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Shares of smallcap firm India Pesticides soared 10.5 per cent at Rs 263.85 per share on the BSE in Friday’s intraday trade. This came after the company successfully commissioned an intermediate plant towards backward integration of one of the Fungicide which was primarily being imported.
“It is based on our in-house Indigenous R&D Technology. This is one of many steps taken by the company in line with the Government of India’s initiative ‘Aatma Nirbhar Bharat’ by substituting import and manufacturing in India,” the company said in an exchange filing.
India Pesticides is a chemical manufacturer engaged in agri chemicals business, primarily including manufacture, sale and distribution of insecticides, fungicides, herbicide and various other agrochemical products. The company has its own manufacturing site for agrochemical production at Sandila and Dewa Road in Uttar Pradesh.
In the fourth quarter of the fiscal year 2023-24 (Q4FY24) it reported a decline of 35.41 per cent in revenue since the same period last year, amounting to Rs 129.88 crore in the fourth quarter of 2023-2024. On a quarterly basis, the company experienced a 16.05 per cent decrease in revenue over the past three months.
In terms of net profits, India Pesticides saw a drop of 96.47 per cent compared to the same period last year, reaching Rs 1.06 crore in the fourth quarter of 2023-2024. The company’s net profit margins stood at 0.82 per cent in the fourth quarter of 2023-2024.
At 01:36 PM; India Pesticides was trading 7.21 per cent higher at Rs 255.75 per share on the BSE. By comparison the BSE Sensex climbed up by 1.74 per cent. The stock of the company is presently trading at a price to earnings multiple of 32.62 times with an earning per share of Rs 7.84.
