Agrochemicals company Best Agrolife announced consolidated Q1FY24 results:
- Revenue from operations for Q1FY24 stood at Rs 612 crore which grew by 141% QoQ and 32% on a YoY basis compared to Rs 254 crore in Q4FY23 and Rs 464 crore in Q1FY23
- Gross margin for Q1FY24 is at 30% as compared to 19% in Q4FY23 and 21% in Q1FY23 which was an expansion of 1,100 bps QoQ and an expansion of 900 bps YoY.
- EBITDA for Q1FY24 came at Rs 130 crore up 1,720% QoQ and 97% YoY compared to Rs 7 crore in Q4FY23 and Rs 66 crore in Q1FY23. The improvement in EBITDA was driven by a better product mix during Q1FY24.
- EBITDA margin for Q1FY24 came at 21% as compared to 3% in Q4FY23 and 14% in Q1FY23 which was an expansion of 1,800 bps QoQ and an expansion of 700 bps YoY.
- PAT for Q1FY24 was at Rs 90 crore, up 1,168% QoQ and 124% YoY compared to Rs (8) crore in Q4FY23 and Rs 40 crore in Q1FY23.
- PAT margin for Q1FY24 came at 15% as compared to (3%) in Q4FY23 and 9% in Q1FY23 which was an expansion of 1,800 bps QoQ and an expansion of 600 bps YoY.
Commenting on results, Vimal Kumar, Managing Director, Best Agrolife, said: “I am delighted to share that Best Agrolife has achieved remarkable growth momentum, with revenue from operations growing by 32% YoY to Rs 612 crore, despite the headwinds that the agrochemicals industry has been facing. Our herbicide portfolio products including Amito, Propique, Tombo, Ronfen, and Warden have been the driving force behind this quarter's growth. Additionally, our EBITDA margins of 21% can be attributed to the increasing contribution of speciality, niche, and patented products to our overall revenue.
This quarter's performance also reinforces the widespread acceptance of our products and Best Agrolife's strong brand presence in the Indian agrochemical market. Focusing on FY24, 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 technical 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.”