NewsVoir New Delhi [India] May 28 Best Agrolife Limited BSE 539660 NSE BESTAGRO amongst India leading agrochemicals manufacturers announced its audited financial results for the quarter and financial year ended March 31st 2024 in the Board meeting held on 24th May 2024 Commenting on the result and overall update on the financial year 2023-2024 Vimal Kumar Managing Director Best Agrolife Ltd said Despite the many challenges faced during the year for the full year FY24 our revenue grew by 7 on Y-o-Y basis This growth was driven by our shift in business strategy from institutional sales to branded sales This has resulted in the growth of our branded business by 85 However the EBITDA margins reduced to 12 in FY24 mainly because of the stress on the gross margin due to pricing pressures in the market primarily caused by oversupply from China Combination of weather factors our shift towards branded products and an expanding distributor network led to higher trade inventory Additionally employee costs have gone up due to a shift in business strategy The planned increase in employee cost is a strategic investment to strengthen our sales distribution network Also other expenses have risen due to incremental marketing costs for focus on branded business Despite the high competition from imports particularly pricing pressure from China and the challenges posed by the global economic climate we have maintained good profit margins This year our company achieved several significant operational milestones We became a major partner in Kashmir Chemicals by acquiring a 99 stake increasing our formulation capacities Our strategic acquisition of Sudarshan Farm Chemicals will allow us to leverage SFCL robust RD capabilities IP portfolio and backward-integrated technical manufacturing expertise These developments will be crucial in enhancing our manufacturing and innovation capabilities The company continues to build upon a strong registration portfolio having garnered 94 registrations for newer technicals and formulations in FY24 We have established a strong foundation for accelerated growth by securing patents for newer groundbreaking products In FY24 we launched multiple products including our patented formulation Tricolor Our past investments in research will see us launching multiple patented products such as Warden Extra Defender Orisulam and potentially Shot Down in FY25 The new additions to our patent portfolio will see us reaping the fruits of our investments in FY25 and beyond We continue to strategically expand our RD capabilities with potential yields in the upcoming years We are committed to developing safer and newer chemistries that are beneficial for the farmer and the environment With a robust pipeline of new innovative and patented products coupled with an increased market presence we are well-positioned to capitalize on emerging opportunities and drive value for our shareholders We have entered the new fiscal year with an optimistic outlook with our focus on delivering value to the farmer through RD I thank all our stakeholders for their continued support and faith in our company For the quarter ended March 31st 2024 * Revenue from Operations declined by 4668 Y-o-Y to Rs 13539 crore in Q4 FY24 compared to Rs 25391 crore in Q4 FY23 due to an unexpected seasonal failure of Q3 and Q4 of FY24 as against normal seasonal conditions in same period last year leading to lower-than-expected sales coupled with surge in sales returns * Q4 FY24 EBITDA excluding Other Income was a loss of Rs 6710 crore against a profit of Rs 714 crore in Q4 FY23 * Q4 FY24 PAT stood at loss of Rs 7249 crore against a loss of Rs 841 crore in Q4 FY23 caused by price erosion and our investments in brand building For the year ended March 31st 2024 * Revenue from Operations grew by 731 to Rs 187332 crore in FY24 compared to Rs 174568 crore in FY23 This is mainly due to significant growth in branded sales as compared to the previous corresponding period * FY24 EBITDA excluding Other Income was at Rs 22559 crore against Rs 31366 crore in FY23 a decline of 2808 on Y-o-Y basis This is mainly due to shift in business strategy from institutional sales to branded sales which has resulted in higher employee costs and other expenses The increase in employee costs is attributable to the strategic investment in manpower to expand the dealer network Additionally other expenses have increased due to incremental travel and marketing expenses * FY24 PAT stood at Rs 10627 crore * The Board recommended a final Dividend subject to approval of shareholders of Rs 3 30 per equity of face value Rs 10 Business AchievementsDevelopments in FY24 Inorganic developmentsPartnerships * Partnered with Syngenta for Pyroxasulfone 85 WG Herbicide Movondo becoming the first company in India to manufacture both the active ingredient and formulation of Pyroxasulfone * Acquired 99 stake in Kashmir Chemicals increasing our formulation manufacturing capacity * Acquired Sudarshan Farm Chemicals enhancing our RD and Technical manufacturing capabilities Products Patents * Launched patented product Tricolor * Developed a pipeline of patented products for launch in FY25 and beyond * Secured patents for 4 innovative groundbreaking agricultural solutions that are expected to have positive outcomes in FY25 Others * Got listed on National Stock Exchange * Entered into a three MW solar plant power sharing agreement at the Gajraula unit reducing energy costs by 33 * Awarded the Most Innovative Campaign and Product Development company by PMFAI at the Agchem Awards - 2024 Best Agrolife Ltd BAL is a leading agrochemical company committed to delivering innovative solutions for sustainable agriculture Presently BAL boasts manufacturing capacities of 7000 MTPA for technicals and 30000 MTPA for formulations across three manufacturing plants situated in Gajraula Greater Noida and Jammu Kashmir With a network of over 8500 distributors across India BAL maintains an impressive portfolio of 480+ formulations and holds over 115 technical manufacturing licenses With a focus on quality integrity and customer satisfaction BAL continues to set new benchmarks in the agrochemical industry For more details please visit wwwbestagrolifecom ADVERTORIAL DISCLAIMER The above press release has been provided by NewsVoir ANI will not be responsible in any way for the content of the same