Shares of Best Agrolife advanced 1.38% to Rs 612 after the company announced the grant of a 20-year patent for a new fungicide composition.
The patent, titled "Synergistic fungicidal composition comprising strobilurin and triazole fungicides with sulphur," was granted by the Indian Patent Office. This innovative composition combines strobilurin and triazole fungicides with sulphur, which could possibly lead to enhanced efficacy and greater potential benefits for farmers.
The patent's validity extends for 20 years from 4 October 2021, presumably providing the company with exclusive rights to manufacture and sell this new fungicide in India.
The 20-year patent duration could provide Best Agrolife with a strong competitive advantage and potential for increased market share.
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 declined 26.92% to Rs 94.87 crore despite a 15.83% rise in sales to Rs 811.19 crore in Q2 FY24 over Q2 FY23.
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