decreased by 6.4% from US$ 83 bn in 2023 to US$ 77 bn in 2024. The size of the world Crop Protection Chemicals industry also decreased by 3.4% in 2024 compared to 2023. The world Crop Protection Chemicals market is projected to grow at a CAGR of 4.2% from 2024 to 2032. The Agrochemical market in India is expected to grow at a CAGR higher than the world average, increasing by 6% - 6.5% and is projected to reach US$ 9.8 bn by 2027-28. The Company will participate in this growth by — i) focusing on actions to improve capacity utilisation and expanding capacities for key products in existing plants, ii) enhancing value-added products and improving efficiencies, iii) expanding the regulatory approval footprint and iv) developing the portfolio. Competition from China may impact sales realisations as well as market share. Geopolitical developments leading to supply chain disruptions, increased tariffs, adverse climatic conditions, volatility in commodity prices and high freight costs may affect the profitability of the business. Given that some of these chemicals can be hazardous, due care must be taken in their manufacture and use. Crop Protection – Retail Product groups: herbicides, insecticides, fungicides, others The products within these product groups cater to the growing needs of food, feed and fibre. The product groups comprise 58 brands, including Zura, Salix, Cyno, Rymix, Amsac, Lepto and Sindica, covering 71 formulations — 29 herbicides, 24 insecticides, 10 fungicides and eight biostimulants and adjuvants. During 2024-25, sales increased by 25% from ` 205 cr to ` 256 cr. Increase on account of volume was 39%. The Company launched 10 new products. The size of the Indian Crop Protection formulations market grew by about 20% in volume in 2024. In anticipation of a normal monsoon in 2025, based on current forecasts, the Indian Crop Protection formulations market is expected to grow by 5% to 7% in value. The Company will continue to grow by — i) pursuing organic growth of the existing portfolio through market development activities, ii) widening the portfolio through enhanced cooperations, iii) strengthening the distribution channel networks and expanding into new geographies and iv) continuing to develop patented novel formulations. Besides the climate-related factors, competitive commercial practices and the launch of novel products by competitors may have material impact on growth plans. Pharmaceuticals and Aromatics – I Product groups: active pharmaceutical ingredients and its intermediates, others The products falling under these product groups are used by customers belonging to the Pharmaceuticals industry for various therapeutic categories such as antidepressant, antidiabetic, anti-infective, antifungal, antiretroviral and cardiovascular. The product groups comprise about 90 products. Acyclovir, Dapsone, Desvenlafaxine, Fluconazole, Valacyclovir and Venlafaxine are some of the active pharmaceutical ingredients (APIs) while carbonates and chloroformates are some of the key product groups of intermediates. During 2024-25, sales increased by 14% from ` 556 cr to ` 633 cr. Sales in India increased by 4% from ` 332 cr to ` 346 cr. Sales outside India increased by 28% from ` 224 cr to ` 287 cr and 67 67 67 Corporate overview Performance overview ESG overview Statutory Reports Financial Statements
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