Basant Agro Tech Reports 6.9% Revenue Growth in Q1, Schedules AGM for September
Basant Agro Tech (India) Ltd reported a 6.9% year-on-year increase in revenue from operations, reaching Rs 176.41 crore for Q1 ended June 30. Net profit rose to Rs 25.22 crore. The seeds segment was the top revenue generator at Rs 89.29 crore, followed by fertilizer at Rs 76.89 crore. The board approved the appointment of Nitesh Chaudhary & Associates as secretarial auditor for five years, scheduled the 35th AGM for September 19, and set book closure dates from September 12 to 19 for AGM and dividend purposes. Mr. Raghav Khatod was appointed as scrutinizer for the AGM voting process.
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Basant Agro Tech (India) Ltd , a prominent player in the agricultural sector, has reported a solid financial performance for the first quarter. The company's board meeting, held on July 29, revealed encouraging results and important corporate decisions.
Financial Highlights
Basant Agro Tech witnessed a 6.9% year-on-year increase in revenue from operations for the quarter ended June 30. The company's revenue stood at Rs 176.41 crore, up from Rs 165.08 crore in the same period last year. This growth was accompanied by a rise in net profit, which increased to Rs 25.22 crore from Rs 22.92 crore year-on-year.
Segment-wise Performance
The company's performance was driven by strong contributions from its key business segments:
| Segment | Revenue (Rs in crore) |
|---|---|
| Seeds | 89.29 |
| Fertilizer | 76.89 |
| LABSA | 6.84 |
| Others | 6.96 |
The seeds segment emerged as the top revenue generator, followed closely by the fertilizer segment, highlighting the company's strong position in the agricultural inputs market.
Corporate Decisions
During the board meeting, several key decisions were made:
Appointment of Secretarial Auditor: The board approved the appointment of Nitesh Chaudhary & Associates as the company's secretarial auditor for a period of five years, subject to shareholder approval at the upcoming Annual General Meeting (AGM).
AGM Schedule: The 35th Annual General Meeting has been scheduled for September 19, at 4:00 PM at Krishi Sanjivani Office, Opp. Nagar Parishad, Akola, Maharashtra.
Book Closure: The company's register of members and share transfer books will remain closed from September 12 to September 19 (both days inclusive) for AGM and dividend purposes.
Scrutinizer Appointment: Mr. Raghav Khatod, Chartered Accountant and partner of M/s. Mehta Khatod Somani and Associates, has been appointed as the scrutinizer for the voting and remote e-voting process at the 35th AGM.
Financial Statement Approval
The board approved the unaudited financial results for the quarter ended June 30, along with the Limited Review Report from K.C. Kankariya & Co., the statutory auditors. Additionally, the Directors' Report, Management Discussion and Analysis, and Corporate Governance Report were adopted.
Basant Agro Tech's strong start to the fiscal year, coupled with its strategic corporate decisions, positions the company well for continued growth in the agricultural sector. Investors and stakeholders will be keenly watching the company's performance in the coming quarters and the outcomes of the upcoming Annual General Meeting.
Historical Stock Returns for Basant Agro Tech
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.14% | -3.88% | -4.14% | +13.02% | -32.93% | +165.58% |
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