• Revenue and EBITDA for Q2 impacted by global channel destocking and elevated pricing pressure.
• Liquidation of high-cost inventory, higher than usual sales returns and rebates to support channel partners impacted contribution margin. Adjusting for this temporary impact, the H1FY24 contribution margins would be higher by ~300 bps vs LY (instead of reported 48 bps YoY drop)
• Differentiated and Sustainable portfolio continued to perform resiliently with higher volumes (+11% YoY). Revenue share of this portfolio rose significantly to 38% of crop protection revenue (from 30% in Q2FY23)
• Reduced SG&A expenses by 3% YoY to INR 2,486 crore.
• Seeds business continued its growth momentum as revenue grew by 10% YoY in Q2 to INR 1,070 crore while EBITDA is marginally down. For H1FY24, revenue stood at INR 2,131 crore (+17% YoY).
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