India Pesticides Q3 FY23 revenue growth up 16.1%

India Pesticides Q3 FY23 revenue growth up 16.1%

The company has planned Rs. 70 crore Capex for expansion at Sandila Plant in FY23

  • By ICN Bureau | February 07, 2023
India Pesticides Limited, one of the fastest growing agro-chemical companies in terms of volume of technical manufacturing, has shown Q3 FY23 consolidated revenue growth of 16.1% to Rs. 222.2 crore. 
The company has shown EBITDA of Rs. 51.1 crore; EBITDA Margin of 23.0%; Net Profit Rs. 34.8 crore; and PAT Margin of 15.7%. Technicals + APIs constitute 84% of total revenue. 
Commenting on the performance, Anand S. Agarwal, Chairman said, “Despite the inflationary pressure, our margins saw an improvement on QoQ basis due to improved operational efficiencies and cost pass-through. The company performed well with a 16.1% YoY revenue growth, driven by higher demand for existing products and new launches. Our margins remained under pressure (YoY) due to various global macroeconomic challenges, including rising raw material prices and high fuel prices affecting the industry." 
"All our recently launched products were well received by the market, and we expect their demand to grow going forward. Further to this we have planned Rs. 70 crore Capex for expansion at Sandila Plant in FY23. We're happy to announce that the Ministry of Environment and Forests (MOEF) has granted us Environmental Clearance (EC) for our Hamirpur project. We anticipate starting operations during the fiscal year 2023-24," commented Agarwal. 
"Our Exports increased to 68% in Q3 FY23 from 49% in Q2 FY23. The increase has been driven by the company's focus on expanding its global reach and building strong relationships with international customers," said Agarwal. 
"During the quarter our long-term credit facilities were reconfirmed at A+ by CARE Ratings ltd which highlights our ability to manage capital efficiently," added Agarwal. 

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