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Insecticides India reports 66% rise in Q2 net profit
Nov. 11, 2014
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India
Insecticides (India) Ltd (IIL), has announced a 66% increase in net profit for quarter ending September 30, 2014. IIL's net profit grew to Rs 22.93 crore from Rs 13.84 crore over the corresponding period last year on the back of encouraging response to its newly launched products and stable production at the new Dahej plant.
The Company's net turnover rose to Rs 402 crores in the quarter from Rs 340 crores in the same quarter last year, recording a 18% increase.
IIL, which manufactures and markets a gamut of agrochemical products ranging from insecticides to fungicides to weedicides, provides a full basket of agrochemicals' solutions to farmers. Its leading products are Pulsor, Hakama, Logo, Nuvan, Thimet, Lethal, Xplode, Victor, Hijack and Monocil which it calls "ten power brands".
On the company's performance, Mr. Rajesh Aggarwal, Managing Director, Insecticides India Ltd. (IIL), said, "The increase in net profit is very encouraging for us in the scenario. I would accredit this to our broad product strategy i.e. working on 20 products, Navratnas and Super 11, which reduces the dependence on 1-2 products. Our products Pulsor (Marketing Tie up with Nissan Japan) for Paddy and Logo (Own Brand and technical Manufacturing) for cotton have received overwhelming response, and so do have our other products, leading to rise in our top line. This makes us very optimistic about other following quarters too. Our Dahej Plant has also stabilized its activities and is adding to the bottom line.
We have recently inaugurated our R&D Centre in JV with OAT Agrio Company Ltd., Japan at chopanki, which makes us optimistic for many more products in the kitty in the times to come. Commercial production at new chopanki formulation plant in Rajasthan has also started recently."
Source: Equity Bulls
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