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 ₹101.77 crore profit during the July-September quarter of FY’24, up 39.4% from the same quarter of the previous fiscal year.
Management’s take on Q2FY23 Performance
Commenting on the Q2 performance, M K Dhanuka, Managing Director, Dhanuka Agritech, said: The company did reasonably well during challenging times amid erratic rainfall, falling prices, and subdued exports 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 agrochemical 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 bolster the profits of the company under the able guidance of management.