Dhanuka Agritech (507717) Q3 24/25 earnings summary

Executive summary

• Achieved double-digit revenue and profit growth in Q3 FY25, with strong domestic performance and successful new product launches such as LaNevo and Mycore Super.

• Acquired global rights to Bayer's Iprovalicarb and Triadimenol, enabling expansion into 20+ countries and plans to shift manufacturing to India.

• Served over 10 million farmers pan-India with a diverse agrochemical portfolio and robust R&D collaborations.

• Approved unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2024, with no material misstatements found by auditors.

Financial highlights

• Q3 FY25 revenue from operations: INR 445.27 crore (₹44,527.21 lakhs), up 10.4% year-over-year.

• EBITDA: INR 75.56 crore, up 21.6% year-over-year; EBITDA margin improved to 16.97%.

• Profit after tax: INR 65.04 crore, up 21.3% year-over-year; PAT margin rose to 12.36%.

• Basic EPS increased to 12.35 in Q3 FY25 from 9.95 in Q3 FY24.

• Gross margin improved to 39.95% from 38.59% year-over-year.

Outlook and guidance

• FY26 revenue growth (excluding Bayer molecules) expected at ~15%, primarily volume-driven.

• Q4 FY25 guidance maintained: ~14% revenue growth and 100 bps margin improvement.

• Plans to launch 8 new products across all segments over the next two years.

• Results note that demand depends on monsoon, pest infestation, and crop patterns, leading to potential period-to-period variations.