Best Agrolife Ltd, the fastest-growing agro-inputs manufacturer in India, posted strong financial results for the second quarter and first half of 2023. It reported a 415.4 percent year-on-year (YoY) rise at Rs 129.82 crore in net profit for the September quarter.
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Driven by the tremendous success of patented products like Ronfen, launches of innovative products, geographical expansions, increased productivity, and prices that offset higher costs the total revenue from operations for Q2FY23 increased by 115.9 percent to Rs 700.3 crore. The leading provider of sustainable agriculture products and solutions across the globe on Friday declared financial results for Q2FY23 ended September 30, 2022 in its Board of Directors meeting.
The company recorded revenue of RS 700.3 crore, a growth of 115.9 percent as against Rs 324.38 crore in Q2 FY22. EBITDA stood at Rs 182.5 crore and grew significantly by 418.1 percent as against Rs 35.23 crore in Q2 FY22.
Profit after tax (PAT) registered a robust growth of 415.4 percent year-on-year (YoY) at Rs 129.82 crore in comparison to Rs 25.19 crore reported in Q2 FY21.
Commenting on the results, Vimal Alawadhi, Managing Director BAL, said, “We are delighted with the stellar performance delivered in H1FY23. The highlight of this quarter was the tremendous success of our newly launched products - specially Ronfen, AxeMan, and Warden. Our plants have achieved higher capacity utilization. Though we have launched only one revolutionary patented product this year there are many more such high-value products in the pipeline.”
“BAL is a research-based company. Our robust R&D team specializes in innovating new molecules that get certified by the respective govt authorities and renowned universities. We have crafted a niche for ourselves in the agrochemical industry by receiving one or two patents for significant formulations consecutively in the last few years. To seize future market opportunities and increase our competitiveness we focus on leveraging our innovation power for agro-inputs in order to come up with tailor-made crop solutions to the specific problems and needs of the farmers,” he added further.
First Published: IST