Dhanuka Agritech reports profit increase in FY24 amid agricultural innovations
Dhanuka Agritech Ltd., a leader in the Indian agri-input industry, has announced its financial results for the fiscal year ending March 2024, showcasing a steady growth in its financial metrics. The company reported a net profit of ₹239.09 crore, marking a 2.4% increase from the previous year’s ₹233.51 crore. This profit rise is accompanied by a revenue increase to ₹1758.54 crore, up 3.4% year-over-year from ₹1700.22 crore.
Enhanced Financial Performance and Market Expansion
Dhanuka Agritech’s financial growth is reflected in its enhanced Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), which rose by 17.5% to ₹327.44 crore, improving the EBITDA margin to 18.62% from 16.39%. These results demonstrate the company’s robust operational efficiency and strategic market positioning.
Innovations Steering Growth
Amid challenging market conditions and below-average rainfall in 2023 due to El Niño, Dhanuka Agritech sustained its growth trajectory through strategic product launches aimed at revolutionizing the agricultural sector. The company introduced several innovative products such as the herbicide ‘Purge,’ the insecticide ‘LaNevo,’ and the bio-fertilizer ‘MYCORe Super,’ all of which have received positive feedback from the farming community.
Future Outlook and Strategic Initiatives
Looking forward, Dhanuka Agritech remains optimistic about the upcoming financial year. With the India Meteorological Department forecasting above-normal rainfall, the company anticipates significant benefits for the agriculture sector, particularly during the kharif season. Dhanuka Agritech’s Vice-Chairman and Managing Director, Mr. Dhanuka, expressed confidence in the company’s future performance and its continued innovation in agrochemical products.
“As we advance, our focus remains on launching groundbreaking products that not only cater to immediate agricultural needs but also ensure sustainability and efficiency in farming practices,” said Mr. Dhanuka. “These initiatives are crucial as we strive to solidify our presence in the competitive market and contribute to the agriculture sector’s overall growth.”