Dhanuka Agritech Q3 net profit up by 8.3% YOY to Rs. 46.07 Cr

Total revenue grows 10.2% Y-O-Y to Rs 393.37 crore.

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@ Vikash Sharma | Sr Journalist

 

New Delhi –Dhanuka Agritech — one of the leading agri input companies in India – today announced financial results for the third quarter of FY 2022-23 ended December 31, 2022.

Gurugram-headquartered company clocked Rs 46.07 crore net profit during the October – December quarter, thus registering a 8.3 % growth over the same quarter of the previous fiscal year.

*Financial Performance*

(In Rs crore)

 

Q3FY23 (in Cr) Q3FY22 (in Cr) YoY%

 

Total Revenue: 393.37 356.86 10.2

Profit After Tax (PAT): 46.07 42.52 8.3

EBITDA: 51.83 55.02 (5.8)

 

*Management’s take on Q3FY23 Performance*

Commenting on the Q3 performance, M. K. Dhanuka, Managing Director, Dhanuka Agritech said: “Dhanuka had a reasonable growth in top line in spite of the odds in the industry. The climatic conditions were not favorable for insecticides usage. There was excessive rainfall in the month of October which led to delayed harvesting and delayed sowing of Rabi crops. The insect attack was very less due to which the consumption of insecticide has been impacted. Over all the prices were declining and company was having the high-cost inventory. So, we were not able to pass on this high cost to the consumer and ultimately the company had to bear the losses on account of carry forward inventory of high cost.”

“The outlook for the future looks to be bright because 3 percent excess acreages sowing has been done in Rabi crop and overall the crop condition for Rabi is good. The commodity prices are increasing, and it is expected that farmer will get a very good return for their crops so they will be ready to spend more money to safeguard their crops from pests and diseases. Ultimately future seems to be bright for the agriculture and the agro-chemical industry” M. K. Dhanuka said.

Dhanuka Agritech has a robust product pipeline for the next quarter and FY 2024. Commenting on the new products M. K. Dhanuka said, “We expect that we will get the CIB registration for two new 9(3) products. We do hope that they will be launched for the first time in India as soon as we get the registration in first quarter of FY 2024. We will be able to launch the same for the farmers by second quarter of FY 2024. We hope that the new products will add to the top line of the company and gradually after establishing the new molecules at the grassroot level they will contribute substantially to the top line.”

During Q3FY23, Hon’ble Chief Minister of Haryana Shri Manohar Lal inaugurated ‘Dhanuka Agritech Research and Technology Centre” at Palwal, Haryana. The R&D Centre is equipped with all laboratory facilities and a training hall with a capacity of 100 farmers. The company also remains committed to introduce new technologies like Drone technology, AI & Robotics and other precision farming techniques in the agriculture sector.

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