BEST AGRO’s Q2 FY24 Revenue Jumps by 32%, Reports QonQ Revenue of Rs. 811 Crores

Best Agrolife Limited (BAL) (BSE: 539660, NSE: BESTAGRO) at present reported monetary outcomes for the quarter and half yr ended September 30, 2023.

Consolidated Financial Results – Q2 & H1 FY24

Commenting on outcomes, Mr. Vimal Kumar, Managing Director, Best Agrolife Limited, stated,“Despite the difficult exterior setting, we have now maintained a robust progress trajectory, with income from operations surging by 32% sequentially to succeed in Rs. 811 crores. This exceptional progress may be attributed to the success of our flagship merchandise, together with Ronfen, Tricolor, CTPR, Propique, Amito, and others. Notably, the second quarter is a pivotal season for Ronfen, and strong curiosity from farmers is contributing considerably to our progress. Our revenue margins stay resilient, pushed by an improved product combine. The constant demand for our merchandise has shielded us from pricing pressures that generic agrochemicals are grappling with.

I’m additionally happy on 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 pesticides and a fungicide, providing revolutionary options to the challenges confronted in rice cultivation. We have moreover secured an important 20-year patent for a revolutionary herbicidal composition that guarantees to boost rice crop yields. This one-shot herbicide, set to launch within the subsequent Kharif season beneath the model title ‘Orisulam‘, will additional bolster our herbicide portfolio. During this quarter, we launched our patented product, Tricolor, which has garnered a really encouraging response from the farming group.

Notwithstanding the business’s anticipated challenges within the forthcoming quarters, our differentiated product portfolio instils confidence in our means to stick to our steering of reaching near 25-30% progress with 18-20% EBITDA margins for FY24.”

Key Results Highlights:

Q2 FY24 Consolidated

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  Revenue from operations for Q2 FY24 stood at Rs. 811 cr which grew by 32% QoQ and 16% on YoY foundation in comparison with Rs. 612 cr in Q1 FY24 and Rs. 700 cr in Q2 FY23.

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  EBITDA for the quarter got here at Rs. 144 cr up 11% QoQ and de-grew 21% YoY in comparison with Rs. 130 cr in Q1 FY24 and Rs. 183 cr in Q2 FY23. The enchancment in EBITDA for the quarter was on account of higher product combine.

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  EBITDA margin for the quarter got here at 18% as in comparison with 21% in Q1 FY24 and 26% in Q2 FY23, down 300 bps QoQ and down 800 bps YoY.

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  PAT for the quarter was at Rs. 95 cr, up 5% QoQ and down 27% YoY in comparison with Rs. 91 cr in Q1 FY24 and Rs. 130 cr in Q2 FY23.

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  PAT margin for the quarter got here at 12% as in comparison with 15% in Q1 FY24 and 19% in Q2 FY23, down 300 bps QoQ and down 700 bps YoY.

H1FY24 Consolidated

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  Revenue from operations for H1 FY24 stood at Rs. 1,423 cr which grew by 22% on YoY foundation in comparison with Rs. 1,164 cr in H1 FY23.

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  EBITDA for H1 FY24 got here at Rs. 274 cr up 10% YoY in comparison with Rs. 248 cr in H1 FY23. The enchancment in EBITDA was pushed by higher product combine throughout H1FY24.

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  EBITDA margin for H1 FY24 was at 19% as in comparison with 21% in H1 FY23, down 200 bps YoY.

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  PAT for H1 FY24 got here at Rs. 185 cr up 9% YoY in comparison with Rs. 170 cr in H1 FY23.

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  PAT margin for H1 FY24 was at 13% as in comparison with 15% in H1 FY23, down 200 bps YoY.

Key Business highlights for Q2FY24:

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  Products Launched throughout Q2 FY24:

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  BAL Launched 1 Herbicide and 1 Fungicide product throughout the quarter

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  Fungicide: Tricolor (Patented Combination of Trifloxystrobin 10% + Difenoconazole 12.5% + Sulphur 3% Sc)

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  Herbicide: Azaro-Pyroxasulfone 85% WG

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  Other Business Highlights

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  Started new workplace in Hyderabad, a strategic transfer to construct a pivotal place within the area

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  BAL Inked a advertising settlement with Syngenta for the advertising of Pyroxosulfone 85% WG herbicide beneath the model title Movondo

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  BAL acquired 99% stake in Kashmir Chemicals (A partnership Firm, based mostly at Jammu) and have become the key companion, a strategic intention to broaden manufacturing capability .

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  Approvals and Registration obtained:

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  Seedlings India has been granted a patent for an invention entitled “Synergistic Granular Herbicidal Composition for Paddy” for a time period of 20 years. The firm plans to launch the “Orisulam” model title herbicide as a one-shot resolution within the upcoming Kharif season. The newly patented herbicidal composition is a robust and efficient resolution for addressing the challenges of Monocot and Dicot weeds in paddy crops. It presents a complete technique to fight weeds similar to Echinochloa crusgalli, Echinochloa colonum, Ludwigia parviflora, Cyperus rotundus, Cyperus difformis, Cyperus iria, Fimbristylis miliacae, Monochoria vaginalis, Leptochloa chinensis, Panicum repens, Chenopodium album, Commelina benghalensis, and Eclipta alba.

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  Seedlings India has been granted a 20-year patent for a revolutionary invention of a Synergistic Pesticidal Composition that features two pesticides and a fungicide to deal with some of essentially the most urgent challenges in rice cultivation. The patented innovation presents a potent and environment friendly treatment for addressing the problems posed by the Brown Plant Hopper (BPH), Green Leaf Hopper, White Backed Plant, and numerous fungal illnesses which were persistent challenges for rice crops in India and worldwide.

About Best Agrolife Limited

BAL is a research-based firm targeted on bringing world-class and cost-effective crop options within the kind of novel agrochemical formulations to the agricultural business for enhancing crop productiveness. Currently, BAL has 7,000 MTPA and 30,000 MTPA technical and formulation manufacturing capability respectively via three of its manufacturing vegetation in Gajaraula, Greater Noida, and Jammu & Kashmir. It boasts to have greater than 5200 distributors in lndia and it retains an unrivalled portfolio of 400+ formulations and greater than 100+ technical manufacturing licenses.