Bhaskar Agro Chemicals Limited has announced the redemption of unlisted redeemable non-convertible preference shares, as communicated to the BSE Limited by the company's Joint Managing Director & CFO, P. Praveen Kumar.

Key Details of the Redemption

• Number of Shares Redeemed: 75,000
• Face Value: Rs 100 per share
• Total Redemption Amount: Rs 75 lakhs (Rs 7.5 million)
• Type of Shares: Unlisted redeemable non-convertible preference shares

Official Communication

In an official intimation to the BSE dated August 23, 2023, Bhaskar Agrochemicals Limited stated:

"The company has redeemed 75,000 (Seventy-Five Thousand Only) unlisted redeemable non-convertible preference shares of face value of Rs. 100/- each ("Preference Shares"), at par amounting to Rs. 75,00,000 (Rupees Seventy-Five Lakhs Only)."

Company Profile

Bhaskar Agrochemicals Limited is an ISO 9001, 14001, and 45001 certified company. The company's registered office is located in Hyderabad, with its factory in Toopranpet, Yadadri Bhuvanagiri District, Telangana.

This redemption of preference shares demonstrates the company's commitment to meeting its financial obligations and may potentially impact its capital structure. Investors and stakeholders are advised to consider this development in their assessment of the company's financial position.

As always, it is recommended that investors conduct their own research and consult with financial advisors before making investment decisions based on this information.

Bhaskar Agro Chemicals , a prominent player in the agrochemical sector, has released its unaudited financial results for the first quarter, showing a mixed performance with significant revenue growth but a continued, albeit reduced, net loss.

Financial Highlights

• Revenue Surge: The company reported a substantial increase in revenue from operations, reaching Rs 2,320.13 lakhs for the quarter. This marks a remarkable 99.05% growth compared to Rs 1,165.60 lakhs in the same quarter of the previous year.

• Reduced Net Loss: Despite the revenue growth, Bhaskar Agro Chemicals posted a net loss of Rs 21.26 lakhs. However, this represents a significant improvement from the loss of Rs 178.01 lakhs recorded in the corresponding quarter last year.

• Operational Expenses: Total expenses for the quarter stood at Rs 2,338.79 lakhs, with the cost of materials consumed being the largest component at Rs 1,791.03 lakhs.

• Earnings Per Share: The company reported a negative earnings per share (EPS) of Rs 0.41 for the quarter.

Quarterly Performance Analysis

The table above illustrates the year-over-year changes in key financial metrics, highlighting the company's improved performance despite ongoing challenges.

Management Commentary

The Board of Directors of Bhaskar Agro Chemicals approved these unaudited financial results at their meeting held on August 14. While the company continues to face challenges, the significant reduction in losses coupled with the substantial increase in revenue indicates potential improvements in operational efficiency and market demand for their products.

Segment Information

Bhaskar Agro Chemicals operates exclusively in the 'manufacturing and sales of agrochemicals' segment, as disclosed in their financial statement notes.

Looking Ahead

As the company navigates through the fiscal year, stakeholders will be keen to observe if Bhaskar Agro Chemicals can leverage its revenue growth to achieve profitability in the coming quarters. The agrochemical sector's performance often correlates with agricultural trends and seasonal patterns, which may influence the company's future results.

Investors and market analysts will likely monitor the company's ability to manage costs, particularly in light of the significant increase in material consumption, and its strategies to capitalize on the growing revenue to turn the bottom line positive.