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Agrochemicals company Insecticides (India) announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
- Revenue from Operations stood at Rs 273 crore in Q4FY24 compared to Rs 302 crore in Q4FY23
- EBITDA stood at Rs 9 crore in Q4FY24 as against Rs (28) crore in Q4FY23
- PAT stood at Rs 8 crore in Q4FY24 as against a loss of Rs (29) crore in Q4FY23
FY24 Financial Highlights:
- Net Revenues for FY24 stood at Rs 1,966 crore vs Rs 1,801 crore in FY23
- B2C business revenue grew by 11% leading to higher profitability
- Strong growth of 27% in value added product portfolio of ‘Maharatna’, which constitutes 59% of B2C revenue in FY24
- B2B and Exports revenue remains impacted due to industry challenges
- Favorable product mix and costs efficiencies led improvement in profitability
- PAT for FY24 was at Rs 102 crore, registering a growth of 62%; PAT margins expand by 170 bps in FY24 marking a strong recovery in a challenging industry environment
Commenting on the results and performance, Rajesh Aggarwal, MD of Insecticides (India) Ltd. said: “We are delighted to report a strong performance for Q4FY24 and FY24, with our annual net profit crossing Rs 100 crore, representing a 62% year-over-year growth compared to FY23. This achievement is a testament to our resilience and adaptability in a challenging industry environment.
Our revenue for FY24 stood at Rs 1,966 crore, registering a 9% growth, primarily driven by the impressive performance of our focused Maharatna and Maharatna products, which saw a remarkable 27% year-over-year growth and contributed 59% to our total sales. We attribute this success to our strategic focus on product mix optimization and cost efficiencies, which led to improved profitability and higher GP and EBITDA margins.
Our commitment to operational excellence has enabled us to optimize costs, improve efficiency, and remain agile in response to changing market conditions. We continue to invest in our premium product portfolio, distribution network, and brand equity, reinforcing our position as a trusted partner for farmers and agricultural stakeholders.
We have introduced 8 new products in FY24, which generated revenue of Rs 51 crore and demonstrated wider product acceptance, driving innovation and value. Looking ahead, we are excited about the prospects for our new product launches, which will further enhance our portfolio and address the needs of the farmers. This will lead us to be close to the farmers and address the emerging needs of the farmers on an ongoing basis. We expect to launch at least 7-8 new products in FY25.
Our dedication to sustainability and responsible growth remains unwavering, as we strive to make a positive impact on the environment and the communities we serve. We are grateful for the support of our stakeholders, whose trust and confidence in our vision have been instrumental in our success. As we move forward, we remain committed to innovation, sustainability, and excellence, driving growth and value for all our stakeholders."
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