May. 30, 2023
Best Agrolife Limited (BAL) (BSE: 539660, NSE: BESTAGRO) reported financial results for the Quarter and Year ended March 31st, 2023.
Consolidated Financial Results – FY23 & Q4
Commenting on results, Mr. Vimal Alawadhi, Managing Director, Best Agrolife Limited, said: ″I am delighted to inform you that we have delivered strong revenue from operations of Rs. 1,746 cr. which is a robust growth of 44% over FY22. Our constant focus on introducing the innovative products to cater to farmers need has resulted in BAL introducing many specialised combination products including patented novel combination Ronfen in FY23 which drove the growth during the year. We have also expanded our margins by 427 bps during the year which was driven by change in product mix.
Happy to mention, Board has recommended a dividend of 30% (i.e. Rs.3 per share), which is 50 % jump over last year.
Q4FY23 was difficult for the industry at large due to higher channel inventory and excess supply from China at lower prices. We were also affected by this as our branded product portfolio is more focused on the kharif season. We are working towards introducing more branded products which are focused on Rabi season which will improve breadth of the portfolio and will also make the portfolio more balanced which is currently skewed more towards kharif season.
In line with our commitment to ″Make in India″, we have embarked on a capex plan to expand our technical capabilities as well as improve backward integration which will lead to lower dependence on China and better cost structure.
Overall, we have an exciting product pipeline ready to be launched in FY24 which are in line with our strategy of introducing more patented and specialised combination products which will help continue strong growth momentum as well as improve our margins in FY24.″
Key Results Highlights (FY23 Consolidated):
Revenue from operations for FY23 grew by 44% YoY to Rs. 1,746 cr.
Gross margin for the year is at 28% as compared to 19% in FY22 which was an expansion of 963 bps YoY.
EBITDA for the year came at Rs. 314 cr up 89% YoY compared to Rs. 166 cr in FY22.
EBITDA margin for the year came at 18% as compared to 14% in FY22; expansion of 427 bps YoY.
PAT for the year was at Rs. 192 cr up 83% on YoY basis. PAT margin for the year was at 11% compared to 9% in FY22.
Key Business highlights for FY23:
Product Pipeline for FY24: