Dhanuka Agritech Limited — Investor Meet, 06-02-2025: Analysts/Institutional Investor Meet/Con. Call Updates

**Financial Performance:** Dhanuka Agritech reported revenue from operations of ₹445.27 crore for Q3 FY '24-'25, reflecting a 10.42% year-over-year increase from ₹403.24 crore in Q3 FY '23-'24. EBITDA improved significantly by 21.55% to ₹75.56 crore, up from ₹62.16 crore. Additionally, profit after tax rose by 21.33% to ₹55.04 crore compared to ₹45.37 crore in the previous year. The company experienced a diverse regional performance, with North India contributing 22.63% to turnover, followed by South India at 38.62%.

**Future Outlook and Growth Drivers:** Management highlighted plans to expand their portfolio with new product launches and the acquisition of international rights for active ingredients iprovalicarb and triadimenol from Bayer AG. This acquisition will enable Dhanuka to broaden its reach in over 20 countries, enhancing their global competitive edge.

**Order Book and Operational Updates:** The company noted strong sales for new products, particularly LaNevo and MYCORe Super, which gained positive market acceptance. Upcoming product launches in FY '26 include herbicides and fungicides aimed at improving revenue streams.

**Analyst Q&A Insights:** Analysts inquired about revenue growth contributions from volume vs. pricing, with management indicating that overall volume growth is healthy. Concerns regarding Dahej manufacturing were addressed, revealing low revenue contributions due to ongoing optimization efforts. Analysts also probed into operational challenges from potential supply chain disruptions and government policy impacts on crop focus areas.

**Market or Regulatory Updates:** While regulatory specifics were not discussed in detail, management affirmed ongoing engagement with agricultural universities and institutions to support farmers, particularly in light of changing market demands and pest management strategies.

**Strategic Focus Areas:** Key focus areas include product innovation, geographical expansion, and strengthening market positions. Management showed confidence in maintaining growth despite potential market volatility.

**Investor Insight:** The company's solid financial performance, coupled with a proactive approach to product and market expansion, positions it favorably. Overall, the growth trajectory and strategic initiatives suggest a 'buy' position for investors, reflecting confidence in Dhanuka's operational capabilities and market potential.