India Pesticides Limited, one of the fastest growing agrochemical companies in terms of volume of technical manufacturing, has shown Q1 FY23 revenue growth of 27.4% to reach Rs. 221.7 crore. 

The company has reached EBITDA of Rs. 59 crore and EBITDA Margin of 26.6% whereas Net Profit stood at Rs. 41.1 crore. Technicals + APIs constitute 78% of total revenue of India Pesticides.

The company is planning a Capex outflow of Rs. 70 crore for FY23 which will further increase Sandila plant capacity by 4,000 MT and two more manufacturing blocks at the existing Sandila facility are proposed to be used for herbicide Technicals & intermediates. Hamirpur Plant is likely to commence operations in FY23-24. The company has launched the 6th molecule in Q1 FY23 and is part of our earlier announced medium-term strategy of launching eight new molecules.

Commenting on the performance, Anand S. Agarwal, Chairman, India Pesticides Limited said, “During the quarter our revenue grew by 27.4% supported by increased demand of existing products and new product launches. The ongoing global uncertainties had an impact on raw material prices during the quarter and increased energy cost resulted in margin decline."

"We launched the first phase of our backward integration for Pretilachlor Technical of 2,000 TPA during Q1 FY23. This will be manufactured in our existing facility at Sandila Plant, which will further safeguard us from any supply chain challenge of the intermediate which is largely imported. We are planning to expand it further in the current fiscal year. The primary application for the chemical is as herbicide for rice plantation. We anticipate a good market potential for this product. The manufacturing process was developed indigenously by our R&D and project engineering teams. This brings our total Technical manufacturing capacity at Sandila to 21,400 TPA. We are also progressing positively towards Hamirpur Facility where the EIA report is under completion and is expected to be submitted by August end," commented Agarwal.

"Looking forward we will continue our journey towards building long-term relationships with all stakeholders by delivering as per everyone's expectations. We are consistently working towards our vision of supporting chemical businesses and farmers across the world by producing superior value chemicals by integrating quality and efficiency,” added Agarwal.

The present installed capacity of Technicals increased to 23,500 MT from 21,500 MT as on 31.03.2022 after launch of 2,000 MT capacity during Q1 FY23.