Axis Capital Limited, JM Financial Consultants Private Limited
India Pesticides Limited (IPL) is one of the leading agrochemicals manufacturers in India. The company operates in two business verticals; 1 Technicals and 2. Formulations. It manufactures herbicide, fungicide Technicals, and Active Pharmaceuticals Ingredients (APIs). It is the sole Indian manufacturer of several Technicals i.e. Folpet, Thiocarbamate, and Herbicide. The company also manufactures 30+ formulations of insecticides, fungicides, and herbicides. Its technicals are majorly exported to 20+ countries including Australia, Asia, Africa, and European countries, contributed 62% of technical segment revenues in Fiscal 2020. However, agrochemical formulations are primarily sold to domestic crop protection manufacturers i.e. Syngentia Asia Pte Ltd, UPL Ltd, ASCENZA AGRO, S.A., Conquest Crop Protection Pty Ltd, Sharda Cropchem Limited, and Stotras Pty Ltd. Currently, the firm has two manufacturing plants UPSIDC Industrial Area at Dewa Road, Lucknow and Sandila, Hardoi in Uttar Pradesh, India with an installed capacity of 19,500 MT for agrochemicals and 6500 MT for formulations. Anand Swarup Agarwal and the ASA Family Trust are the company promoters.
For year/ period ended ( in Cr.)
|31 Mar 2021||31 Mar 2020||31 Mar 2019|
|Profit After Tax||134.53||70.8||43.92|
The company earns 56% of revenue from the export market and 44% of revenue from the domestic market. The company’s overall fundamentals look very attractive. Hence, investor can subscribe to the issue for the medium to long-term.