Dhanuka Agritech reported their Q1 numbers with revenue decline of 3 percent and EBITDA decline of 6 percent on a YoY basis. MK Dhanuka, Managing Director of Dhanuka Agritech.

Singapore sovereign wealth fund GIC, one of the largest international institutional investors in the Indian stock market, has picked up a 5 percent stake in Gurugram-based agrochemicals company Dhanuka Agritech.

“We got a very good offer from the GIC Singapore government, we have sold 5 percent stake. There is no further plan until and unless there is some acquisition plan etc. Otherwise, in the near future there is no further plan to make any further stake sale," said Dhanuka.

On first-quarter earnings he said, “Last quarter was an extraordinary quarter because of the pandemic the distributors were in anticipation that there will be question of availability, and the prices were rising so they preponed their purchases. There was 70 percent growth in last year, the base was very high and I hope that because we still have achieved Rs 364 crore in comparison to Rs 220 of 2019 it is a really good achievement and we hope that in next quarter we will do much better.”

Raw material price have increased but the market has seen some stability.

"Prices are now stable or some of the products prices are coming down. Only there are one or two molecules where the price has increased abnormally which includes glyphosate, where the price has gone from Rs 400 to 700 a kg. So, there is around a 75 percent increase in the prices of glyphosate, we have definitely able to pass on the prices to the customer, but not fully to the extent of 75 to 80 percent price increase we have been able to pass on," Dhanuka detailed.

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(Edited by : Abhishek Jha)