Dhanuka Agritech Q2 net profit rises 39.4% YOY to Rs. 101.77cr

Dhanuka Agritech -- one of the leading agri input companies in India – today announced financial results for the second quarter of FY 2023-24.

Gurugram-headquartered company clocked Rs. 101.77 crore profit during the July-September quarter of FY'24, up 39.4% from the same quarter of the previous fiscal year.

Financial Performance

(In Rs Crore)

Management’s Take on Q2FY23 Performance

Commenting on the Q2 performance, Mr. M K Dhanuka, Managing Director, Dhanuka Agritech said: The company did reasonably well during challenging times amid erratic rainfall, falling prices, and subdued export demand. The uneven rainfall in the country also impacted our revenue and bottom line. We are cautiously optimistic about the demand in the remaining part of the fiscal year amid El Nino conditions and global inventory in the agrochemicals.

Demand for agrochemicals is expected to improve in the third quarter of the fiscal onwards. In the backdrop of higher MSPs for the Rabi crop announced by the government, and increased water levels in the reservoirs, the demand for agrochemicals in the domestic market is expected to improve.

Like in the past, the company continued to introduce new products in the market. During the July-September quarter of the current financial year, the company brought two new products into the market Tizom and Semacia, which have been very well received by farmers.

Dhanuka Agritech is working on both medium-term and long-term strategies to further expand its market, both in terms of products and geographies. Dhanuka Agritech's strong marketing and sales teams are committed to bolstering the profits of the company under the able guidance of management.

About Dhanuka Group

Dhanuka Group is one of India’s leading plant protection companies and is listed on BSE and NSE. The company has 4 manufacturing units located in Gujarat, Rajasthan, and J&K. The company is present across the country via 41 warehouses and a network of 6,500 distributors and around 80,000 retailers. It has international collaboration with the world’s leading agrochemical companies from the US, Japan, and Europe, which helps them to introduce the latest technology in Indian farmlands. Dhanuka’s workforce with more than 1,000 techno–commercial staff, supported by a strong R&D division and a robust distribution network helps it to reach out to approximately 10 million Indian farmers with its products and services.