Advanta net profit jumps over two-fold at Rs 60.67 crore in Q3 FY2015-16

Seed company Advanta Ltd recently reported an over two-fold jump in consolidated net profit at Rs 60.67 crore for the quarter ended December 31, 2015.

Its net profit stood at Rs 25.41 crore in the year-ago period, the company said in a regulatory filing.

Total income from operations, however, fell to Rs 383.89 crore during the third quarter of this fiscal from Rs 486.49 crore in the corresponding period of the previous year.

The company's expenditure also fell to Rs 316.91 crore from Rs 426.55 crore during the period under review.

Other income rose to Rs 14.20 crore during the quarter ended December 31 from Rs 2.32 crore in the year-ago period.

Advanta - a group company of UPL - is primarily engaged in the business of research, production and sale of hybrid seeds.

Recently, fair trade regulator CCI has approved the proposed merger of seed firm Advanta Ltd with agrochemical major UPL.

In November last year, UPL had announced merger of Advanta with itself as part of its strategy to provide all agri-solutions through one single entity.