Nov. 14, 2019
Crop protection firm Insecticides (India) Ltd has reported a consolidated profit after tax of Rs 49 crore for the second quarter ending September 30.
This is 13.6 per cent higher than the profit of Rs 43 crore posted in the corresponding period of the previous financial year, a company statement said on Wednesday.
The total revenue for the period under review stood at Rs 504.9 crore, up from Rs 458.6 crore in the same quarter last fiscal.
“The domestic economy in Q2 FY2020 continues to face headwinds which were present at the beginning of the fiscal year. The broad-based slowdown in rural demand was visible in the agrochemicals sector as well. The monsoon was scattered during the last quarter, with heavy rainfall in some parts of the country impacting the agriculture cycle," said Rajesh Agarwal, Managing Director, IIL, in the statement.
"Sales growth was mixed, as there was a 20-day delay in the season as a result of a prolonged crop cycle," he added.
According to Agarwal, IIL earned Rs 22 crore from exports during the first six months of the financial year, up from Rs 16 crore earned year-on-year.