Best Agro to Increase its Market Share by 20%, will also Invest to Enhance Manufacturing Capabilities
Best Agrolife Ltd. (BAL) (BSE: BESTAGRO 539660), India’s leading agrochemicals manufacturer, has announced its medium to long-term target to gain 15-20% market share. The company is also enhancing its manufacturing capabilities through ‘brown field‘ and ‘green field‘ capex plans.
Besides, the company is also seeking 25-30% growth in revenue by increasing the share of the Formulation Business and B2C segment. This will also ensure consistency in healthy EBITDA delivery, offering a better return on equity. Additionally, the company is spreading its footholds in the overseas markets in FY 23-24 to replicate its domestic success story with selective offerings, ensuring sustainable and healthy profit margins.
“Best Agro is working proactively to maintain its leadership position. The investment plans aim to build the company’s manufacturing capabilities, create backward integration in its manufacturing process, and improvise gross margin and working capital management. Along with investments, we believe that schemes such as ‘Make in India‘, and production-linked incentives (PLI) will boost domestic production, leading to the sector’s and the company’s growth. We are also expanding our footholds in the overseas markets,” says Vimal Alawadhi, MD, Best Agrolife Ltd.
The company is also optimistic about the long-term benefits of simplifying the export registration process, reducing trade barriers, and improving focus on bilateral trade agreements to enhance revenue generation through exports.
About BAL
Best Agrolife Limited is listed among the top 15 agrochemical companies in India. It is a research-based company focused on bringing world-class and cost-effective crop solutions in the form of novel agrochemical formulations to the agricultural industry to improve crop productivity. Currently, BAL has 7,000 MTPA and 30,000 MTPA technicals and formulation manufacturing capacity, respectively, through three of its manufacturing plants in Gajraula, Greater Noida, and Jammu & Kashmir. BAL currently has more than 5200 distributors in India. It retains an impressive portfolio of 400+ formulations and more than 100+ technical manufacturing licences.
