Agriculture Industry

IIL Announces Financial Results for FY2024; Net Profit Crosses 100 Cr

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01 June 2024, New Delhi: Insecticides (India) Limited (IIL) has announced its audited financial results for the year ended March 31, 2024. 

Product Freshness Index:

Product Freshness Index:

*Please note that while the Revenue from new products has been tracked since FY13, for brevity purposes we have depicted graphs starting from FY20.

Financial Highlights: FY24

  • Net Revenues for FY24 stood at Rs. 1,966 crores vs Rs. 1,801 crores in FY23
  • B2C business revenue grew by 11% leading to higher profitability

§  Strong growth of 27% in the value-added product portfolio of ‘Maharatna’, which constitutes 59% of B2C revenue in FY24

  • B2B and export revenue remain impacted due to industry challenges
  • Favorable product mix and cost efficiencies led to improvement in profitability
  • PAT for FY24 was at Rs. 102 Cr, registering a growth of 62%; PAT margins expanded by 170 bps in FY24

Financial Highlights: Q4FY24

  • Revenue from Operations stood at Rs. 273 crores in Q4FY24 compared to Rs. 302 crores in Q4FY23
  • EBITDA stood at Rs. 9 crores in Q4FY24 as against Rs. (28) crores in Q4FY23
  • PAT stood at Rs. 8 Crores in Q4FY24 as against a loss of Rs. (29) crores in Q4FY23

Business Highlights

  • Introduced 8 new products in FY24, which amounted to revenue of Rs 51 crores, demonstrating wider product acceptance, driving innovation and value
  • More than 40% revenue growth in Shinwa, Hachiman, Torry and Mission
  • Streamlined manufacturing operations towards Formulations solutions
  • Strengthened organizational capabilities at the senior level to drive Future growth
  • Investment in digital transformation i.e IIL 360, driving business agility and customer centricity

Commenting on the results and performance, Mr. Rajesh Aggarwal, MD of Insecticides (India) Ltd. said, ″We are delighted to report a strong performance for Q4 FY24 and FY24, with our annual net profit crossing Rs. 100 crores, representing a 62% year-over-year growth compared to FY23. This achievement is a testament to our resilience and adaptability in a challenging industry environment.

Our revenue for FY24 stood at ₹ 1,966 crores, registering a 9% growth, primarily driven by the impressive performance of our focused Maharatna and Maharatna products, which saw a remarkable 27% year-over-year growth and contributed 59% to our total sales. We attribute this success to our strategic focus on product mix optimization and cost efficiencies, which led to improved profitability and higher GP and EBITDA margins.

Our commitment to operational excellence has enabled us to optimize costs, improve efficiency, and remain agile in response to changing market conditions. We continue to invest in our premium product portfolio, distribution network, and brand equity, reinforcing our position as a trusted partner for farmers and agricultural stakeholders.

We have introduced 8 new products in FY24, which generated revenue of Rs 51 crores and demonstrated wider product acceptance, driving innovation and value. Looking ahead, we are excited about the prospects for our new product launches, which will further enhance our portfolio and address the needs of the farmers. This will lead us to be close to the farmers and address the emerging needs of the farmers on an ongoing basis. We expect to launch at least 7-8 new products in FY25.

Our dedication to sustainability and responsible growth remains unwavering, as we strive to make a positive impact on the environment and the communities we serve. We are grateful for the support of our stakeholders, whose trust and confidence in our vision have been instrumental in our success. As we move forward, we remain committed to innovation, sustainability, and excellence, driving growth and value for all our stakeholders.”

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