Best Agrolife Ltd reported strong financial results for Q1 FY2022-23

Best Agrolife Ltd (BSE: 539660, NSE: BESTAGRO), the leading manufacturer of agro-inputs in India, declared its financial results for Q1FY23 on 05 August 2022 in its Board of Directors meeting. The fastest-growing agrochemical company in India has reported strong financial results for the first quarter ended 30th June, 2022.  Best Agrolife Ltd (BAL) posted a multifold jump in its consolidated revenue at ₹463.7 Crores jumping 49.9% QoQ. The EBITDA of BAL stood at 65.9 crores, displaying an 82.7% YoY growth and 6.1 % QoQ growth in the first quarter of the current fiscal, the company said in its statement.

Consolidated Key Highlights-Q1 FY23

• The company recorded revenue of ₹463.7 Crores , a growth of 34.6%  as against ₹ 344.6 Crores in Q1 FY22 . On a sequential basis, revenue grew by 49.9%
  

• EBITDA at ₹ 65.9 Crores grew significantly by 82.7% as against ₹ 36.06 Crores in Q1 FY22; EBITDA margin for the quarter at 14.2% as against 10.5%  in Q1 FY22
  

• PBT at ₹ 53.4 Crores, a growth of 53.5 % Y-o-Y & 8.4%  on Q-o-Q basis
  

• PAT also registered a robust growth of 54.7% YoY at ₹40.1 Crores in comparison to ₹ 25.94 Crores reported in Q1 FY21
  

Commenting on the results, Mr Vimal Alawadhi, Managing Director BAL, said, ″We are pleased to inform you that after closing FY2022 with strong results we have succeeded in maintaining our upward growth momentum in the first quarter of the current fiscal year as well. Due to our futuristic vision, discipline, and carefully crafted strategy we improved on FY22 EBITA margins despite the inflationary pressure. During this quarter we launched many new revolutionary products including our patented product RONFEN. The initial response has been good and we expect a pick-up in the next quarter. On the other hand, we also focused on strengthening our team by bringing some extremely talented professionals like Mr Pramod N Karlekar, the renowned technocrat in the chemical arena, on board which will surely prove to be fruitful for the organization in the long run.″