Marginal rise in Dhanuka Agritech’s turnover in FY24

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Agrochemicals manufacturer Dhanuka Agritech reported a turnover of ₹1,758.54 crore for 2023-24 fiscal, an increase of 3 per cent from ₹1,700.22 crore recorded in FY23. Net profit of the company was ₹239.09 crore last fiscal as against ₹233.51 crore in the previous year.

The consolidated net profit for January-March quarter of 2023-24 was ₹59.01 crore, which is 9.63 per cent drop from ₹65.30 crore a year ago as Dhanuka’s income dropped slightly. Total income was marginally lower at ₹383.59 crore during Q4 FY24 compared with ₹385.97 crore a year ago, Dhanuka group said in a statement. Expenses remained nearly unchanged at ₹302.09 crore against ₹299.22 crore a year ago.

Commenting on the Q4 performance, MK Dhanuka, Vice-chairman and MD of Dhanuka Agritech, said, “despite the year 2023 recording below-average rainfall (820 mm compared to the usual 868.6 mm) due to El Nino, prevailing volatile and challenging market conditions, the company performed reasonably well. Our new product offerings have received encouraging responses from the farming community.

“As forecasts suggest above-normal rainfall this year, it will significantly benefit the agriculture sector, especially in the kharif season. Accordingly, we at Dhanuka are hopeful of delivering a strong performance and profit stabilisation in the current financial year.”

Dhanuka also said that the company plans to launch several groundbreaking products in the current fiscal. These advancements will not only revolutionise Indian agriculture but also solidify the company’s position in the competitive agrochemical market, he added.

The company has launched three new products including the herbicide ‘Purge’, as well as the insecticide ‘LaNevo’ and biofertilizer ‘MYCORe Super’. The initial feedback of the market is phenomenal for all the products and the company is planning more innovative products over the next few months, he added.

Dhanuka Group has four manufacturing facilities in Gujarat, Rajasthan and Jammu and Kashmir.