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Insecticides (India) Q1 net profit up 14%

India company Insecticides (India) Limited has reported a 18.9% increase of net sales, which reached Rs 1,608.4 million in the fourth quarter which ended March 31st, 2015. Net profit for the fourth quarter rose by 20% to Rs 61.8 million. Sales of pesticide formulations in Q4 was down 2.1% to Rs 1,068.5 million, while sales of technical pesticides surged by 202.5% to Rs 857.9 million.

The company clocked an increase in net profit of 37.3% to Rs 548.5 million for the full financial year, with the net income of the company rising 11.6 % against last fiscal year to Rs 9,641.9 million. Sales of technical pesticides and formulations were both up by 55.5% and 4.2%, respectively, to Rs 3,319.9 million and Rs 8,040.1 million.

The robust growth was riding on increasing penetration across the country and variety of new products to meet different requirements of Indian farmers, according to the company. Mr. Rajesh Aggarwal, Managing Director, Insecticides India Ltd. (IIL), said he expects growth to be even better this year.

“Last year the climatic conditions were erratic, and farmers also suffered losses due to less rainfall during the kharif season and excess rainfall during the Rabi season. Still, IIL has registered impressive growth. The annual figures are encouraging and clearly indicate a continued growth of market for our products. Our efforts to achieve greater penetration and raise awareness among farmer about judicious use of agrochemicals have brought rich dividends for us. The products launched over the past 2-3 years including Hakama, Pulsor, Xplode and Logo have led the growth figures. With predictions of a timely monsoon, we expect to continue on the growth trajectory,” he said.