The shares of this market leader in the Indian crop-protection sector gained up to 1.05 percent after the company executed definitive agreements for acquiring 85% equity shares of Barrix Agro Sciences Pvt. Ltd worth Rs 782.01 million.
With a market capitalization of Rs 20,457.49 Crores, The shares of Sumitomo Chemical India Ltd were trading at Rs 409.65 a share, an increase of 0.48 percent from the previous closing price of Rs 407.70 a share.
According to the company filing, Sumitomo Chemical India Ltd executed definitive agreements for acquiring 85% equity shares of Barrix Agro Sciences Pvt. Ltd a Bengaluru-based company engaged in the business of developing and providing farmers pheromone traps and chromatic sheets.
In Addition to the above paragraph, the acquisition was completed on December 15, 2023 worth of this investment in equity shares is Rs 782.01 crores. The acquisition is consistent with SCIL’s strategy to provide farmers with Integrated Plant Nutrition Management (IPNM)
and Integrated Pest Management (IPM) products and solutions and to develop a more sustainable portfolio of green chemicals.
Looking into the company’s performance revenue decreased by 19 percent from Rs 1,122 Crore in Q2FY23 to Rs 903 Crore in Q2FY24. During the same period, net profit decreased by 29 percent from Rs 202 crore to Rs 144 Crore.
Sumitomo Chemical India Ltd launched 3 herbicides, 1 insecticide, and 2 fungicides in H1FY24. The company is gearing up to launch several unique first-time registrations in India after years of efforts, which are expected to ramp up over the next few years
Over 1,500 relationship managers from the company maintain connections with over 4.4 million farmers throughout the crop cycle. More than 200 brands that cover the entire range of crop and pest segments, along with 15,000+ distributors, 40,000+ dealers, and 60 Depots, all contribute to increasing brand awareness and connecting.
Sumitomo Chemical India Ltd. (SCIL) offers a well-rounded portfolio of formulation and technical products in addition to backward integration for select items.
Written by:- Abhishek Singh
