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  3. Agrochemical sector’s revenue likely to grow 12-14% in FY21: Crisil Ratings

Agrochemical sector’s revenue likely to grow 12-14% in FY21: Crisil Ratings

11 Nov 2020 Evaluate

Crisil Ratings in its latest report has said that revenue of the agrochemical sector is likely to grow 12-14 per cent in the ongoing financial year (FY21) on the back of sharp recovery in offtake from domestic agriculture sector and continuing healthy exports. It added that domestic revenue, which accounts for almost half of the sector's revenue, will grow at 10-12 per cent this fiscal as compared with 6-8 per cent growth last fiscal.

As per the report, the revenue of the Rs 47,000-crore agrochemical sector is expected to grow at 12-14 per cent this financial year, following a sharp recovery in offtake from domestic agriculture sector and continuing healthy exports. It said ‘Higher area under cultivation and 4 per cent increase in minimum support prices during kharif season for key crops such as paddy, cotton, groundnut, soybean and bajra (66 per cent of domestic crop production) will boost agrochemicals consumption this fiscal’.

The report added revenue from exports, which rose 15 per cent in last fiscal, is expected to maintain its pace at 13-15 per cent this fiscal. It said about 65 per cent of agrochemicals demand is derived from kharif (summer) season. An above-average and well-spread monsoon in the first half of the current financial year has led to an increase in kharif sowing area to a five-fiscal high at 1,116 lakh hectares which could help the output by 6-7 per cent this fiscal.

Besides, the present water reservoir level, which is at 87 per cent of capacity, will ensure a healthy increase in acreage in the forthcoming rabi (winter) season as well. Hence, it is likely that overall food grain production in fiscal 2021 may exceed the initial target set by the government at 3,000 lakh tonnes. Exports of agrochemicals should maintain last fiscal's momentum, supported by healthy demand from the United States and Latin America (42 per cent of India's exports). India's strengths of being a low-cost manufacturer, an established presence in generics and skilled labour availability continue to stand it in good stead.

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