Nirman Agri Genetics Ltd’s FY23 Results

FY23 Performance Summary

• The company’s overall revenues stood at Rs. 28.61 Cr in FY23, witnessing a 112.1% growth yoy.
• Half-yearly:
  • Revenue for H2FY23 stood at Rs. 13.79 Cr, declining 7.01% compared to H1FY23 but increasing by 129% yoy. The growth in top-line came from increase in company’s product portfolio, coupled with launch of a new division of Pesticides, Insecticide and Herbicide.
  • EBITDA Margins increased by 820 basis points in H2 compared to H1. PAT improved to Rs 2.37 Cr, translating to a sharp increase of 44.2% over the half-year period and an increase of 43.3% yoy.

Future Guidance

• The company has allocated Rs 2 Cr for investment in Strategic Acquisition/Joint Venture for pesticide and fertilizer. By the mid of 1QFY24, the company plans on initiating sales of pesticide and fertilizer under the brand name of ‘Nirman’.
• The company also plans on expanding geographically, starting from Maharashtra and further foraying into Rajasthan and South India.
• In order to reduce the total receivable days from 103 to 80-90 days, the company is developing an app for better inventory management and to foster an efficient distribution network.

Financial Summary (Rs. Crores)

	H2FY22	H1FY23	H2FY23	FY22	FY23
Revenue	6.02	14.82	13.79	13.49	28.61
EBITDA	1.65	1.67	2.69	3.42	4.36
EBITDA%	27.4%	11.3%	19.5%	25.4%	15.3%
PAT	1.65	1.64	2.37	2.56	4.01
PAT%	27.4%	11.1%	17.2%	19.0%	14.0%