Board of Directors / Management Team
Specialising in providing high-quality crop nutrient products and farm advisory services, we play an integral role in India’s agricultural landscape.
It is with immense pleasure that I present to you our FY 2022-23 annual report, as we complete our first full year of operations.
In the past year, the Indian economy displayed resilience and thrived despite global challenges.
We offer a comprehensive range of crop nutrition and protection solutions.
We have strategically carved a distinctive edge in the industry encompassing all aspects of business right from operations to distribution network and brand presence to a focus on sustainability.
High-quality and cost-effective crop nutrient products are critical to drive agricultural productivity.
We are committed to enhancing agricultural outcomes and improving the lives of the farmers.
Soil testing is crucial for farmers as it assesses soil health, aids in crop and fertiliser selection, and pH level management.
As we aspire to transform into an innovative fertiliser manufacturing enterprise and expand into new segments of the agribusiness market, we place the highest value on our employees’ capabilities.
Advancement of the agri-food ecosystem is at the heart of our business. We firmly believe that this objective is intricately linked to our responsibility towards the planet and communities.
We are committed to community development, as evident in our proactive initiatives even before commencing operations.
Specialising in providing high-quality crop nutrient products and farm advisory services, we play an integral role in India’s agricultural landscape.
We offer a comprehensive range of crop nutrition and protection solutions.
We are committed to enhancing agricultural outcomes and improving the lives of the farmers.
Amidst this backdrop, Matix delivered a healthy performance, demonstrating the strength of our business model and commitment to farmers' welfare.
We broadened our product portfolio and expanded our reach across nine Indian states in the east, northeast and northern regions. The distribution network was made stronger with the addition of 468 dealers and 42,722 retailers during the year, bringing our total to 1,021 dealers and 51,157 retailers as on March 31, 2023. Our plant, built on world-class technology, operated with remarkable efficiency and effectiveness, thanks to the dedication of our skilled team, ensuring sustained above-capacity utilisation.
We closed FY 2022-23 with production and successful multimodal despatch of 1.05 million MT of urea across our target markets. Revenues reached ₹ 57,942.34 million with an EBITDA of ₹ 12,744.84 million, driven by our efficient operations. We expect further margin improvement through ongoing operational stabilisation and efficiency enhancements.
While urea remains our core business, we understand the indispensable role of non-urea fertilisers, recognising the diverse nutrient needs of different soil types. This significance is evident in the fact that nearly 43% of all fertilisers consumed in India are non-urea based. However, their combined production stands at 13 MTPA against a demand of 25 MTPA, leaving a supply gap of 12 MTPA.
To bridge this gap and help farmers enhance soil health and yield, we have introduced essential crop nutrients under the Dr. Fasal brand. We have already initiated the import of DAP, NPK and MOP during the year and last mile delivery is being ensured through our extensive distribution infrastructure. The farming community shall soon benefit from these nutrients.
Further, insightful feedback from farmers and our team has highlighted a noticeable supply gap in crop protection products. This is crucial considering the high instances of unseasonal rain and crop infestations which impact yields and farmer incomes. In response, we made strategic entry into the agrochemicals space in 2022-23, offering top-quality crop protection products. Concurrently, we are actively promoting Matix Soil Testing Services to support and guide farmers in their soil practices towards a bumper crop.
With these efforts, we are now amongst the few companies offering full-service solutions to farmers, encompassing crop nutrition, crop protection, and soil testing studies – all seamlessly unified under the umbrella of Matix.
This year, we successfully started serving the northern states of Punjab and Haryana, renowned as top wheat producers in India. Matix now holds a unique reputation of serving two vital staple crop-producing regions: east India for rice and north India for wheat, both crucial in the nation’s pursuit of ‘Atmanirbhar Bharat’ (self-reliance) and food security.
Matix is aptly positioned to fulfil the farmer needs in eastern and northeastern parts where we maintain a substantial presence, commanding ~20% market share. We have also set up the distribution infrastructure and supplied products in Tripura, marking our presence in the ninth Indian state.
Matix has grown and evolved substantially in the last year and a half. We are pleased to have built an organisation that has a distinctive competitive edge with an extensive and full-suite portfolio, an ever growing distribution network and an experienced team. Our strategically located plant enables us to achieve national reach with optimised cost, facilitated by seamless connectivity through rail and road.
Our commitment to sustainability is at the core of our operations. Equipped with proprietary technologies, our plant is designed to consume less energy and water and effectively manage waste. In FY 2022-23, our energy consumption stood at a low of 5.14 Gcal/MT, and we are confident of further improving. Additionally, we maintain a greenbelt covering one-third of our plant area, housing nearly 75,000 plantations.
Inspired by our achievements, we are resolute in aiming higher and dedicated to the prosperity of our farmers. Plans are underway to expand capacity and enhance the portfolio of non-urea fertilisers and agrochemicals.
The future is exciting and the opportunities ahead are abundant. We sincerely seek the continued support and collaboration of all our stakeholders as we navigate this promising journey ahead.
Warm regards,
Manoj Mishra Managing Director
