Insecticides (India) Limited (IIL), one of India’s leading crop protection and nutrition companies, has announced its audited financial results for the year ended March 31, 2024.
Financial Highlights: Q4FY24
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Revenue from Operations stood at Rs. 273 crs in Q4FY24 compared to Rs. 302 crs in Q4FY23
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EBITDA stood at Rs. 9 crs in Q4FY24 as against Rs. (28) crs in Q4FY23
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PAT stood at Rs. 8 Crs in Q4FY24 as against a loss of Rs. (29) crs in Q4FY23
Business Highlights
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Introduced 8 new products in FY24, which amounted to revenue of Rs 51 crs, demonstrating wider product acceptance, driving innovation and value
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More than 40% revenue growth in Shinwa, Hachiman, Torry and Mission
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Streamlined manufacturing operations towards Formulations solutions
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Strengthened organizational capabilities at the senior level to drive Future growth
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Investment in digital transformation i.e IIL 360, driving business agility and customer centricity
Commenting on the results and performance, 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."
He continued, "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 crs 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."
He also mentioned, "As we move forward, we remain committed to innovation, sustainability, and excellence, driving growth and value for all our stakeholders."
