Dhanuka Agritech Q1 net profit up by 1.05 per cent YOY to Rs. 49.11 crore

Dhanuka Agritech -- one of the leading agri input companies in India -- has reported financial results for the first quarter of 2022-23 financial year.

Gurugram-headquartered firm clocked Rs 49.11 crore profit during April-June quarter of FY'23, up 1.05 per cent from the same quarter of the previous fiscal year.

Total income grew 10 per cent to Rs 409.58 Crores in the first quarter of this fiscal from Rs 371.54crore in the corresponding period of FY'22.

Financial Performance
(In Rs crore)

Management take of Q1FY23 Performance

Commenting on the Q1 performance, Dhanuka Agritech Chairman R G Agarwal said: "This year, the rainfall has been very uneven and although the overall rainfall is above average, East and North region has suffered from very less rainfall whereas South and West has seen unprecedented rains resulting in flooding. This impacted the 1st Quarter of the Company. Now, the rainfall has covered most of India in July except for the East region, therefore, we expect that rest of the year should be good for the Company.″

Dhanuka Agritech will continue to focus on introducing new innovative products in the market to cater to the growing needs of the farmers.

"We have launched two such products in June. The pipeline is strong for the remaining quarters of FY'23. We would soon be launching a nationwide campaign to acknowledge and salute the contribution our hardworking farmers," Mr. Agarwal said.

During the June quarter, the company brought two new products - Cornex & Zanet - in the market which have been very well received by farmers.

CORNEX, is a novel herbicide developed by Dhanuka Agritech Limited in Technical collaboration with Nissan Chemical Corporation, Japan. It has been introduced for the first time in India by Dhanuka Agritech Limited. It is a broad spectrum, selective, post emergence and systemic herbicide which is one shot solution for farmers for controlling major broad and narrow leaf weeds and sedges (Cyperus rotundus) in maize crop. CORNEX will empower the maize farmers by its dual mode of action, which will help to control major weeds in their crop to enhance the productivity and increase their income.

ZANET, a novel fungicide is a powerful combination of Fungicide & Bactericide. It is the first such molecule developed in collaboration with TWO Japanese chemical manufacturers Hokko Chemical Industry Ltd., Japan and Nippon Soda Co., Ltd., Japan.  ZANET is a broad spectrum, strong systemic fungicide providing excellent control against Bacterial Leaf Spot & Powdery Mildew in Tomato. ZANET reduces the number of sprays helping farmers to obtain better yield and quality in a cost-effective way.

New Product Launches – Two products launched in Q1, expect at least 5 product launches in FY23

• Cornex (herbicide) – 9(3) Registration for Halosulfuron Methyl + Atrazine in Jan-22, developed in collaboration with Nissan Chemicals Corporation, Japan, herbicide for Maize crops, launched in Q1
  

• Terminal , herbicide launched in Q1
  

• Zanet (fungicide) – 9(3) Registration for Thiophanate Methyl + Kasugamycin in Dec-21, developed jointly in partnership with Nippon Soda Co Ltd, Japan and Hokko Chemicals Co. Ltd., Japan, horticulture crops for powdery mildew for tomato crop, to be launched in Q2
  

• Decide (insecticide) – 9(3) Registration for Etofenprox + Diafenthturon in Jan-22, developed in collaboration with Mitsui Chemicals Ltd, Japan, control of thrips in cotton and chilly, to be launched in Q2
  

• Approval for one PGR and three 9(4) herbicides – 3 products and 1 PGR approval for paddy, tea, and cotton, to be launched in subsequent quarters
  

• Target to launch 8 new products in next 2 years
  

Dhanuka Agritech is also committed to bring new technologies in the agriculture sector.

It is also conducting training programmes across the country for farmers to showcase these new technologies and how to use them. The company also educates farmers about adequate and proper use of agrochemicals.

It is pertinent to mention here that in India, the consumption of agrochemicals per acre is still very low compared to the global average.

About Dhanuka Group

Dhanuka Group is one of India’s leading plant protection companies and is listed on BSE and NSE. The company has 3 manufacturing units located in Gujarat, Rajasthan, and J&K. The company is present across the country via 41 warehouses and a network of 6,500 distributors and around 80,000 retailors. It has international collaboration with the world’s leading agrochemical companies from the US, Japan, and Europe, which helps them to introduce the latest technology in Indian farmlands. Dhanuka’s workforce with more than 1,000 techno–commercial staff, supported by a strong R&D division and a robust distribution network helps it to reach out to approximately 10 million Indian farmers with its products and services.