Excel Crop Care

The company held its AGM on 28/07/10 and was addressed by Mr. A.C.Shroff, Chairman of the company

• Key highlights
• According to the management, the things are stable at exports level vis a vis previous year, where there was a mismatch in glyphosate capacity globally. Suddenly, capacities of glyphosate came worldwide and Chinese stopped imports which resulted in crash in prices in FY'10. The company suffered from high raw material costs and lower realization. However for FY'11, the company is through with most of the high costs inventory and the prices of glyphosate are stable globally. The management expects the exports to perform better in FY'11.
• Domestically, also the prices have stabilized, but have not reached to those FY'08 level. It will take some more time to reach there.
• The seed business of the company is a small one which reported turnover around Rs 1 crore with profits of about Rs 10 lakh. The seed business is with Excel Genetics, 75% subsidiary of the company and will be a steady business.
• Unlike globally, India is predominately an insecticide market. The company has all products for insecticides, weedicides, fungi sides etc. There is a shift in demand from insecticides to weedicides, however the shift is slow.
• The management now fully covers its forex exposure unlike in FY'09, where they allowed the position to remain open and played on derivatives which resulted in forex loss of Rs 30 crore.