Best Agrolife Ltd – Marching Ahead On The Path Of Success

A research-based organization, Best Agrolife Ltd (BAL) is serving the farming community the world over by indigenously developing and marketing world-class and cost-effective farm solutions in the form of Noval agrochemical formulations.  Listed among the top 15 agrochemical companies in India, BAL is having its time in the sun as the company is expanding its global footprint rapidly. Over the years, BAL operated safely and reliably by constantly focusing on its core competencies of Research and Development, innovation, and transformation and adapting to the constantly changing situation as best as it could. It deployed several market conducive strategies to expand the domestic and export businesses. It is proactively working on developing highly effective solutions against the most critical farm issues being faced by farmers across the globe. At present, the company offers more than 70 formulations of insecticides, herbicides, fungicides, and PGRs. Besides, it also maintains an unrivaled portfolio of 360+ formulations and more than 80 technical manufacturing licenses.

The established track record of integrated operations, experienced management, a product portfolio that is spread across various segments, a wide distribution network, a healthy operational performance marked by consistent growth in scale of operations, and improved profitability margins have helped the company in taking the commendable leap and creating a niche of its own. After launching its five newly developed novel products – Ronfen, Warden, Axeman, Reveal, and Tombo the Indian agrochemical major is now creating waves in the agricultural world by launching indigenously manufactured CTPR (Chlorantraniliprole).

Beginning of a Revolutionary Chapter in the Indian Agrochemical Sector

While the company’s antecedents can be traced back to 1992 it set up its first formulations unit in 2007. The success in its ventures motivated the BAL’s management to acquire a technical manufacturing plant in 2016, and from there started a process of backward integration of the products for which India was totally dependent on imports. Moving ahead at a rapid pace, the company has in the last few years indigenously manufactured import substitutes of many active ingredients.

Guiding the company is its dedicated management team, which possesses rich experience of many decades in the chemical sector. Further, BAL employs highly qualified professionals and technical staff with working experience in leading MNCs and large Indian corporations. The backbone of BAL is its reliable and strong distribution network that comprises of more than 5200 dealers and distributors along with 1500 plus retail points all over the country. Recently, seeking new growth avenues the company started its business operations in the southern region of India.

″Going by the mantra, of putting in hard work and intelligence to drive profitability has worked in the best interest of the Company. Through sheer grit and resilience, the Company has not only made a mark in the industry, but it has also created a lasting impression on its customers who seek Best Agrolife’s solutions to grow their respective businesses. While the Company’s evidence of success is embedded in its financial performance, it is the Company’s values and passion that truly enable it to become an unparalleled name in the industry,″ says, Mr Vimal Alawadhi, Managing Director of Best Agrolife Ltd.

 
R&D – The Backbone of BAL’s Efforts

At the heart of BAL’s efforts are its NABL accredited Labs, separate R&D synthesis & formulations, and 3 world-class state-of-the-art manufacturing units. Actively manned by over 600 happy employees, BAL is continuously working on developing highly effective solutions against the most critical farm issues confronting farmers across the globe.

Among the most prominent units of BAL is its Gajraula unit. Manned by a highly qualified and experienced R&D team it focuses on the backward integration and development of quality and sustainable molecules. That apart, the fully automated formulation plant at Noida is dedicated for innovating new formulation molecules. Both units are equipped with NABL-accredited state-of-the-art labs with cutting-edge quality control and analysis tools that enable stringent quality checks at each production stage. The Company’s strict adherence to its quality standards has enabled it to build a name for itself, as it delivers best-in-quality products.

Further, the recently acquired Agrico Chemicals in Jammu & Kashmir has its own state of art formulation research & development facility to support the development of niche formulations including herbicides. This plant is specifically dedicated to proprietary formulations like WG, SC, and EC adding to Company’s formulation capacity by 3,000 KL/MT per annum. In February 2022 the company also kickstarted production at its fully automated formulation facility, Seedling India Pvt Ltd in Greater Noida. After the formulation facility was successfully commissioned the unit commenced the production of high-end formulations started well in time. The manufacturing capacity of the facility is 18,000 MTPA. 

A Futuristic Vision to Increase Market Penetration

With its futuristic vision, the company is surging ahead and paving way for a better future. It has effectively diversified its product sales mix to include multiple geographies, thus reducing dependency on any specific economy or market. BAL’s domestic business has an extensive network that strengthens its global and pan-India penetration. The company is trusted by more than 10,00,000 farmers across the world. It has 20 depots in 18 states and more than 5,200 loyal distributors all over India. As one of the top agrochemical companies in India, BAL ensures that its products and services are available within close proximity to retailers and farmers. The company engages with its customers regularly to develop products with advanced chemistry to their specific needs. The customer profile of the company has also improved dramatically as it has roped in several high-end blue-chip corporates and leading MNCs like UPL, IFFC-MC, Bharat Rasayan, Ltd, Atul, and Mahindra Agri Business as part of its peer-to-peer set-up for increasing sales and sustainability.

After dominating the domestic market the brand BAL successfully expanded its global presence. At present, the company is aggressively working on registrations. Apart from registering more than 30 products in other countries, the company has also registered 91+ technicals for sale in India, 67 formulations for manufacture and sale in the export markets, 130 technicals for manufacture and sale in the export markets, and 14 formulations registered in various countries while the approval for 42 filed formulations is pending in countries across the world. BAL’s motivated and trained team uses state-of-the-art technology and is working tirelessly to create innovative formulations/products that help farmers in getting increased crop yields and higher benefits without compromising with health, safety, and the environment. 

 
A Growing Number of Registrations & Patents in the Kitty

 The highly flexible operating model of the company has resulted in overall cost competitiveness; efficient management of fluctuating market demand across various geographies, and offering a wide range of technicals and formulations. It has envisaged favorable business conditions and market dynamics for agrochemicals and has developed many groundbreaking formulations to seize now-or-never opportunities. The company efficiently channelizes its time and resources for identifying generic molecules and registration opportunities that offer scalable growth and limited capital requirements. The company focuses on categories where its product would be the first one to get registered. It has filed a number of applications for registrations in India and in various other countries.

BAL chiefly focuses on identifying and developing the most sought-after products and then getting the registration for them. In the past few months, the company received registrations and patents for the indigenous manufacturing of several pathbreaking technicals like Spiromesifen, Trifloxystrobin, and a crucial Trifloxystrobin technical combination from the Central Insecticides Board & Registration Committee. After getting the patent and the registration for the indigenous manufacturing of its most awaited product Ronfen (Pyriproxyfen 8%, Diafenthiuron 18%, and Dinotefuran 5% in a unique suspension concentrate formulation), a three-way-insecticidal combination that can control all sucking pests in one shot, the company introduced it in the market along with four other major products namely Axeman, Warden, Reveal, and Tombo.

Other than Ronfen, BAL also received one more patent for the herbicidal composition of haloxyfop, imazethapyr, and chlorimuron which is going to emerge as a one-shot solution to control narrow-leaved weeds, broadleaved weeds, and sedges in soybean. The company is planning to launch this in-house developed ternary herbicide in the domestic market by early 2023 with the brand name ‘Shot Down.’

BAL recently received the registration for the indigenous manufacturing of  Kresoxim-methyl technical and Pyroxasulfone, a crucial novel pre-emergence herbicide for wheat, corn, and soybean Pyroxasulfone controls the problematic weeds in these crops and ensures their better quality and higher yields. Compared with other commercial herbicides it has lower application rates and higher efficacy against broadleaf weeds.

On the other hand, the company also introduced two new CTPR-based formulations, CITIGEN and VISTARA. With this BAL has become the first Indian agrochemical company to manufacture CTPR technical indigenously. There is extensive usage of CTPR (Chlorantraniliprole) based products and its market size is more than Rs 2000 crore at present which is a total of 8% of the pesticide market and its demand will increase further in the coming years.

Maintaining Strong Business Performance

The business of BAL witnessed a strong turnaround this year which was driven by several growth levers. The Company’s sharp focus on innovation and customer-centricity has started paying off and is resulting in robust operational and financial performance. For FY22, its revenue stood at ₹ 1210.8 crores, up by 34%  as against ₹ 905.45 Crores in  FY21. The company delivered an EBITDA of ₹ 165.8 crores, recording a growth of 224% over the previous year. The net profit grew by 183% from ₹ 16.8 crores in FY21 to ₹ 45.9 crores in FY22.

Other than receiving registrations for the indigenous manufacturing of a number of crucial molecules during this year the company also went ahead with strategic acquisitions which increased its manufacturing capabilities further. The company heavily invests on backward integration and developing the import substitutes of leading ingredients to reduce India’s dependency on China and other foreign countries. 

Awards & Recognition

Best Agrolife Ltd (BAL) has received many awards and recognitions for its contribution to the Indian agrochemicals sector. In Feb 22 it bagged the award for Fastest Growing company. BAL received this recognition at PMFAI-SML Annual Agchem Awards 2022. These awards felicitated and reinforced the company’s achievements and contributions to the Indian agrochemical industry, along with its role in the sustainable growth of agriculture. Recently BAL was awarded as the 'Fastest Growing Agro Chemical Company' at ABSA Agra Awards 2022 in August 2022. Other than these prestigious awards, BAL also made its grand entry in The Next 500 list of India's leading business magazine Fortune India in March 2022.

Looking Forward

Aiming to take itself to the next level in the national and global arena, BAL is zealously marching ahead in its efforts to take strategic initiatives to the next level. The company is also committed to investing a significant portion of its resources in research and development making itself known as a science and technology-led company. Most of all BAL is engaged in reinforcing its industrial character. It is also striving hard to contribute to the prosperity of all its stakeholders who have been with the company for its technical excellence, transparency, and integrity. Along with technological advancement, the ultimate aim of the fastest-growing Indian agrochemical company is to make a meaningful difference in the life of the farming community. It is also contributing in a big way to the Indian Government’s target of doubling farmers’ income by making available affordably priced pest management formulations that work by reducing the number of sprays through its advanced one-shot solutions. Through its formulations, it is proactively supporting the agricultural world undergoing what is being called the fourth agricultural revolution.

″In order to create products that raise their productivity, yield, and profits Best Agrolife aggressively increased the pace of innovation over the years without diluting the quality. The years ahead look very promising for Best Agrolife as global corporations around the world seek to diversify their supply base in an attempt to decrease their dependence on China, a significant opportunity awaits India. The company is shaping up its aspirations and is going all out for growth. Best Agrolife is willing to make bolder bets and is looking at foraying new segments and territories,″ says the forward-looking visionary Mr Alawadhi.

This article was initially published in AgroPages' '2022 India Focus' magazine.