Agro-chemical maker GSP Crop Science Pvt Ltd has set up a subsidiary in Brazil to expand its presence in the Latin American (Latam) market. The company, which sees a big potential in the Latam market, proposes to invest about $2-3 million in the Brazilian operations, said Thirth Shah, International Business Director, GSP Crop Science.
“We have started building a team in Brazil, where we plan to push aggressively” Shah said. The agro-chemical market in Brazil, where the farm holdings are quite large, is estimated to be around $14 billion.
GSP CropScience, which clocked a revenue of around ₹1,500 crore during 2022-23, up from ₹1,300 crore in the previous year, earned about a fifth of it from the overseas markets. Besides Brazil, the company exports agro-chemicals to other markets such as Argentina, Colombia, Vietnam, Thailand, US, Europe, Middle East, Africa and Australia among others.
In the current fiscal, the company expects its revenues to be largely flattish as it proposes to focus on pushing newer products that have better margins, said Bhavesh Shah, managing director, GSP CropScience.
Good traction
The company, which launched Chlorantraniliprole (CTPR) products in December last year, saw good traction in the market for the insecticide clocking sales of ₹50 crore. “We expect sales of all CTPR formulations to be around ₹150 crore this year” he said. CTPR is used on wide range of crops such as pulses, groundnuts, soyabean, vegetables, rice, tea and sugarcane for insect control. Also the company’s recently launched seed treatment product for groundnut and soyabean is getting good response, he said.
The company also proposes to launch soon an easy-to-use app for the farmers, which will provide crop advisory and information on the farming techniques and use of agrochemicals. Besides English and Hindi, the app, which is based on chat GPT, will be launched in seven regional languages including Gujarati, Marathi, Punjabi and Telugu, Shah said.