Dhanuka Agritech FY24 net profit up by 2.4% to Rs. 239.09 Cr; Revenue increases to Rs. 1758.54 Cr in FY’24 by 3.4%

Dhanuka Agritech -- one of the leading agri input companies in India –  announced its financial results for the fourth quarter of the financial year ending March 2024.

Financial Performance Update

Key Highlights – 12M ending 31st March 2024

The company recorded revenues of ₹ 1758.54 Cr for the period ended March 31, 2024, an increase of 3.4% over PY of ₹ 1700.22 Cr. Profit after tax was ₹ 239.09 Cr, as compared to PY profit after tax of ₹ 233.51 Cr.

The company recently launched several products which will revolutionize the agricultural sector of the country. The products, include LaNevo, MYCORe SUPER and Purge.

Management’s take on Q4FY24 Performance

Commenting on the Q4 performance, Mr. M. K. Dhanuka, Vice-Chairman and Managing Director, Dhanuka Agritech Ltd said, despite the year 2023 recording below-average rainfall (820 mm compared to the usual 868.6 mm) due to El Nino, prevailing volatile and challenging market conditions, the company performed reasonably well. Our new product offerings have received encouraging responses from the farming community.

As IMD forecasts predict above-normal rainfall this year, it would significantly benefit the agriculture sector, especially the kharif season. Accordingly, we at Dhanuka are hopeful of delivering a strong performance and profit stabilization in the current financial year.

Projecting into the current financial year, he said like the last few years, the company plans to launch several groundbreaking products in the current financial year. These advancements will not only revolutionize Indian agriculture but also solidify the company's position in the competitive agrochemical market. Already, in the month of April-May, we have launched three innovative products including the global introduction of the herbicide ‘Purge’, as well as the launch of insecticide ‘LaNevo’, and bio-fertilizer ‘MYCORe Super’. The initial feedback of the market is phenomenal for all these products and we plan the introduction of more innovative products over the next few months.