Best Agrolife Q2, FY2022-23 profit jumps five-fold to Rs 129.81 cr

Agro chemicals firm Best Agrolife Ltd has clocked an over five-fold jump in its consolidated net profit at Rs 129.81 crore for the quarter ended September, 2022 on higher sales.

Its net profit stood at Rs 25.18 crore in the year-ago period, the company said in a statement.

Total income also more than doubled to Rs 701.17 crore in the second quarter of this fiscal year from Rs 324.71 crore in the corresponding period of the previous year.

Best Agrolife Managing Director Vimal Alawadhi said the sales of newly launched products have been good.

"Our plants have achieved higher capacity utilization and we have many revolutionary products in the pipeline," he added.

Alawadhi said the company's R&D team specialises in innovating new molecules.

"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," he said.

Alawadhi said the company would come up with tailor-made crop solutions to the specific problems and needs of the farmers.

Best Agrolife is engaged in the manufacturing of agrochemical products. The company offers more than 70 formulations of insecticides, herbicides, fungicides, and PGRs (plant growth regulators).