The agriculture sector is regarded as the backbone of the economy. The sector has been a focal point for the Modi government for the last 9 years. The government has launched a series of initiatives to address the challenges that farmers are facing and boost their income.
The country's agribusiness landscape has changed a lot with the government pushing for the rapid adoption of farm-friendly techniques. Several schemes by the Central government like PM-KISAN Scheme, Pradhan Mantri Fasal Bima Yojana (PMFBY), Weather Based Crop Insurance Scheme (WBCIS), and more have not only enabled farmers to take care of expenses but also increased the output.
As the agriculture sector undergoes a vertical transformation, agri-input firm Nirman Agri Genetics has said that it is tapping into the growing demand in the sector as it has reported a good set of numbers in the second quarter.
The firm reported revenue growth of more than 17 per cent in the July to September quarter, compared to the previous quarter. The company reported a total income of Rs. 129.4 crore.
The financial results exhibit remarkable profitability. In the last year, the profit growth stood at 4,580 per cent, indicating not just an increase in revenue but also converting it into profit. In Q2, the profit before tax showed a growth of more than 15 per cent to reach Rs 23.3 crore.
Earlier in September, it announced that it had signed a pact with Toshan Seeds to serve as a pivotal catalyst for amplifying its presence in emerging markets.
Nirman Agri Genetics is a multibagger SME IPO. The IPO was floated in March this year. The stock has delivered more than 125 per cent return to its investors since listing. The IPO was issued at Rs 99 and its current market price is Rs 232.
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