Letter from the MD
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.
Realising our vision of designing, building, and successfully operating India’s largest single stream urea plant fills us with a profound sense of satisfaction. This required a lot of conviction, courage, and commitment. I note with pride that our team rose to the occasion with grit and determination. Bearing witness to our asset’s success reaffirms the confidence that we had in ourselves.
Our performance in FY 2022-23 was characterised by production surpassing operational capacity combined with high energy efficiency. The past year saw us expand our footprint across the northern states, bolstering our extensive distribution infrastructure to better serve the farming community. The northeastern ‘Seven Sisters’ states now represent the next frontier and are already a part of our larger outreach programmes. Taking Matix’s range of products and essential support services to this under-explored market, will surely empower the farmers in these regions to better realise their potential in fruit and cash crop production.
The progress until now is inspiring. Yet this is just the beginning for us. The criticality of the agricultural sector, buoyed by the support from the Governments of India and West Bengal, will provide us with significant opportunities to expand our horizons.
The year gone by was marred by several global challenges. Economies worldwide grappled with the ripple effects of geo-political conflict. Supply chains were disrupted, hindering what was expected to be a swift recovery post-COVID. Despite the prevailing global environment, it was encouraging to witness India shine through as a beacon of growth.
More importantly, the events of the past year highlighted the urgency of food security amidst heightened global inflation and surging food prices. The emergence of self-sufficiency and sustainability in the agricultural sector has been made abundantly clear. Matix, stands committed to spearheading the cause of empowering agriculture.
As a young company with a motivated team, we are dedicated to serving our nation and our farmers. Our goals are driven by the larger ‘Make in India’ agenda with a focus on helping improve food security. We intend to do this by striving to address the needs of farmers. Our approach is simple: empowering the farmer with products and services that foster prosperity and self-sufficiency. This is aligned with our larger objective of enriching communities, a journey that we have started out on.
FY 2022-23 was an exceptional year of accomplishments for Matix. Our team worked tirelessly to stabilise and improve operations. The year saw us set new benchmarks in energy consumption norms and production while strengthening our foothold in non-urea segments. Notably, this was achieved despite a mandatory work maintenance shutdown, a challenge we planned for and executed during the off-season, allowing us to catch up on production. I am pleased to report that we have completed all vital repairs and are positioned for uninterrupted operations in FY 2023-24.
During the year, we intensified our focus on portfolio expansion with amplified visibility for our Dr. Fasal brand through our products like Zyme, City Compost, and Calcium Nitrate amongst others.
India faces an average supply deficit of 7 million metric tonnes per annum for urea. With the government’s vision of being ‘Atmanirbhar’ (self-reliant) in urea production, significant opportunities are expected to come up, especially in the eastern region which is poised to be the country’s growth engine in fertiliser demand.
Capacity expansion is a pivotal focus at Matix. We are studying the plan to set up an additional plant aimed at enhancing our urea manufacturing capacities. The availability of established process technologies and our expertise in seamlessly executing brownfield projects position us advantageously. We have started working with industry leaders on this plan.
Matix is endeavouring to be a single-window provider of crop nutrition and crop protection solutions for the farming community. In this context, non-urea fertilisers, accounting for nearly 43% of total fertiliser usage, represent a key area for our growth. Our extensive distribution infrastructure across nine Indian states positions us attractively to succeed in this venture. We have already initialised plans to import significant quantities of non-urea fertilisers such as DAP, NPK and MOP.
Secondly, we are deepening our presence in agro chemicals having entered this space through a trading route. We are working with leading multinationals and national players to distribute their products and look to expand under the trusted brand Dr. Fasal in the future.
Leveraging the ready availability of ammonia at our plant, we are exploring new product opportunities for the growing mining, downstream chemicals and infrastructure sectors in India driven by progressive government reforms.
Making a positive impact on people, the planet, and communities is a priority for Matix. Through investment in high-end technologies, processes, and the adoption of responsible practices, we aim to be among the most sustainable manufacturers. Efforts are underway to continually reduce greenhouse gas emissions, efficiently manage wastes, conserve water resources, and protect biodiversity.
Giving back has been central to our ethos. Our CSR initiatives, though recently initiated given our young organisation, are aligned with the United Nations Sustainable Development Goals (UNSDGs) focussing on the needs of our immediate communities. Our chosen areas of activity are education, women empowerment, healthcare, and rural development. Over 9,500 lives have been positively touched by our actions so far.
We are also proud of our safety culture, implementing world-class practices that have ensured accident free operations.
We acknowledge the responsibility upon us being engaged in a sector of utmost priority. The journey ahead is long, and we are determined to contribute constructively and achieve greater heights.
I thank the government for fostering policies that provide the necessary support and create a healthy environment where all thrive. I thank our supply chain partners who have helped establish our presence and brand reputation across the target markets.
A special acknowledgement to every member of the Matix family whose ongoing commitment helped set the foundation for the long-term success and realisation of our objectives.
Nishant Kanodia Chairman
