Best Agrolife Ltd. releases results for 1HY FY22; revenue of Rs. 668.95 Cr. and PAT Rs. 50.73 Cr. Profit grow more than 5X

New Delhi [India], October 29 (ANI/NewsVoir): Best Agrolife Ltd. delivered positive results with a 1HY22 revenue of Rs. 668.95 crore for the period ending September 30 2021, registering a jump of 4.43% over PY of Rs. 640.60 crore with an EBITDA of INR 71.29 crore; Profit after tax was Rs. 50.73 crore.
The company's PBT for the first six months is INR 67.92 crore that grew drastically five times compared to previous year's INR 12.57 crore.
In their Board of Directors meeting held on 26th October 2021, the company announced their financial results for the quarter and half-yearly results as of 30th September 2021. Best Agrolife Ltd. in its second quarter generated revenue of Rs. 324.39 Cr. with growth of 16.81% - an EBITDA of Rs. 35.23 Cr. and PAT of Rs. 24.95 Cr.
The merged turnover of two subsidiaries - Best Crop Science Pvt. Ltd. and Seedlings India Pvt. Ltd. - will reflect from the third quarter onward. The company said that it expects a growth of 30-35% in revenue and PBT to change from 7% to 11%. "We are also planning to increase our investment by investing the amount for purchasing the agrochemical factory located in Sabha, Jammu (Jammu and Kashmir)," said the company.
As proposed in the September meeting, the company has acquired Best Crop Science Pvt. Ltd. wholly-owned subsidiary in September 2021. The company was selling more formulated products in the past but is now concentrating on patent products. The patent product will increase the top line and improve the EBITDA of the company significantly.
"The continuous efforts to understand the needs of our biggest stakeholders and the farmers are showing us the path to create innovative products. With leading products in the upcoming quarters, we are creating a strong pipeline for the business," said Mr. Vimal Alawadhi, Managing Director, Best Agrolife Ltd. He further added, "We expect to create significant value for all our stakeholders and next quarter onwards, the results of our subsidiary Best Crop Science Pvt. Ltd. will reflect on our book value."
Best Crop Science Pvt. Ltd. got Central Insecticides Board & Registration Committee's nod for indigenous manufacturing of Trifloxystrobin Technical u/s 9(3). Also, the company got a patent for the three-way insecticidal combination to control sucking pest complex in various crops in just one spray alone; the company has applied for a product trademark - RONFEN, and the product will be out in the market with the onset of the next Kharif season.
Statement by the company stated, "From having a major share in generics, there is a shift since the last three years to our own proprietary novel formulations development, which bring one shot solution to control a complex of pests and diseases. These innovations will not only generate high revenue along with substantial change in EBITDA margin but also create value for the entire farming community towards sustainable agriculture."
The statement further said, "Domestic market in India is still led by insecticide share in comparison to major share of herbicide in global bifurcation. Emerging labor constraints and high resistance in weeds in different crops is going to bring this parity between the world and India. We already have been working on providing some selective herbicides which will be able to control broadleaf and narrow leaf weeds together along. With our research orientation and robust R&D team, we are bringing these proprietary formulations developing from the molecules which have just come out of patent will keep us ahead of the company in the coming five years."
Best Agrolife Ltd. (BSEL539600) ranks among one of the top 15 agrochemical companies in India. It is one of the leading manufacturers and innovators in the country for Agrochemicals, Technicals, Intermediates, Formulations, PGRs, and Public Health Products.
In their 7th Board of Directors meeting held on 26th October 2021, the company announced their financial results for the quarter and half-yearly results as of 30th September 2021.
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