Agrochemicals company India Pesticides announced Q1FY24 results:
- Total income was Rs 2,047 million
- Adjusted EBITDA of Rs 431 million; EBITDA margin of 21.1%
- Reported EBITDA of Rs 260 million; EBITDA margin of 12.7%
- Adjusted net profit of Rs 325 million; PAT Margin of 15.9%
- Reported net profit of Rs 155 million; PAT Margin of 7.5%
- Technicals APIs constitute 79% of Total Revenue
Commenting on the performance, Anand S Agarwal, Chairman, said, “In Q1FY24, the company faced a highly volatile global business environment, characterized by numerous challenges such as unfavourable macroeconomic scenarios, subdued volumes, high-cost inventories and steep price drops due to oversupply of raw material from China. Consequently, our topline and profitability were impacted, with revenues amounting to Rs 2,047 million in Q1FY24 compared to Rs 2,217 million in Q1FY23. Despite these challenges, we remained steadfast in our efforts to navigate through these turbulent times and strategize for a more resilient performance in the coming quarters.
During the quarter, the Company saw additional pressures due to a reduction in the selling prices of some of its products, leading to an impact of Rs 171 million. This impact comprised Rs 73 million owing to sales made during the current quarter and Rs 98 million due to the revaluation of inventories at hand at Net Realizable Value (NRV).
I am happy to announce that during the quarter we have increased our technical capacity by 200 MT which takes our total technical capacity to 24,200 MT. We are focused on introducing new products and expansion of the Hamirpur plant project. Our recently launched products continue to receive positive responses from the market and make a significant contribution to the top line. This momentum has encouraged us to further enhance our offerings and explore avenues for growth and expansion.
Our robust sense of accountability, coupled with an extensive reach to millions of farmers, an expansive distribution network, and a firm market presence, propel us toward achieving our objectives. It also helps augment stakeholder value and forge a path toward a sustainable future. We will continue to push the boundaries by harnessing the strength of our diverse product portfolio, positioning ourselves as a leading and competitive organisation in our industry.”