Best Agrolife gains on appointing Sanjeev Kharbanda as CFO

Best Agrolife rose 1.41% to Rs 1,141.75 after the company announced that its board has appointed Sanjeev Kharbanda as chief financial officer (CFO) and key managerial personnel with effect from 1 March 2023.

Sanjeev Kharbanda is finance professional and holds an extensive experience of 28 years in management and business leadership. His experience spans across finance, audit, tax, enterprise risk management, operations, supply chain.

Kharbanda joins Best Agrolife from Aqualite Industries, a footwear brand, where he managed the dual role of CFO and business co-pilot for all strategic decisions or moves. He has also worked as general manager - corporate finance with Mother Dairy Fruit & Vegetable for more than a decade and at senior profile with other organisations across the sectors, broadly including FMCG and Telecommunication.

Meanwhile, the company's board has approved the change in designation of Atul Garg from CFO to head of commercial & credit control. Consequent to his change in designation he ceases to be the CFO of the company with effect from 1 March 2023.

Best Agrolife is engaged in the in the trading of agrochemical products such as insecticides, pesticides, herbicides, fungicides and plant nutrients. The company's crop protection chemical products are sold through distributors and co-marketing alliances with leading Indian companies throughout the country. It has almost 60 plus products, 80 plus technical licenses, 360 plus formulation licenses, 30,000 plus MTPA manufacturing formulation capacity and a 7000 plus MTPA integrated technical plant, one of the country's most comprehensive portfolios.

The company's consolidated net profit increased by 97.80% to Rs 30.62 crore in the quarter ended December 2022 as against Rs 15.48 crore during the previous quarter ended December 2021. Sales rose 40.97% to Rs 327.75 crore in Q3 FY23 over Q3 FY22.

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