Insecticides (India) reports robust result for Q1

Insecticides (India) Ltd (IIL), one of the country’s leading agrochemical companies, reported strong growth for the first quarter ending June 30, 2013 with a robust monsoon cheering farmers across the country propelling the demand for agro-products. The company registered steady growth in its sales increasing its turnover by 33% to Rs 197.63 crore during the opening quarter of financial year 2013-14 ending June 30, from Rs 148.83 crore in the same quarter last fiscal. 

 

The company’s net profit grew by 21% to Rs 14.17 crore in this quarter from Rs 11.72 crore in the same quarter in financial year 2012-13. The growth has come from the technical at about 19% and from branded business around 40%. 

 

The remarkable business growth of IIL was also assisted by two new products launched last year, Hakama and Nuvan, where revenue of Rs 16 crore from Hakama and Rs 11 crore from Nuvan has come in the first quarter as compared to a revenue of Rs 8 crore from Hakama and Rs 27 crore from Nuvan in the last complete fiscal year. 

 

On the company’s growing performance, Rajesh Aggarwal, Managing Director, Insecticides (India) Ltd, said “Figures are encouraging for the Q1, clearly reflecting the increasing demand for our products. It is good to see that Indian farmers are adopting the newer technology. We expect good contribution from our new products in the Q2 as well.”