Best Agrolife Ltd Reports Increased Net Loss Amid Price Erosion

Agrochemicals firm Best Agrolife Ltd reported a net loss of Rs 72.49 crore for Q4 ending March 31, 2024, up from Rs 8.41 crore a year ago. Despite a 45% drop in net profit for the fiscal year, total revenue grew by 7.31% largely due to higher branded sales.

Agrochemicals firm Best Agrolife Ltd on Monday reported widening of its net loss to Rs 72.49 crore for the fourth quarter ended March 31, 2024 on price erosion.

The company had posted a loss of Rs 8.41 crore in the year-ago period.

Total income for the company, which has plants in Uttar Pradesh and Jammu Kashmir, fell 46.68 per cent year-on-year to Rs 135.39 crore, the company said in a statement.

For the full fiscal year 2023-24, Best Agrolife posted a 45 per cent drop in net profit to Rs 106 crore, from Rs 192 crore in the previous fiscal. Total revenue grew 7.31 per cent to Rs 1,873.32 crore on higher growth in branded sales.

''Despite the high competition from imports, particularly pricing pressure from China and the challenges posed by the global economic climate, we have maintained good profit margins,'' the company's Managing Director Vimal Kumar said.

The company's board recommended a dividend of Rs 3 per equity share of face value Rs 10.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)