FROM THE DESK OF CHAIRMAN
Dear Members,
I have great pleasure in extending you all a warm welcome to our 35th Annual General
Meeting of Bharat Rasayan Limited. On behalf of the Board of Directors and my colleagues,
I thank you all for your kind presence here today. The Meeting is called to order.
Let me begin by wishing all of you good health and safety.
Notice of the Annual General Meeting along with Explanatory Statement with the consent
of the members taken as read. The Audited Financial Statements including Balance Sheet as
at 31st March, 2024, Statement of Profit and Loss and Cash Flow Statement for the year
ended on that date with the consent of the members taken as read. Corporate Governance
Report, Board's and Auditor's Report for the year ended 31st March, 2024 with the consent
of the members taken as read.
It's a pleasure to share with you the highlights of the progress being made by the
Company since we met approximately twelve months back.
INDIAN AGROCHEMICAL INDUSTRY
In agrochemicals industry, geo-political disruptions over the last 2 years have led to
inventory buildup and price disruptions. This started waning with supply chain normalcy
but increase in production and oversupply from China led to downward pricing pressure.
Adverse climatic conditions and uneven spatial distribution of rainfall further impacted
domestic agrochemical demand. In FY 2023-24, the Indian Crop protection industry has faced
several headwinds such as raw material prices drop caused by global market inventory
overhang, El Nino impacted erratic rainfall and resultant low reservoir water levels. The
market is highly competitive with multinationals having the advantage of proprietary
molecules and domestic companies leveraging low-cost generics and accessing niche
molecules through partnerships. New formulation technologies supported by advancement in
adjuvants is increasing effectiveness and safe handling of Crop protection products. India
being a leading producer as well as consumer of Agri produce, needs to sustain
Agricultural productivity to ensure food security of the growing population.
BUSINESS PERFORMANCE
Coming to the performance of your Company, in the financial year FY 2023-24 your
Company continues to perform well on a sustained basis. Amid the volatile circumstances,
raw material fluctuations, commodity inflation and supply disruptions, your Company
achieved revenue (turnover) of '1065.53 crores and earned a Profit before Tax (PBT) of
'109.42 crores and Profit after Tax (PAT) of '81.61 crores. We have thrust on R&D for
developing relevant products for key markets.
The Company foresees huge untapped growth potential for India's chemical industry and
strives to bank on the growth opportunities by remaining committed to maximize its return
on investment and create value for its esteemed stakeholders.
AGRO ECONOMY OVERVIEW
Indian agriculture is on a growth path, with an increase in investments and private
funding in the past few years. In India, Agriculture accounts for a fifth of the gross
value added and more than half the population engages in agricultural and related
activities. The sector is expected to grow with better momentum in the next few years.
DIVIDEND
Considering the consistent profits being made by the Company, your Directors have
recommended a dividend of '1.50 (i.e. 15%) per equity share for the financial year
2023-24.
HEALTH, SAFETY AND ENVIRONMENT
Your Company continues to conduct business with a strong commitment for environment
preservation, sustainable development, safe workplaces and enrichment of the quality of
life of its stakeholders and the community at large by maintaining the required ISO
standards Certification.
CLOSING REMARKS
As we passionately strive for a better future, we continue to set new paradigms every
single day. In an unpredictable and challenging environment, agility and innovation are
key to staying consistently successful. I would like to place on record my sincere
appreciation to the Board of Directors. I would also like to express my gratitude to all
our stakeholders for their unwavering faith, support and guidance.
Further with the consent of the members I hereby appoint M/s A.Anand & Co.,
Practicing Company Secretaries as the Scrutinizer for the Poll to be convened and hereby
handover the mike to the Company Secretary to inform the members present about the
business placed before the Meeting as per the Notice of AGM.
Thanking you all.
SAT NARAIN GUPTA
Chairman & Managing Director.