Excel Crop Care net sales up 19% in Q4 FY 2013

Indian agrochemical company Excel Crop Care’s net profit surged 338.27% to Rs 10.65 crore and net sales increased 18.90% to Rs 210.90 crore in Q4 ended March 31, 2014.

For the full year, Excel Crop Care net profit surged 213.96% to Rs 67.25 crore and net sales boosted 25.56% to Rs 937.16 crore y-o-y.

On a consolidated basis, net profit surged 210.39% to Rs 66.05 crore and net sales rose 25.67% to Rs 955.66 crore in the year.

Production/domestic sale of Endosulfan continues to remain suspended pursuant to the ad-interim Order dated 13 May 2011 of the Supreme Court. The petition seeking ban on Endosulfan is pending before the Supreme Court for hearing and final disposal, the company said.

In the preceding financial years the company had made provision aggregating to Rs 16.30 crore in respect of Endosulfan related inventories. Out of this, provision of Rs 9.39 crore has been written back during the current financial year as the same is no longer required. The balance provision of Rs 6.90 crore is being carried forward for the remaining inventory and estimated material disposal expenses. In the opinion of the board, the provision is sufficient and reasonable, Excel Crop Care said.

By its Order dated 23 April 2012, the Competition Commission of India (Commission) imposed a penalty of Rs 63.90 crore on the company on the ground that it had violated the provisions of Section 3 of the Competition Act, 2002. On the company's appeal, the Competition Appellate Tribunal (Tribunal) reduced the amount of the penalty to Rs 2.91 crore. The Company and the Commission have filed appeals before the Supreme Court against the Tribunal's Order. As a matter of prudence the company has made a provision for Rs 2.91 crore during the current financial year, the company said.