The shares of the agrochemical manufacturer gained up to 18 percent after the company’s subsidiary received a granted license from the Central Insecticides Board & Registration Committee.
With a market capitalization of Rs 1,645.56 crore, the shares of Best Agrolife Ltd were trading at Rs 695.95 per share, increased drastically by 13.64 percent as compared to the previous closing price of Rs 611.60 apiece.
According to the exchange filing, The Central Insecticides Board & Registration Committee has given Seedlings India Private Limited, a wholly-owned subsidiary of Best Agrolife Ltd, a license for the Indigenous manufacturing of Chlorantraniliprole 4.5%, Novaluron 11.5%, and Emamectin Benzoate 1.5% SE under Section 9(3).
Furthermore, these chemicals are a powerful blend that offers exceptional control over a wide array of pests, particularly targeting lepidopteran pests such as shoot and fruit borers, and also proving effective against Coleoptera and Diptera pests. The company will be launching this product under the brand name ‘Namagen’.
Looking forward to the company filing, revenue plummeted by 47 percent from Rs 254 crore in Q4FY23 to Rs 135 crore in Q4FY24 but during the same period, net loss magnified by 800 percent from Rs 8 crore to Rs 72 crore.
Examining the company’s crucial ratio, return on equity declined from 37.34 percent in FY22-23 to 16.42 percent in FY23-24, while during the same time frame return on capital employed also declined from 50.03 percent to 27.66 percent. In contrast, the net profit margin (NPM) stands at 5.67 percent in fiscal year 23-24.
Best Agrolife Limited’s unique product offerings cater to the Indian agrochemical industry as well as foreign markets. The company trades agricultural products. It provides crop protection and food safety solutions to its farmers, as well as agricultural services across the world.
Written by:- Abhishek Singh
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