Agrochemicals company Astec Lifesciences announced Q1FY24 results: Consolidated total income of Rs 144.6 crore in Q1FY24 as compared to Rs 187.0 crore in Q1FY23 Consolidated EBITDA of Rs 4.8 crore in Q1FY24 as compared to Rs 28.2 crore in Q1FY23 Commenting on the performance, N B Godrej, Chairman, Astec LifeSciences, said: "Astec continued to face supply glut in its enterprise products portfolio in both domestic as well as global markets. Muted volumes coupled with pricing headwinds and high costs inventories adversely impacted topline and profitability in Q1FY24. Contract manufacturing (CMO) segment performance, however, was in line with our expectations. Revenues from CMO grew by 3.0x YoY led by new product development while profitability also improved." Result PDF
Agrochemicals company Astec Lifesciences announced Q4FY23 & FY23 results: Q4FY23: The company reported a consolidated total income of Rs 129.5 crore in Q4FY23 as compared to Rs 278.8 crore in Q4FY22 Company reported consolidated EBITDA of Rs 8.0 crore in Q4FY23 as compared to Rs 72.3 crore in Q4FY22 Gross margin stood at 32.1% in Q4FY23 as compared to 39.6% in Q4FY22 EBITDA margin was at 6.2% in Q4FY23 as compared to 25.9% in Q4FY22 FY23: Consolidated total income of Rs 641.2 crore in FY23 as compared to Rs 687.0 crore in FY22, a decline of 6.7% YoY Company reported consolidated EBITDA of Rs 89.3 crore in FY23 as compared to Rs 164.5 crore in FY22 Company reported Profit after tax of Rs 25.6 crore in FY23 as compared to Rs 89.8 crore in FY22 Gross margin was lower at 36.1% in FY23 as compared to 42.8% in FY22 EBITDA margin declined to 13.9% in FY23 from 23.9% in FY22 Commenting on the performance, N B Godrej, Chairman, Astec LifeSciences, said: "High level of channel inventories in India as well as key export markets, resultant demand-supply imbalance and subsequent correction in prices of key Active Ingredients (AI) continued to pose challenges for Indian Agrochemical sector, primarily in the second half of the year. Astec also witnessed unprecedented drop in volumes as well as realisations in H2FY23 and as a result, the company reported decline in topline and profitability in FY23 as compared to the previous year. Contract manufacturing (CMO) segment performance was in line with our expectations and robust topline growth in CMO was also accompanied by improved profitability. Enterprise business revenues and margins were lower than the previous year on account of volume and pricing headwinds. In April’23, Astec inaugurated a new state-of-the-art Research & Development centre, named “Adi Godrej Centre for Chemical Research and Development” in Rabale, Maharashtra. Despite challenges in the short run, Astec continued to maintain a steadfast focus on long-term growth and value creation which is reflected from the substantial investment in a future-ready R&D; facility. The facility, equipped with synthesis lab, formulation lab as well as sophisticated safety infrastructure will further augment Astec’s R&D; capabilities and enable accelerated growth of CMO business." Result PDF
Agrochemicals firm Astec Lifesciences announced Q3FY23 results: Consolidated Q3FY23: Company reported total income of Rs 121 crore in Q3FY23 as compared to Rs 175.3 crore in Q3FY22 Company reported EBITDA of Rs 15.9 crore in Q3FY23 as compared to Rs 44.8 crore in the same period last year, EBITDA margin stood at 13.2%. Consolidated 9MFY23: Total income increased to Rs 511.7 crore in 9MFY23 from Rs 408.2 crore in 9MFY22, a growth of 25.3% YoY. The company reported an EBITDA of Rs 81.3 crore in 9MFY23 as compared to Rs 92.3 crore in the same period last year, EBITDA margin stood at 15.9%. The company reported profit after tax of Rs 30.6 crore in 9MFY23 as compared to Rs 46.8 crore in the same period last year Commenting on the performance, Mr. N B Godrej, Chairman, Astec LifeSciences Limited, said: Q3FY23 was a challenging quarter for Astec’s enterprise business as our key products witnessed sluggish demand and lower realization in most of the markets. However, CMO sales grew by 2.8x YoY partly offsetting the decline in volumes from enterprise business. Result PDF
Agrochemicals company Astec Lifesciences announced Q2FY23 results: Q2FY23: Q2FY23 consolidated total income increased by 96.9% YoY Q2FY23 consolidated EBITDA grew by 69.5% YoY, EBITDA margin stood at 18.3% Q2FY23 Profit after tax grew by 101.8% YoY H1FY23: H1FY23 consolidated total income increased by 67.7% YoY H1FY23 consolidated EBITDA grew by 37.9% YoY, EBITDA margin stood at 16.7% H1FY23 Profit after tax grew by 34.7% YoY Commenting on the performance, Mr. N B Godrej, Chairman, Astec LifeSciences Limited, said: "Astec continued to deliver strong financial performance with 2.0x YoY growth in total income and PAT in Q2FY23. The robust growth, albeit on a low base, was driven by higher volumes as well as price realisations coupled with favorable product mix." Result PDF