Dhanuka Agritech Approves Rs 100-Crore Buyback

The board of Dhanuka Agritech Ltd. on Friday approved a Rs 100 crore buyback through the tender offer route.

Dhanuka Agritech will buy back 5 lakh fully paid-up shares at a price of Rs 2,000 per equity share, the company announced through an exchange filing.

The record date to determine which shareholders are eligible to participate in the buyback has been set for Aug. 16, 2024.

The company's net profit rose 48% year-on-year to Rs 49 crore in the first quarter of fiscal 2025. This compares to Rs 33 crore in the same quarter of the previous fiscal.

Revenue increased by 33.7% year-on-year to Rs 493.58 crore for the three months ended June 30, 2024. Operating income was up 64% year-on-year to Rs 71.7 crore. Ebitda margin expanded to 14.5% from 11.8% in the same period the previous year.

Shares of the company closed 4.98% higher at Rs 1,821.45 per share, compared to a 1.25% decline in the NSE Nifty 50.