent (i.e. Rs.3 per share), which is a 50 per cent jump over last year," he said.
He also said that Q4FY23 was difficult for the industry at large due to higher channel inventory and excess supply from China at lower prices.
"We were also affected by this as our branded product portfolio is more focused on the kharif season. We are 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," he said.
Alawadhi said, "In line with our commitment to 'Make in India', we have embarked on a capex plan to expand our technical capabilities as well as improve backward integration which will lead to lower dependence on China and better cost structure.
"Overall, we have an exciting product pipeline ready to be launched in FY24 which are in line with our strategy of introducing more patented and specialised combination products which will help continue strong growth momentum as well as improve our margins in FY24," he added.
