Annual Report: 2021
Adapting to change is a core value at Indofil, guiding its strategy to achieve success and sustainable progress. The 28th Annual Report for 2020-21 details the company's performance amidst the challenges of the COVID-19 pandemic.
Corporate Overview:
Indofil Industries Limited, a global agrochemicals and specialty chemical company, aims to improve farmers' productivity and yields. Its vision is to be a global leader with customer success, achieved through efficient R&D, manufacturing, and marketing. The company values customer success, velocity, teamwork, prosperity, and knowledge. Indofil has integrated manufacturing processes and is a leading company for launching new products. It has 942 employees worldwide. In FY 2020-21, the company's revenue crossed ₹1000 crore. Indofil’s production facilities are located in Dahej, Gujarat, with capacities of 33,600 tonnes, 4,000 tonnes (synthesis plant), and 38,000 tonnes (innovative solutions plant), plus an EBDC plant with a capacity of 35,000 tonnes. The company has operating subsidiaries, representative offices, and manufacturing units across the globe, with a presence in over 120 countries.
Product Portfolio:
Indofil provides a range of agrochemicals, including fungicides, insecticides, herbicides, acaricides, surfactants, and plant growth regulators, as well as plant nutrition products under brands like Indofil M 45, Token, and Indotron AE. It also offers specialty performance chemicals for leather, textile, paints, plastics, and construction. International offerings include technical products like Mancozeb and mixtures/formulations with various combinations.
Chairperson's Message:
Chairperson Dr. Bina Modi notes the fiscal year 2020-21 was challenging but emphasized Indofil's resilience and commitment to its values, especially "People First." The company sustained progress domestically and internationally by adopting new realities such as work-from-home and digital technologies. The agriculture sector played a vital role in reviving the economy, registering 3.4% growth. Despite challenges, revenue and profitability increased, exceeding pre-COVID-19 levels.
COO's Message:
COO Narendra Rane highlights Indofil's strategic alignment with evolving market dynamics, particularly the emphasis on "Make in India" and "Aatmanirbhar Bharat." He points to the company's adaptability, problem-solving abilities, and the value-accretive product pipeline. Total income grew to ₹2,441 crore, with EBITDA improving by 70% to ₹467 crore. Revenue also crossed ₹1,000 crore each in domestic and international business. The company is focused on product portfolio expansion and realignment of its distribution network to further growth and exploration of expansion in the US and Africa. Innovation is a way of life. While the pandemic was ongoing, training, seminars and connect forums were held and people centricity was prioritized.
Financial Highlights:
Business Model:
Indofil's business model emphasizes financial capital, intellectual capital, manufactured capital, natural capital, and human capital to create value through end-to-end process competence. This includes customer engagement, research & development, manufacturing & formulation, marketing & distribution, product development and brand building. Key outputs include Agro Chemicals and Specialty Performance Chemicals. The outcomes from the model is a decrease in dependency on non-renewable energy, 45,189KL of recycled water, 10.49 lakh farmers covered through field activities, and products available in over 120 countries.
Strategic Priorities:
Indofil adopted novel measures to navigate macro-economic situations, enabling success across geographies. Focused efforts improved results through backward integration, cost optimization, and digital adoption.
Adapting to Challenges:
The company focused on Employee Health and well-being, capability building, and employee engagement. As for Backward integration, Metalaxyl and Cymoxanil are the products. ₹246 crore Long-term Debt Repaid, 28% YoY reduction in finance cost
Achieving Success:
Launched "IndoLife Ke Humsafar" loyalty program, exported Maxilizer Liquid to Tunisia, and achieved registration of Albion products in the Philippines. Also Improved process of Tricyclazole , Metalaxyl , and Cymoxanil and Backward integrated commercial products including Propargite and Thifluzamide .
International Market:
The report highlights sustained growth in Europe, Brazil, and Bangladesh, with efforts to strengthen business segments and product offerings in each region. 1,100 MT of Mancozeb WG was sold in USA.
Manufacturing and Supply Chain Management:
Indofil emphasizes manufacturing excellence through capacity expansion, improved utilization, and backward integration. Digital tools have been adopted, including for SPOT bidding of primary freight contracts.
Building a Sustainable Foundation:
The company prioritizes environmental sustainability through efforts to ensure zero liquid discharge, recycle waste, and reduce water consumption. Key initiatives include conducting safety audits, commissioning sewage treatment plants, and forming COVID-19 task forces. The company also focuses on Employee health and well-being.
Social Responsibility:
Indofil is committed to sustainable and inclusive growth, particularly through community empowerment and healthcare initiatives, including donations of oxygen producing plants and hearse vans.
Board of Directors:
Details of the Board of Directors are provided, with emphasis on their expertise and contributions to the company. Key individuals include Dr. Bina Modi (Chairperson), Ms. Charu Modi (Executive Director), and Mr. Samir Kumar Modi (Non-executive Director).
Statutory Information:
The report includes information on the Annual General Meeting, audit committee, director responsibility statement, auditors' report, related party transactions, remuneration and appointments and various annexures with information on financials, compliance and CSR.
Financial Statements:
The report included audited financial statements, including the balance sheets and profit and loss statements (standalone and consolidated). A limited summary of financials were included above.
In conclusion, the Indofil's Annual Report 2020-21 portrays a company that has demonstrated remarkable resilience, adaptability, and a strong commitment to its values during a challenging period. It outlines strategic initiatives and financial performance, and emphasizes the importance of sustainable practices and social responsibility.
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