Dhanuka Agritech LimitedDhanuka Agritech Limited

Unaudited Financial Results for the

Half-Year and Quarter ended 30th September, 2014

6th November, 2014

Dhanuka Agritech: An Overview

Dhanuka is the second largest Indian agrochemicals formulation Companyin domestic brand sales

Three manufacturing facilities located in NCR, J&K and Gujarat

Strong product portfolio of over 80 brands with 100% domestic sales

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Strong product portfolio of over 80 brands with 100% domestic sales

Second largest rural distribution networks in India with over 8,000 directdealers, selling to over 75,000 retailers

Products are used by over 10 million farmers across India

The legend of Indian cinema, Mr.Amitabh Bachchan is Brand Ambassadorof Dhanuka

New Product Registrations:

9(3)

In-house developed product “MORTAR”

(Insecticide) received CIB Registration on 10th

June, 2014.

Same has been launched on 8th August, 2014.

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9(3)

In-house developed product “MORTAR”

(Insecticide) received CIB Registration on 10th

June, 2014.

Same has been launched on 8th August, 2014.

Product Launches: 9(4)

“Pager” launched in July, 2014

“Jackal” expected to be launched

in September, 2014

“Oxykill” was launched in

September, 2014

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“Pager” launched in July, 2014

“Jackal” expected to be launched

in September, 2014

“Oxykill” was launched in

September, 2014

Wide Range of Products

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Portfolio of over 80 brands, two thirdsales from ‘Specialty molecules’

Key Product Portfolio

• Targa Super, Barrier Craze,Qurin, Noweed,Weedmar, Super, OzoneHook, Nabood,D- Era, Oxykill

• Media, Dunet, Caldan,Omite, Aaattank, Adfyre,Bombard, Dhanpreet,Markar, Areva, Apple,Mortar, Pager

Insecticides Herbicides

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• Dhanuvit, Wetcit,Dhanzyme Gold,

• Dhanzyme Granules,Maxyld

• Lustre, Sixer, VitavaxPower, KasuB,HiDiceCursor,Dhanteam,HexadhanPlus,Sheathmar, VitavaxUltra, Protocol

PlantGrowth

NutrientsFungicides

Strategic Partnerships

Nissan ChemicalJapan

Sumitomo ChemicalJapan

Hokko ChemicalJapan

Mitsui Chemicals Inc.Japan

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Chemtura Agro SolutionsUSA

FMC CorporationUSA

DUPONTUSA

The Company enjoys long lasting relationships with its global partners.Most of the relationships have been active for more than a decade.

ORO AGRIUSA

Marketing Network

4,000

> 8000

Total Distributors

Reach – Districts covered throughdistributors

450600

FY 2008 FY 2014

8Products are used by over 10 million farmers across India

Reach – Districts covered throughdistributors

750

1,500

Dhanuka Doctors - Dissemination ofinformation to farmers on“Dhanuka Kheti ki Nayee takneek”

FY 2008 FY 2014

FY 2008 FY 2014

Key Growth Drivers (1/2)

• Governmentguaranteedminimum prices forthe majority of cropshave increased by30-110% in the pastfour years givingthrust to ruralincomes

Manifoldincreasein ruralincome

Minimum Support Prices IndiaCrop Marketing Season (Price in INR/quintal)

Commodity 2007-08

2008-09

2009-10

2010-11

2011-12

2012-13

2013-14

PriceIncrease %(08-14)Paddy 645 850 950 1,000 1,080 1,250 1,310 103.10Red Gram 1,550 2,000 2,300 3,000 3,200 3,850 4,300 177.42Green Gram 1,700 2,520 2,760 3,170 3,500 4,400 4,500 164.71Black Gram 1,700 2,520 2,520 2,900 3,300 4,300 4,300 152.94Groundnut 1,550 2,100 2,100 2,300 2,700 3,700 4,000 158.06Soyabean 1,050 1,390 1,390 1,440 1,690 2,560 143.81Cotton 1,800 2,500 2,500 2,500 2,800 3,600 3,700 105.56Wheat 750 1,000 1,080 1,100 1,120 1,285 1,350 80.00

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• One of the lowestconsumption levelsin the world, at ~0.5kg per hectare

Lowlevel of

consumption of plant-protectionchemicals

in India

Source: Reply to unstarred question no.3732 by the Union Minister inLoksabha, 10 Sept, 2007 and the report of Joint Parliamentary Committee, 14-2-2004

02468

1012

Consumption of Agrochemicals (Kg / Hectare)

Wheat 750 1,000 1,080 1,100 1,120 1,285 1,350 80.00

Key Growth Drivers (2/2)

• Insects, fungus andweeds destroy cropsworth billions ofdollars annually

• Despite large areaunder cultivation ofpaddy andwheat, we lagbehind in totalproduction

Preventionof large crop

wastages

CategoryArea

(Mn Ha)

WorldRankingIn Area

Production(Mn tons)

WorldRanking

In ProductionPaddy 44 #1 91 #2Wheat 28 #1 74 #2Maize 8 #4 14 #6Gram 8 #1 6 #1Red Gram 4 #1 3 #1Soybean 8 #5 9.0 #5Cotton 9 #1 21 #2Sugarcane 5 #2 323 #2

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• Herbicides share inIndia quite low at20%, versus ~ 48%globally

• Rising farm laborprices are liftingherbicide demand;replacing manualweeding

• Dhanuka is abeneficiary withstrong herbicidesportfolio

Disruptivegrowth inherbicides

Source: Varshney, 2009

Insecticide Fungicides Herbicides OthersIndia 62% 16% 20% 2%Global 23% 26% 48% 3%

0%10%20%30%40%50%60%70%

Break-up of agrochemical consumption (2009)

Management Team

Mr.R.G.Agarwal, Chairman; startedpesticides business more than 40years ago; a philanthropist; a manof vision with utmost sincerity anddevotion; mentors and providesstrategic leadership; also servedfor two terms as Chairman of“Crop Care Federation of India”.

Mr.M.K.Dhanuka, ManagingDirector; co-founded theCompany; has 40 years ofexperience; re-elected asPresident of HPMA (HaryanaPesticide ManufacturersAssociation) consecutively for the5th year; oversees the overalloperations of the Company

Mr.Rahul Dhanuka, Director(Marketing); Masters in BusinessAdministration from S.P.Jain, Mumbai; oversees the entiremarketing function of theCompany; leads the largemarketing team from the fore-front& maintains cordial relations withInternational collaborators.

Mr.Mridul Dhanuka, Director(Operations); MBA (Operations)from NITIE, Mumbai; oversees themanufacturing and supply chainfunctions across the Company’sthree production facilities; spear-heads expansion projects; broughttechnological and managerialexcellence in Company’soperations.

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Mr.M.K.Dhanuka, ManagingDirector; co-founded theCompany; has 40 years ofexperience; re-elected asPresident of HPMA (HaryanaPesticide ManufacturersAssociation) consecutively for the5th year; oversees the overalloperations of the Company

Mr.Mridul Dhanuka, Director(Operations); MBA (Operations)from NITIE, Mumbai; oversees themanufacturing and supply chainfunctions across the Company’sthree production facilities; spear-heads expansion projects; broughttechnological and managerialexcellence in Company’soperations.

Mr.A.K.Dhanuka, Director(Works), looks after manufacturingoperations at Gurgaon factory. Hejoined the Company aftercompleting his graduation and hasbeen looking after productionsince then.

Management Team (1/2)

Dr. O.P. Singh; President (R&D), vastexperience in new product introductions andstrategic partnerships, liaisons with theagricultural universities

Mr.V.K.Bansal; President &CFO, experience of over 20 years withDhanuka, controls entire financialdivision and has been one of the keycontributors in the success of Dhanuka

Mr. C S Shukla, V.P., MMSc– Marketingfrom Pune University. He has a richexperience of nearly two decades of crosscultural experience in managing ProfitCentre operations, SupplyChain, International marketing and sales.

Mr.Y.K.Goel; V.P(Production), B.Tech, experience of37 years, played a key role inexpansion and automation ofproduction capacities at all thelocations of the company

Mr. Vijay Kumar; VP (QualityControl), M. Tech from IITDelhi, oversees quality of products

Mr. Rajesh Sahni; Vice President(Legal), experience of over 25 years withDhanuka

Mr. C S Shukla, V.P., MMSc– Marketingfrom Pune University. He has a richexperience of nearly two decades of crosscultural experience in managing ProfitCentre operations, SupplyChain, International marketing and sales.

Mr.Y.K.Goel; V.P(Production), B.Tech, experience of37 years, played a key role inexpansion and automation ofproduction capacities at all thelocations of the company

Management Team (2/2)

Mr. Harsh Dhanuka, SGM(Marketing), did his Masters inBusiness Administration from MonashGraduate Business School, MonashUniversity. He looks after marketingfunction.

Mr. Harish Mehta, SGM, MBA, has a longexperience of 25 years and headsmarketing of Agro Chemicals at nationallevel .

Dr. P. C. Rai; SGM (Marketing), managesmarketing operations of North Zone &Madhya Pradesh

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Dr. P. C. Rai; SGM (Marketing), managesmarketing operations of North Zone &Madhya Pradesh

Historical Financial Performance (in Crores Rs.)

Particulars FY 10 FY 11 FY 12 FY 13 FY 14Revenue 408.72 493.59 529.81 589.25 743.20

EBIDTA 58.88 78.52 80.04 88.84 125.34

PAT 36.34 51.11 57.13 64.45 93.14

Revenue Growth (%) 21.1% 20.8% 7.3% 11.2% 26.1%

As % to SalesEBIDTA 14.4% 15.9% 15.1% 15.1% 16.97%

PAT 8.9% 10.4% 10.8% 10.9% 12.61%

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PAT 8.9% 10.4% 10.8% 10.9% 12.61%

Financial Position of the CompanyNet Worth 97.12 170.48 214.60 262.77 344.19

Debt 57.70 60.20 39.41 33.01 39.41

Cash & Investment 2.03 4.95 24.01 13.59 2.28

Financial RatiosLong term Debt- EquityRatio 0.6 0.3 0.03 0 0

RoCE 27.6% 24.2% 32% 30.2% 34.3%

RoNW 37.4% 30.0% 26.6% 24.5% 28.01

Historical Financial Performance

0

200

400

600

800

336.63407.53

491.00529.18

582.31738.41

Net Sales (Rs. in Crores)

0.00

20.00

40.00

60.00

80.00

100.00

08-09 09-10 10-11 11-12 12-13 13-14

23.20

36.3451.11

57.1364.45

93.14

PAT (Rs. in Crores)

15

0.00

4.00

8.00

12.00

16.00

20.00

08-09 09-10 10-11 11-12 12-13 13-14

5.06

7.92

10.61 11.4212.88

18.62

EPS (in Rs.)

008-09 09-10 10-11 11-12 12-13 13-14 08-09 09-10 10-11 11-12 12-13 13-14

0

50

100

150

200

250

300

350

08-09 09-10 10-11 11-12 12-13 13-14

68.2697.12

170.47214.6

262.77

344.2

Net Worth (Rs. in Crores)

Operational Highlights - Result Period (in Crores Rs.)

ParticularsUnaudited Audited

Q.E.Sep-14

Q.E.Sep-13

rise /fall

HYESep-14

HYE Sep-13

rise / fall FY13-14

Gross Turnover 305.93 283.55 7.89% 505.17 471.86 7.06% 829.05Net Turnover 282.90 253.40 11.64% 455.81 419.53 8.65% 738.41

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EBIDTA 55.52 44.80 23.93% 84.03 70.34 19.46% 125.34PAT 41.73 32.05 30.20% 62.18 49.40 25.87% 93.14EBIDTA% toNet Sales 19.63% 17.68% 195 bps 18.44% 16.77% 167 bps 16.97%PAT% to NetSales 14.75% 12.65% 210 bps 13.64% 11.78% 186 bps 12.61%EPS (Rs.) 8.34 6.41 30.11% 12.43 9.88 25.81% 18.62

Product Launches in FY 2013-14

Danfuron

Defend

Maxyld

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Five new products are in pipeline, of which 2 products are expected to belaunched every financial year for the first time in India.

Maxyld

Media Super

Protocol

Rewards & Recognition

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Dhanuka has bagged a coveted place in ‘Forbes Asia’ list inthree out of last four years

Rewards & Recognition

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Award for “Best contribution to

Academia” by FICCI

Inc. India’s - “HALL OF FAME

2014”

Rewards & Recognition

“Business Leadership Award

2014- Business Excellence in

Crop Protection Chemicals”

by Worldwide Achievers in

association with Zee Business

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“Business Leadership Award

2014- Business Excellence in

Crop Protection Chemicals”

by Worldwide Achievers in

association with Zee Business

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Thank You!