‘Sashakt Kissan Samridh Bharat' - Our Vision to be the
farmer's first choice for sustainable agriculture drives our mission to empower them
with effective solutions for crop protection, plant nutrition and soil health..
Mr. H. C. Aggarwal
Chairman
Dear Fellow Shareholders,
At Insecticides (India) Limited we believe that businesses must have a
purpose beyond profitability. This has enabled us to build a future-ready organisation
that thrives on the core values of Affinity,
Ethics, Responsibility and Pioneering.
As we step into another fiscal year, it gives me great pleasure to
share our performance during the year gone by. We have resiliently overcome challenges in
the operating landscape and nurtured our quest for sustainability.
‘Sashakt Kissan Samridh Bharat' - Our Vision to be the
farmer's first choice for sustainable agriculture drives our mission to empower them
with effective solutions for crop protection, plant nutrition and soil health. Our
accessible brands and ever-expanding crop solution portfolio is helping farmers to
increase their productivity. As one of the leading companies in the crop protection and
nutrition industry, we truly believe in nurturing a better future for the farming
community by helping them to increase their income and benefit the agriculture sector of
the nation as a whole. Keeping innovation as the cornerstone of our product development
strategy, we are expanding our portfolio with a focus on challenges faced by farmers. It
has also enabled us to develop new-age products for crop care and resulted in the
integration of the 5Rs : Reduce, Recycle, Reuse, Reprocess, and Renewables, within our
operations to minimise our environmental impact and fulfil the growing demand for
eco-friendly solutions.
We remain committed to ‘empowering farmers' for achieving the
nation's goal of ‘Samridh Bharat'.
Performance overview
Our FY24 performance demonstrated strong growth and resilience. We
achieved a 9% revenue increase with net profit of 102 crores, representing
62% year-on-year growth. This comes on the back of our focus on product
mix optimisation and cost efficiencies.
Our premium Maharatna range of products were key drivers, validating
our efforts to prioritise innovative products. Although FY24 remained challenging amid
geopolitical conflicts, inventory corrections and demand challenges, we believe focused
efforts from the government to improve farmer's income has greatly benefitted the
agriculture sector in India.
Our integrated business model has been a key differentiator in our path
to progress. We maintained a continuous feedback loop with farmers, to consistently use
their inputs while initiating new product developments. This farmer-centric approach has
effectively guided our R&D efforts and product development initiatives. we strive to
create a robust value chain that aligns our offerings with real-world agricultural
challenges, promoting sustainable growth and customer loyalty.
Our comprehensive product portfolio and robust infrastructure underpin
our market position. With multiple patents and an innovation-driven portfolio coupled with
the popularity of our ‘Tractor Brand' positions us as a beacon of trust,
innovation and convenience for millions of farmers across the country.
Focused on Sustainability
We consider environmental stewardship and social responsibility a core
concern. To minimise our ecological footprint, we have resorted to energy-efficient
manufacturing processes. We have started the adoption of renewable energy, including solar
power, to take small steps towards a sustainable future.
We are equally vocal about community development. Through the IIL
Foundation, our CSR wing, we have initiated Project Vidhya to improve educational
infrastructure. This project has provided various facilities to government schools and
colleges at different locations. These initiatives have helped to empower communities and
improved the standard of life for many. To promote sustainable agricultural practices, we
have expanded our Farmer Awareness Project, running for the past few years. This includes
initiatives like farmer training programmes and field demonstrations across villages. By
showcasing the benefits of latest technologies, we aim to enhance farm productivity,
create a positive impact on the agricultural community and promote responsible use of our
products.
Since our inception, we have relied on our people-centric culture to
attract talent, to enrich our teams with experienced professionals who are committed to
placing the farmer's interest first and delivering service with
Excellence and Integrity.
IIL Next – Rural FMCG
IIL has a unique business model, with 69% of sales coming from brand
sales, similar to FMCG. We focus on leveraging our umbrella ‘Tractor Brand', to
fortify and scale other power brands, drive premiumisation and personalisation to meet
diverse farmer needs. We remain committed to innovation and product development through in
house R&D capabilities and partnership with global collaborators. With focus on
R&D, combined with our agile product launch strategy, we are positioned to seize
emerging market opportunities. As India gains prominence as a preferred supplier in the
global agrochemical market, we are well-positioned to leverage export opportunities to
further diversify our revenue streams and enhance long-term growth prospects.
"We remain deeply committed to improve access to innovative crop
protection solutions in India to ensure the health and security of
India's agriculture."
Adding strength to our experienced leadership team, I am pleased to
welcome seasoned and accomplished banker Mr. Shyam Lal Bansal along with Mr. Supratim
Bandyopadhyay, who served as MD & CEO of LIC Pension Fund, as Independent Directors on
our Board. In conclusion, I would like to extend my heartfelt gratitude to our
shareholders and stakeholders for their constant support and encouragement. We remain
determined to take your Company to newer heights of success and contribute towards a
sustainable tomorrow.
| Regards, |
| H. C. Aggarwal |
| Chairman |