Here are my notes from the concall.
FY23Q2 concall notes
- Best brand was launched in 2017
- 30’000 MTPA formulation + 7’000 MTPA technical capacity. This capacity can support 2500-3000 cr. of sales
- Q2 is the highest quarter in domestic market
- Ronfen launched significantly to growth in current quarter, was launched in July and has seen a bumper response. Technical is produced in-house
- CTPR: 1st indigenous manufacturer. FY24 will be growth year and aim for 20% market share
- Their products are at 25% discount to innovators
- Patent for 3 products (CTPR, Pyroxasulfone technical, …)
- Distributors increased to 5200
- Formulation (B2B + B2C): 61%, technical: 39%
- Working capital was stretched due to new product launches. Plan to bring it down to 90-100 days
- Strong in Strobilurin chemistry (will start supplying in export markets as well). 60-65% fungicides are based on this chemistry
- Have started working on registrations in South east Asia and LATAM. Plan to sell patented products in these markets
- Major contributions from exports will come from FY25. Strategy is to sell own patented combination formulations + strobilurin based intermediates and technical. Will sell through own distribution in some countries and through partnerships in other countries
- R&D: 1.5% of sales. Will go to 4% in next few years with increasing registrations
Disclosure: Not invested (no transactions in last-30 days)
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