Astec LifeSciences Limited (Astec) has reported consolidated total income of Rs. 129.5 crore in Q4FY23 as compared to Rs. 278.8 crore in Q4FY22. The company reported consolidated EBITDA of Rs. 8 crore in Q4FY23 as compared to Rs. 72.3 crore in the same period last year.

During the Financial Year ended March 31, 2023, Astec reported consolidated total income of Rs. 641.2 crore in FY23 as compared to Rs. 687 crore in FY22, a decline of 6.7% year-on-year. The consolidated EBITDA stood at Rs. 89.3 crore in FY23 as compared to Rs. 164.5 crore in the same period last year. Meanwhile, the company reported Profit after tax of Rs. 25.6 crore in FY23 as compared to Rs. 89.8 crore in the same period last year.

Commenting on the performance, N B Godrej, Chairman, Astec LifeSciences Limited, said: “High level of channel inventories in India as well as key export markets, resultant demand-supply imbalance and subsequent correction in prices of key Active Ingredients (AI) continued to pose challenges for Indian Agrochemical sector, primarily in the second half of the year. Astec also witnessed unprecedented drop in volumes as well as realisations in H2FY23 and as a result, the company reported decline in topline and profitability in FY23 as compared to the previous year.

“Contract manufacturing (CMO) segment performance was in line with our expectations and robust topline growth in CMO was also accompanied by improved profitability. Enterprise business revenues and margins were lower than the previous year on account of volume and pricing headwinds.

“In April’23, Astec inaugurated a new state-of-the-art Research & Development centre, named “Adi Godrej Centre for Chemical Research and Development” in Rabale, Maharashtra. Despite challenges in the short run, Astec continued to maintain a steadfast focus on long-term growth and value creation which is reflected from the substantial investment in a future-ready R&D facility. The facility, equipped with synthesis lab, formulation lab as well as sophisticated safety infrastructure will further augment Astec’s R&D capabilities and enable accelerated growth of CMO business.