BWI: Dhanuka Agritech Commences Trade at NSE

Press release from Business Wire India
Source: Dhanuka Agritech Ltd.
Friday, July 01, 2011 05:25 PM IST (11:55 AM GMT)
Editors: General: People; Business: Banking & financial services, Business services, Chemicals, Financial Analyst, Stock exchanges
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Dhanuka Agritech Commences Trade at NSE
Scrip opened at Rs 92.60 and touched a high of Rs 96.95

New Delhi, Delhi, India, Friday, July 01, 2011 -- (Business Wire India) -- Dhanuka Agritech Ltd, Bombay Stock Exchange listed (BSE:507717), India's leading crop protection solutions provider and a part of Rs. 500 crores (USD 125 million) Dhanuka Group, has received listing permission on National Stock Exchange (NSE) trading under the scrip code Dhanuka-EQ. The scrip opened at Rs 92.60 and touched a high of Rs 96.95 on the very first day of trading.

Commenting on the new listing on NSE, Mr. M K Dhanuka, Managing Director, Dhanuka Group said, "We are proud to join the National Stock Exchange and look forward to the continued support of our shareholders. We are delighted to bring Dhanuka to the wider universe of investors who appreciate and understand the sector's growth story and investment opportunities. We believe we have a compelling proposition to offer as is evident from the first day of trading and we are confident of establishing Dhanuka as upstream Indian company in near future".

The company's financials are regularly showing significant growth in turnover, profit, and PE Ratio and giving excellent return to the share holders in terms of dividend. The company is enhancing its manufacturing capacity at Sanand (Gujarat) and Udhampur (J&K) and also modernizing its plant with the help of high tech machineries and plant automation.

Dhanuka closed the financial year ended on March 31, 2011 on a strong note registering an exponential growth of 41% increase in its consolidated net profit at Rs. 51.11 crore as against Rs.36.33 crore for the corresponding period last year, on the back of its strong reach among more than 10 million farmers and eco-friendly, high quality crop care products.

Maintaining a consistent record of high growth over the years, Dhanuka Agritech registered a growth of 26% in its consolidated net profit for the fourth quarter ended March 31, 2011 at Rs. 1366 lakhs as against Rs. 1081 lakhs for the same period last year.

The firm's consolidated revenue for the March quarter of 2010-11 stood at Rs. 12801 lakhs as against Rs. 11327 lakhs for the same quarter last year, up 13 %.

This is in sync with the growth plans of Dhanuka that has its eyes firmly set on the next milestone of achieving the target gross turnover of Rs 1,000 crore in the next couple of years. With current retail and dealer base of more than 70,000 and 30 offices and warehouses across India, Dhanuka is among the top five Companies in India when it comes to branded sales.

Dhanuka Agritech Limited is engaged in manufacturing of a wide range of pesticides and Bio Fertilizers. The company manufactures a large number of herbicides/weedicides, insecticides, fungicides, plant growth regulators, plant growth stimulants and foliar fertilizers, in various forms - dust, granules, EC, SC and WDG. The Company has four pesticides manufacturing units located at Gurgaon and Sohna (Haryana), Sanand (Gujarat) and Udhampur (J&K).

Dhanuka has around 80 brands in its portfolio and the company keeps on adding new brands every year. The highest consumed product is Targa Super, and its contribution to the top line is more than 20%, which can be attributed to Co's technical tie-up with Nissan Chemical Industries Ltd., Japan. The top three brands contributing to Co's revenue are: Targa Super, Caldan and Omite.

About Dhanuka Agritech Limited

Dhanuka Agritech Limited is the umbrella company for the business of Agro-Chemicals, Fertilizers, and Seeds. The company reaches out to more than 10 million farmers with its eco-friendly high quality crop care products. The Agri-Division has a pan-India presence through its marketing offices in all major states in India. With a dealer network of more than 6000 across India, the Group has been able to make "Dhanuka" the preferred choice of farmers.

Dhanuka Agritech has, especially, laid emphasis, in its 30 years of existence in the agro chemicals sector in India, on eco-friendly formulations, low-dose active pesticides, integrated pest and weed management. Numerous measures taken by the company in the line of educating farmers regarding use of pesticides, rain water harvesting and adopting better agricultural practices, coupled with an aggressive growth strategy have contributed to the company's growth over the years.


CONTACT DETAILS
Neeraj Atri, Mavcomm Consulting, +91 9811714871
Amir Hashmi, Mavcomm Consulting, +91 9911190972
Amit Jha, Mavcomm Consulting, +91 9312883594

KEYWORDS
PEOPLE, BANKING, BUSINESS SERVICES, CHEMICALS, Financial Analyst, STOCK EXCHANGES

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