TO SHAREHOLDERS
Dear Members,
It is with great pleasure that I present to you the 54th Annual Report of your Company,
Aries Agro Limited.
With the collective support of Staff and Aries Customers, the Company's gross revenue
increased by 8.86% from Rs. 609.97 Crores to Rs.664.03 Crores on a standalone basis.
International sales have showed significant growth from the Aries branch in Fujairah and
from our Associate Company, Amarak Chemcials FZC, UAE.
Our total capacity utilization currently stands at 72.61% of the total installed
capacity of 95,400 MT p.a. in India. The manufacturing unit at Fujairah, UAE has produced
6184.90 MT of Sulphur Bentonite and other value added Sulphur products for sale in India
and globally.
We institutionalized cost control through training and incentives. After a peak in raw
material costs, prices declined due to global trends and improved availability. Proactive
inventory management and frequent market scheme adjustments were crucial in managing
uncertain demand. The purchase department reduced costs for 1919 SKUs of packing material
and 227 raw materials. Improved working capital management led to a 4.95% reduction in
interest costs and an average unutilized bank balance of Rs.87 Crores. This resulted in a
profitability increase from Rs.29.36 Crores to Rs.31.81 Crores, a 7.80% growth in PAT.
Market requirements identified the need for certain new products hence we introduced
Majorsol - Chilly & Spices Special, Millets Special and Betel-vine Special and also
Aries Pro. These products added to the range of specially designed crop specific Aries
Grades notified under the Gazette of India as well as the requirements of horticultural
markets.
EXHIBITIONS & EXCELLENCE MISSIONS
Aries participated in Vibrant Gujarat 2024. Two MOUs (Memorandum of Understanding) were
signed for our upcoming manufacturing facilities for Mirabelle Agro Manufacturing Pvt.
Ltd, Chhatral and Aries Agro Ltd., Saykha
Aries led the delegation of IMMA (Indian Micro Fertilizers Manufacturers Association)
to the ‘Future of Biostimulants Summit Europe' held in Spain from 16th to 19th
January 2024. Aries presented a paper on ‘Biostimulants in Indian Agriculture'.
Aries showcased its new products at several key agricultural events which brought the
agri industry, professionals, policy makers and farmers on a common platform to have a
dialogue with each other and explore new advances in the sector. This included the Kisan
Agrishow Hyderabad (February 1-3, 2024), the Kisan Mela at Rajendra Prasad Central
Agricultural University (February 24-26, 2024), and the 10th Vegetable Expo at The Centre
of Excellence for Vegetables, Gharaunda (Feb 2024). Additionally, Aries participated in
the National Horticulture Fair 2024 at ICAR Hesaraghatta, Bengaluru (March 5-7, 2024). At
these agri events we highlighted innovations aimed at enhancing farmers' income,
conserving water, and promoting sustainable practices.
PLANNING MEETINGS, PRODUCT TRAINING SESSIONS AND CELEBRATIONS:
Distributors and Retailers Meet were conducted throughout the year in India and
overseas namely, Thailand Dealers Meet, Kualalumpur Dealers Meet, Bihar State Retailers
Meeting at Digha West Bengal, Distributors Meet in Tirupati, Jharkhand Distributors meet
in Ranchi, North Bengal Distributor Meet in Siliguri, South Bengal Distributor meet in
Kolkata, East UP Dealers Meet at Gangtok, Western Region Dealers Meet at Jaisalmer,
Rajasthan, South Dealers Meet at Kodai, Munnar, etc
On 27th November we celebrated the 54th Foundation day. Annadanam is now an integral
part of our Foundation Day celebrations, ensuring that our journey of giving back
continues to touch lives of those in need. Annadanam was conducted at 50 locations across
India with over 10500 beneficiaries. Farmers meetings were conducted at various locations
throughout India along with bumper Shubham Sales and collections on this auspicious day.
Crop based training sessions were conducted throughout the year on various crops -
Wheat, Tomato, Brinjal, Cucumber, Sugarcane, Citrus, Pomegranate, Paddy, Cashew, Chilly,
Cumin, etc. Aries Fasal Sabha also connected farmers online every week for training and
development.
Aries' Emerald Jubilee Celebration - A Showcase of Innovation and Excellence -
Aries Agro Ltd. celebrated its 55th Year "The Emerald Jubilee" at the CIDCO
Exhibition Centre in Vashi, Navi Mumbai on April 19th 2024. The event marked a momentous
occasion for the company, bringing together over 2500+ guests, including Farmers, Aries'
top distributors, dealers, agripreneurs, global and domestic suppliers, and other
stakeholders from the plant nutrition industry. This event showcased not only Aries' rich
55-year legacy but also what it has to offer in the near future. Over a dozen exhibits
demonstrated Aries' innovations and upcoming product launches planned for the next few
years.
#ARIES EVERYWHERE:
ARIES and our extensive work across India took centre-stage at the G20 YEA (Young
Entrepreneurs Alliance) Summit in Delhi on 14 July 2023. The theme of the event was
"Agritech - Growth in Agriculture with Professionalism, Value Creation and
Technology". We showcased Aries Agro's Agribusiness Innovations to 550 businesses
from 20 countries at the G20 YEA Summit in New Delhi, organized by CII's Yi (Young
Indians) as part of the G20 and B20 official events during India's G20 Presidency.
Aries & IMMA partnered with the ‘G20 India Agritech Summit' in New Delhi on
28th August, 2023, which was addressed by Mr. Amitabh Kant, G20 Sherpa for India. Panel
discussions were conducted on ‘Transforming Agriculture Through Technological
Synergies'.
Aries presented best practices at the Global Micronutrient Summit organized by The
International Zinc Association (IZA) in association with the Fertilizer Association of
India (FAI) on 5th & 6th October 2023 in New Delhi, India. The summit convened leading
experts, policymakers, and industry leaders to address the critical issue of micronutrient
deficiencies in soil, crops, and human health. We were also invited on the Board of the
IZA, London
To deepen our relationships with all the major fertilizer industry players, Aries had a
series of 30 plus interactions at the FAI (Fertilizer Association of India) B2B Meet held
at Delhi from 6th to 8th December 2023. All companies showed interest in either supplying
or buying from Aries and our Group Companies.
Aries partnered with IMMA for their Flagship event - National Crop Nutrition Summit and
B2B Conclave. Delegates from across India representing the Micro-fertilizer industry from
every state met under the aegis of the Indian Micro-Fertilizers Manufacturers Association
(IMMA) in Mumbai on 2nd February, 2024 for the 4th Edition of the National Crop Nutrition
Summit - "Enabling Innovation Through Agritech & Policy Dialogues". A
blockbuster panel of experts including industry, government, legal professionals and
innovators discussed policies that will serve as catalysts for agri-tech adoption,
liberalized licensing, export promotion and rural digital infrastructure development.
These conversations underscored the necessity of supportive policy frameworks and
public-private partnerships in achieving the widespread implementation of agri-tech
solutions. Day 2 (Feb 3, 2024) had B2B meetings with 25 tables and meeting spaces reserved
for companies to have private meetings with potential new partners, buyers and suppliers.
This was an ideal platform to build new partnerships.
Aries participated in The 18th edition of flagship event of PMFAI's International Crop
Science Conference & Exhibition (ICSCE 2024) which took place in Dubai on 8-9 February
2024. This trading platform facilitated the establishment of relationships within the
agrochemicals, agricultural biological products, and allied industries. It enabled us to
forge strategic partnerships with international companies, stay informed about current
trends in the market and enhance our engagement with the Generic Pesticide Industry.
Furthermore, this participation brought together researchers in agriculture, pesticide
manufacturers, agrochemical traders, agricultural biological industries and allied
sectors, contributing to the overall health and collaboration within these fields.
The Aries International Business team attended China International Agri Chemical
Conference (CAC) week in March 2024. This is one of the world's largest international
forum to identify B2B opportunities for bulk sale and purchase of products from China. We
also visited a few world class factories of our Chinese suppliers during the visit.
MADE IN INDIA INITIATIVES:
Aries is progressively reducing its import dependence. There is a reduction in imported
raw materials as a percentage of total raw materials over the past few years. Has reduced
from 52% in FY 201011 to 28% in FY 2023-24. The most successful import substitution
initiative was the manufacture of Aries HD range reducing our dependence on water soluble
fertilizers imports from China. The HD range has shown good growth. Aries NPK HD Range was
also recognized with the "National Excellence Award 2024" as ‘Most
Admired Agri Innovation Award 2024' in July 2024
SOCIAL MEDIA PRESENCE & CAMPAIGNS:
The Aries social media channels have scaled up due to rapid digitization. Agromax - our
YouTube Channel, Twitter, Instagram and Facebook feeds were continuously updated with
stories of ‘real people' within the Aries Network who had created excellence. Many of
the farmers' meetings were conducted online with groups of farmers being trained by the
Aries team for a series of online trainings, branded Aries Fasal Sabha. Farmers provided
testimonials. Aries Fasal Sabhas built a weekly knowledge sharing platform for discussions
on select crops where technical aspects of the Company's products were communicated
digitally. A series of 72 Fasal Sabhas were conducted online and issues on various crops
were addressed. A significant investment was made on data collection and presentation for
online sessions.
Whatsapp groups with staff, farmers and distributors are active with updates on
everything relevant to Aries Business. Currently, we have a collective audience reach of
4,30,450 on our social media channels. Sahi Chuno Campaign Lucky Draw Contest, etc. were
also held throughout the Country.
AWARDS AND RECOGNITIONS:
Aries was honoured with:
- The ‘Sustainable Agriculture Award" in August 2024 under the cateogy
"Safe Agri Innovator" for the innovation of Chelation Technology and its
outstanding contributions to sustainable agriculture
- The "National Excellence Award 2024" as "Most Admired Agri Innovation
Award 2024" in July 2024 for Aries NPK HD Range
- Our CMD was honoured with the "Agriculture Leadership Award 2024" in July
2024 for dynamic leadership to making Aries Agro the most admired crop care solution
companies.
- The "Finance Transformation Initiative of the Year Award" in July 2024 for
transformation done in our collections, payments and digital banking process.
- The ‘MILT Excellence Award" in July 2024 for "Best Incentive Program
in an International Destination- Group Size of 250-500 by the MICE India & Luxury
Travel Congress.
- The "Agri Business Summit & Awards" in June 2024 for ‘Company of
the Year' under Plant Nutrition Category.
- The "Brand R.Comm Award 2024" in March 2024 for ‘Excellence in Digital
Marketing'.
- The Best Technology Adoption in the category - cash management services - 2022-23 in
Sept'2023 presented by HDFC Bank Ltd. for 100% online transactions in Agribusiness Sector.
- The National Business Excellence Awards 2023 for the ‘Best Agriculture Company'.
- The Asia's Best Employer Brand Awards 2023 in August 2023 under category "Dream
Company to Work For".
- The Asia's Best CSR Practices Award 2023 in August 2023 for "Best Overall
Excellence in CSR".
For Nineteen consecutive years Aries Quality Management System was audited and
certified as ISO 9001:2015 with zero noncompliance report showing complete
adherence to international quality standards.
Our CMD continues to have a seat on the Bureau of Indian Standards' Soil Quality and
Fertilizers Sectional Committee' in
his capacity as President of IMMA. It is noteworthy that he was reelected as IMMA
President for the second consecutive term.
HUMAN RESOURCES:
Aries prides itself as an organization, which has a very unique work culture, a highly
driven and motivated team as well as a deeply institutionalized reward structure for high
performing employees. This culture of excellence has been built through decades of people
centric policies, which have manifested itself in the following unique features of the
Aries team;
1) A team of 1123 highly qualified and driven employees functioning in 26 States of
India and in UAE
2) Very low employee turnover
3) More than 68% of young talents.
4) Workplace diversity with 73% of employees from towns and villages
5) Promoting gender balance with 42% women employees in Mumbai, 40% in our Pashamylaram
factory and 33% in our Chhatral facility and five women led departments in the Head office
CORPORATE SOCIAL RESPONSIBILITY:
Aries continues its tradition of carrying out a range of activities that spread
knowledge and adoption of farming best practices in the markets that Aries functions in.
During the year under review, knowledge dissemination activities including farmers
meeting were undertaken impacting almost 14,23,123 farmers. These sessions were conducted
by teams of our extension and sales officials spread across 26 states. The unique feature
of these events have been that they had participation on a common intellectual platform
from top government officials, opinion leaders, academia, research scholars, scientists,
agribusiness students and farmers from across the states.
This year, we expanded our network by establishing an additional call center in Odisha,
complementing our existing centers located in Tamil Nadu and Andhra Pradesh. These centers
are integral to our strategy for supporting the agricultural sector and are operated in
close partnership with agricultural experts. Each center functions as a crucial hub for
the dissemination of essential agricultural information, facilitated by a dedicated team
of 21 call center executives. Our impact assessment reveals that through these efforts, a
total of 118,932 farmers have benefited from expert guidance and support.
The Year 2024-25 is the 55th Emerald Jubilee year of Aries operations. The favourable
projection of monsoons due to transition to La-Nina phenomenon indicates positive future
trend for the agro industry. After an erratic monsoon year, the Company is geared to
address the high demand scenario by adding to automation, warehousing and taking steps for
more stringent inventory control. We shall continue promotion of climate proof products
and expansion in the range of plant protection products during the year. The Annual
booking for 2024-25 was conducted online with participation of 1555 Dealers from 26 States
who used the Aries booking app and have placed their bookings for Rs.835.10 crores of
products to be lifted during FY 2024-25. This is expected to achieve gross revenue of
around Rs.800 crores in FY 2024-25.
Through its products and passion, Aries continually demonstrates that it is a
responsible corporate citizen, working hard to retain the delicate balance of nature and
the development of communities where it works and grows.
Sincerely,
Dr. Rahul Mirchandani
Chairman & Managing Director