India Pesticides Ltd. has posted total income for Q3 FY24 at Rs. 155 crores as compared to Rs. 222 crores generated in Q3 FY23 due to decline in export sales. In Q3 FY24, the copmany registered EBITDA of Rs. 37 crores, a sequential growth of 19%, with EBITDA margin up 25%.

The net profit for the Q3 FY24 stood at Rs. 24 crores, a sequential growth of 23%, with PAT margin of 16%. Company's margin and profitability remained strong this quarter.

Revenue for export stood at Rs. 86 crores as compared to Rs. 62 crores achieved in last quarter, and domestic revenue stood at Rs. 64 crores as compared to Rs. 140 crores achieved in last quarter. Revenue from technical and formulation stood at Rs. 124 crores and Rs. 29 crores, respectively.

Export continued to witness challenges during the quarter. Demand environment in international market remain challenging amidst high channel inventory and destocking by MNC. India Pesticides has spent Rs. 40 crores on capex in first 9 months of the year. The capex outflow of Rs. 50 crores have been planned for FY2023-24 by IPL.

Looking ahead, the company is excited to announce the establishment of our new subsidiary “Amona Specialities Private Limited”. The entity will focus on identifying generic molecules, navigating the regulatory process for product registrations, and optimizing distribution channels. By doing so, we aim to accelerate our growth trajectory and capitalize on emerging market opportunities.

India Pesticides Limited has a strong balance sheet with the ability to generate good free cash flow. The company is planning to fuel its capex plan with internal accruals.

“Our cash and cash equivalent at the end of Q3 FY24 is Rs. 153 crores. We remain confident of continuing our growth trajectory while extending full support to our customers, suppliers, and valued stakeholders,” the company said in the conference call.