Best Agrolife announced the board of the company have approved capex plan of Rs 200 crore towards brownfield expansion and brand building.
The company plans to utilize Rs 150 crore towards brownfield expansion in the technical manufacturing unit of Best Crop Science, a wholly owned subsidiary of the company and Rs 50 crore towards brand building and market footprints expansion.Best Agrolife is engaged in the in the trading of agrochemical products such as insecticides, pesticides, herbicides, fungicides and plant nutrients. The company's crop protection chemical products are sold through distributors and co-marketing alliances with leading Indian companies throughout the country.
The company's consolidated net profit increased by 97.80% to Rs 30.62 crore in the quarter ended December 2022 as against Rs 15.48 crore during the previous quarter ended December 2021. Sales rose 40.97% to Rs 327.75 crore in Q3 FY23 over Q3 FY22.
The scrip declined 0.82% to currently trade at Rs 1,116.70 on the BSE.
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