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Dhanlaxmi Crop Science IPO
Dhanlaxmi Crop Science Ltd
₹1,04,000 /2000 sharesMinimum Investment
Dhanlaxmi Crop Science IPO Listing Details
| Listed On | Issue Price | Listing Price | Listing Gains |
|---|---|---|---|
| -- | ₹55.00 | ₹104.50 | ₹49.50 (90.00%) |
Dhanlaxmi Crop Science IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 9 Dec ‘24 - 11 Dec ‘24 | ₹1,04,000 | 2,000 | ₹52 - ₹55 |
| Issue Size | IPO Doc |
|---|---|
| 23.80Cr | RHP PDF |
Subscription rate
As of 11 Dec'24, 05:00 PM
| Qualified Institutional Buyers | 147.70x |
| Non-Institutional Investor | 622.91x |
| Retail Individual Investor | 319.11x |
| Total | 318.48x |
About Dhanlaxmi Crop Science
Founded in
2005
Managing director
Mr. Kamleshkumar Jayantilal Patel
Parent organisation
Dhanlaxmi Crop Science Ltd
Strengths & Financials of Dhanlaxmi Crop Science
Strengths
Risks
As of September 30, 2024, the company produced seeds for 24 different field crops and vegetables, with operations spanning five states across India.
The company’s research and development (R&D) efforts include both traditional breeding programs and advanced biotechnology tools. The company claims that this approach has helped build a diverse germplasm repository, enabling the development of a wide range of high-quality products.
Through its research, the company has developed and commercialised hybrid seed products for cotton, such as Advance, Agniveer, and Dhanvarsha, which gained market success due to their superior quality and yield.
By September 30, 2024, the company had produced 725 MT of raw seeds, including hybrids and open-pollinated varieties. Its fully equipped processing facility in Gujarat has a capacity of 7.3 MT per hour, along with ambient storage facilities that can hold up to 2,000 MT.
The company has a network of 1,185 authorised dealers and distributors across Gujarat, Rajasthan, Haryana, and Maharashtra.
The company has observed a consistent increase in revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 35.43 crore in FY22 to Rs 46.61 crore in FY23 to Rs 63.71 crore in FY24. PAT increased from Rs 0.58 crore in FY22, to Rs 2.99 crore in FY23 to Rs 4.65 crore in FY24.
The company, along with its directors, promoters, and group companies, is involved in certain legal proceedings. Any adverse judgments in any of the cases can be detrimental to the company’s business prospects.
A significant portion of revenue comes from cotton seed sales, contributing 95.64%, 76.78%, 71.47%, and 64.73% of total revenue as of the 6 months ended September 30, 2024, and FY24, FY23 and FY22, respectively. This reliance on a single product category exposes the business to various risks such as a decrease in demand for the product or any production delays that could lead to a shortage of the commodity. Any adverse situations similar to the ones stated could negatively affect financial performance and operations.
A major share of revenue is generated from a few major customers. The top 10 customers accounted for 87.99%, 67.36%, 62.45%, and 51.88% of total revenue during the six months ending September 30, 2024, and FY24, FY23, and FY22, respectively. Notably, a single customer contributed 76.76%, 57.73%, 53.86%, and 37.55% of revenue during the same periods. Loss of this particular customer or any of the major customers or a reduction in business from them could adversely affect the company’s operations and finances.
Sudden variations in weather conditions, crop diseases, and pest infestations could pose significant risks to seed production and demand. These factors could negatively affect the company’s production, operations, and financial stability.
The company’s production facility is located in Gujarat, and a large portion of sales is generated from operations in Gujarat and Telangana. Any adverse developments in these regions could disrupt operations and negatively impact revenue-generating capabilities.
As of September 30, 2024, the company had outstanding liabilities amounting to Rs 7.69 crore. Any inability to repay or service these loans can affect the company’s financial position.
Dhanlaxmi Crop Science Financials
*All values are in Rs. Cr
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Application Details of Dhanlaxmi Crop Science IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹52 - 55 | ₹2 - 5 Lakh |
| High Networth Individual | ₹52 - 55 | ₹2 - 5 Lakh |
For Dhanlaxmi Crop Science IPO, eligible investors can apply as Regular.