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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) at present reported monetary outcomes for the quarter and half yr ended September 30, 2023.


     


    Consolidated Financial Results – Q2 & H1 FY24










    Particulars (Rs. Cr)


    Q2FY24


    Q2FY23


    YoY


    Q1FY24


    QoQ


    H1FY24


    H1FY23


    YoY


    Revenue from Operations


    811


    700


    16%


    612


    32%


    1,423


    1,164


    22%


    EBITDA


    144


    183


    -21%


    130


    11%


    274


    248


    10%


    EBITDA Margin


    18%


    26%


    -800bps


    21%


    -300bps


    19%


    21%


    -200bps


    PAT


    95


    130


    -27%


    91


    5%


    185


    170


    9%


    PAT Margin


    12%


    19%


    -700bps


    15%


    -300bps


    13%


    15%


    -200bps


     


    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


    • 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.


    • 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.


    • 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.


    • 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.


    • 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


    • 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.


    • 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.


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


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


    • 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:


    • Products Launched throughout Q2 FY24:


    • BAL Launched 1 Herbicide and 1 Fungicide product throughout the quarter


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


    • Herbicide: Azaro-Pyroxasulfone 85% WG


     


    • Other Business Highlights


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


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


    • 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 .


     


    • Approvals and Registration obtained:


    • 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.


    • 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.


  • Jagatjit Industries Limited Achieves Remarkable Turnaround, Reports Profitable FY 2022-23 Results


    Jagatjit Industries Limited (JIL), a number one producer of Indian Made Foreign Liquor (IMFL) and Country Liquor in India, at present introduced its FY 2022-23 annual outcomes, which mark a stable interval of progress and restoration.


     


    Over the previous three years, the corporate has grown its gross revenues to INR 625 crore, from INR 273 crore, a noteworthy 2.29 fold enhance from FY 2019-20. In FY 2022-23, revenues soared by 24 % with a rise in internet gross sales by 14 %. Furthermore, the corporate moved from a lack of INR (51.65) crore in FY 2019-20 to a revenue of INR 10.62 crore in FY 2022-23.


     


    The EBITDA for March 2023 reached a powerful INR 49.13 crore. For the primary time prior to now decade, Jagatjit Industries has reported a double-digit determine in Profit Before Taxes, signifying its profitable turnaround technique. 


     


    This technique concerned implementing vital modifications, staff constructing and enhancing administration, implementing operational effectivity, figuring out and leveraging new market alternatives, bettering product choices, shifting to a brand new enterprise mannequin of short-term franchise agreements in key markets, and developments in expertise and infrastructure on the manufacturing areas. The profitability turnaround has boosted investor confidence, strengthened its market place and set the muse for sustainable progress and success sooner or later.


     


    Looking forward to FY 2023-24, Jagatjit Industries is ready to embark on a number of key strategic initiatives. Central to that is the objective to make the grain-based ethanol manufacturing plant operational by June 2024, a step that’s anticipated to considerably contribute to the corporate’s revenues and profitability.


     


    The firm may also undertake growth into new markets in Uttar Pradesh, Kerala and the Canteen Stores Department. This growth goals to widen its client base and additional gas its progress to then 22 states. It may also proceed to deepen its presence in present markets of Punjab, Andhra Pradesh, Telangana, Assam to call a couple of. JIL may also additional develop the export markets from 13 to fifteen international locations and set foot in Nigeria and Russia by making its merchandise out there by way of export.


     


    “Through cautious planning, operational effectivity, and a dedication to expertise and innovation, we have now achieved outstanding monetary milestones. This marks the primary time in a decade that Jagatjit Industries studies a double-digit determine in Profit Before Taxes, signifying the success of our turnaround technique,” stated Roshini Sanah Jaiswal, Promoter & Chief Restructuring Officer of Jagatjit Industries Limited.


     


    “Our success is a testomony to the dedication and resilience of our staff, who’ve labored tirelessly to implement key modifications and unlock new alternatives. By streamlining operations, meticulous useful resource planning, enhancing our product choices, forging strategic alliances, and bettering monetary administration, we have now regained investor confidence, strengthened our market place, and set a stable basis for future progress,” she additional added.


     


    Jagatjit Industries’ shares closed at a powerful INR 99.02 on May 30, 2023, on the Bombay Stock Exchange (BSE). Over the previous six months, buyers have loved a outstanding return of 30 % from their investments within the firm. Furthermore, the corporate’s share efficiency during the last twelve months has been actually outstanding, with a considerable return of 66 %.




    The vital upward trajectory of the share value showcases the market’s recognition of the corporate’s robust efficiency, efficient administration, and skill to capitalize on market alternatives. It positions the corporate favorably for continued success, attracting buyers, strengthening relationships, and unlocking new avenues for progress and innovation.


     


    “We lengthen our heartfelt gratitude to our stakeholders – purchasers, workers, shareholders, companions, and communities, whose unwavering assist has been instrumental in our journey. Together, we are going to proceed to create enduring worth, foster resilience, and obtain sustainable progress within the ever-evolving business we function in. The firm is poised for a future that’s each thrilling and affluent,” stated Roshini Sanah Jaiswal.


     


    Financial Highlights

     


    Fourth quarter fiscal 2022


    • Revenues for the fourth quarter of fiscal 2022 had been INR 150 crore, in contrast with INR 128 croer for the fourth quarter of fiscal 2022, a rise of 17.18 %


    • Jagatjit Industries Limited demonstrated a major progress charge of 14 % in consolidated internet gross sales for the fourth quarter of fiscal 2022, ending in March 2023. The firm’s spectacular achievement with internet gross sales reaching INR 150.15 crore in comparison with INR 128.35 crore in the identical interval final 12 months, highlights its profitable adaptation to evolving market dynamics and its means to successfully meet buyer calls for.


    • The quarterly internet revenue for the fourth quarter of fiscal 2022- 23 stood at INR 9.56 crore.




    About Jagatjit Industries

    Founded in 1944 with a heritage spanning 78+ years, Jagatjit Industries Limited (JIL) is amongst India’s outstanding firms manufacturing Indian Made Foreign Liquor (IMFL) and Country Liquor (CL) within the nation. The firm is listed on Bombay Stock Exchange (BSE).

    The firm manufactures a complete vary of alcoholic drinks i.e. Whisky, Vodka, Rum, Gin and Brandy. The firm’s manufacturers within the AlcoBev sector are Aristocrat Premium Whiskey, AC Black Whiskey, Royal Pride Whiskey, King Henry Damn Good Scotch and Iice Vodka.




    The firm has state-of-the-art manufacturing amenities in Kapurthala District, Punjab together with different manufacturing models in Behror, Rajasthan. The firm is Food and Safety Systems Certified (FSSC) 22000 licensed.


     


    The firm has various key verticals: Indian Made Foreign Liquor (IMFL)/Country Liquor (CL), Malted Milk Food and Malt Extract (produces Boost for HUL underneath a contract), distillery for producing ENA for alcoholic drinks, and industrial actual property.

  • Union Minister speaks to Apple after reports of iPhone 14 Pro running out of stock

    Minister of State For Electronics and IT Rajeev Chandrasekhar mentioned he has spoken to Apple on reports of shops within the nationwide capital running out of stock of the agency’s newest telephone providing iPhone14 Pro.

    The minister mentioned there was a surge in demand for iPhone 14 Pro and Apple is addressing the availability constraints.

    “I’ve spoken with Apple and so they have mentioned whereas iPhone14 demand is being met additionally with India manufacturing, the iPhone14 professional demand has surged and is going through provide constraints which they’re addressing,” he tweeted.

    His tweet got here in response to a grievance of shops running out of stock of Apple iPhone 14 Pro and Pro Max variations for weeks within the nationwide capital area and that non-public sellers had been promoting them within the black market.

    “Private gross sales are most likely “alternate” provide channels,” Chandrasekhar mentioned.

    iPhone 14 Pro and iPhone 14 Pro Max went on sale on September 16.

  • Puravankara reports highest ever Q3 sales, revenue growth of 67% amounting to 410 Cr.

    Mumbai, February 11, 2023: Puravankara Limited (BSE:532891), one of India’s most trusted actual property gamers, introduced its monetary outcomes in the present day for the third quarter (Q3FY23) ending December 31, 2022.

    Commenting on the corporate’s efficiency, Ashish Puravankara, Managing Director, Puravankara Limited, stated, “We have recorded the highest ever gross sales reserving of Rs. 2,100 Cr. within the first 9 months of the monetary yr. This excellent consequence was supported with the launch of seven new tasks in 9MFY23, in addition to the persevering with curiosity by house consumers in our ongoing tasks.”

    On Puravankara’s future plans he stated, “We will proceed to work in direction of increasing our market share, and we’re excited to announce that in Q3FY23 the group has achieved elevated revenue from tasks by 77%, elevated assortment from operations by 87% from development and supply in opposition to the same quarter within the earlier yr. This is supported by elevated gross sales and new launches of over 4.11 msft in 9MFY23 with the final quarter of the present monetary yr including one other 2.17 msft. Our per Sq. Ft. of debt on beneath development space has lowered by 49% from Rs. 2,524 to Rs. 1,291 over the past 4 years.

    Our focus continues to be on the client with our ‘You philosophy’, and the outcomes are a testomony to the crew’s dedication, anchored by Puravankara’s worth hundreds of high quality, belief, and buyer expertise.”

    Highlights

    Operational Highlights for Q3FY23

    • Area bought stood at 1.02 msft (+3% Y-o-Y)
    • Sales worth stood at Rs. 796 Cr. (+20% Y-o-Y)
    • Sales realization stood at Rs. 7,767 per Sq. Ft. (+15percentY-o-Y)

    Consolidated Q3FY23 Financial Performance

    • Net Revenues stood at Rs. 410 Cr. (+67% Y-o-Y)
    • EBITDA stood at Rs. 128 Cr. (+51% Y-o-Y)
    • Profit After Tax stood at Rs. 21 Cr. (1,213% Y-o-Y)

    Cash Flows

    As on 31st Dec 2022,

    • Balance collections from bought items (accomplished + ongoing) in all launched tasks stood at Rs. 2,643 Cr.
    • Total estimated worth of unsold stock open on the market stood at Rs. 5,641 Cr.
    • Total estimated pending challenge value to be incurred stands at Rs. 3,517 Cr.
    • Total stability estimated assortment from bought and unsold stock together with not open on the market is Rs. 12,582 Cr.
    • Total estimated surplus after development value and contingency is 6,774 Cr

    Debt

    The general internet debt lowered by Rs. 109 Cr., from Rs. 2,144 Cr. (as of Q2FY23) by means of operations, whereas debt elevated by Rs. 100 Cr. (in Q3FY23) owing to land acquisition ensuing into general internet debt of Rs. 2,135 Cr.

    While the repo fee elevated over a 12-month interval by 225 bps, value of debt for the group has elevated by solely 67 bps. The weighted common value of debt stood at 11.18% as of 31st December 2022.

    Net debt to fairness ratio stood at 1.09 for Q3FY23.

    Outlook

    In spite of the rise in house mortgage charges, we see sustained sturdy demand, notably for grade A builders. The authorities’s concentrate on infrastructure, funding and housing for all within the finances is commendable. The steep hike in outlay for the PM Awas Yojana by 66% to Rs. 79,000 Cr. will give the much-needed fillip to the reasonably priced housing sector. Estimated growth fee of over 6% for the Indian economic system for the subsequent monetary yr is probably going to assist the present momentum of gross sales in the actual property sector.


    Mansi Praharaj

  • IPO-bound OYO reports Rs 63 crore profit in April-September

    The market regulator had given OYO the permission to submit updated financials before it examined and processed the company’s application for IPO (Initial Public Offering).

  • China defends zero-Covid policy in the face of massive protests reports nearly 40,000 fresh cases

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  • Reports: Workers Protest At Virus-Hit, China IPhone Factory

    Employees at the world’s biggest Apple iPhone factory have been beaten and detained in protests over contract disputes amid anti-virus controls, according to employees and videos posted on social media on Wednesday. Videos on Chinese social media that said they wereEmployees at the world’s biggest Apple iPhone factory have been beaten and detained in protests over contract disputes amid anti-virus controls, according to employees and videos posted on social media on Wednesday. Videos on Chinese social media that said they were

  • ‘The Best People Are Staying, so I’m Not Super Worried’: Musk Says After Reports, Of Hundreds Of Employees

    Twitter’s new owner Elon Musk has said that he is “not super worried” over the future of the social media giant as “the best people are staying”, after hundreds of employees appeared to have left the company following a deadline byTwitter’s new owner Elon Musk has said that he is “not super worried” over the future of the social media giant as “the best people are staying”, after hundreds of employees appeared to have left the company following a deadline by

  • Orchid Pharma Reports Positive EBIDTA, In Q2′ 2022

    Post a successful turnaround of IBC case, the company continues its march towards growth and sustainability NEW DELHI, Nov. 16, 2022 /PRNewswire/ — Orchid Pharma today announced their Q2’22 results. Fuelled by increasing sales and a laser sharp focusPost a successful turnaround of IBC case, the company continues its march towards growth and sustainability NEW DELHI, Nov. 16, 2022 /PRNewswire/ — Orchid Pharma today announced their Q2’22 results. Fuelled by increasing sales and a laser sharp focus

  • HPCL Reports Back-To-Back Quarterly Losses; Posts, Rs 2,172 Cr Loss In Q2

    Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported Rs 2,172.14 net loss in July-September after losses arising from freezing petrol and diesel prices couldn’t be made up by accounting for a one-time government grant that came after the quarter had ended.Hindustan Petroleum Corporation Ltd (HPCL) on Thursday reported Rs 2,172.14 net loss in July-September after losses arising from freezing petrol and diesel prices couldn’t be made up by accounting for a one-time government grant that came after the quarter had ended.