Insecticides India eyes 20% revenue growth in FY2016

Indian agrochemical maker Insecticides (India) Ltd (IIL) recently announced that it is eyeing 20 per cent growth in turnover for the fiscal year 2016 ended March 31st, 2016 on the back of product launches and good monsoon.

"Last fiscal, we clocked turnover of Rs 982 crore and for the current fiscal, we are targeting 20 per cent growth," IIL, Managing Director, Rajesh Aggarwal said here today.

"We are going to launch a dozen products this year that will be for all crops. Last two years were very tough because of drought conditions. Since growth has been slow in two years, we see modest growth of 20 per cent. Sentiment has started building up from June only and we will see good monsoon and new launches," he further said.

The company recorded 10 per cent growth in total business last fiscal, he said.

IIL has six formulation units in Chopanki (Rajasthan), Samba & Udhampur (Jammu & Kashmir), Dahej (Gujarat). It also has technical synthesis plants at Chopanki and Dahej to make technical grade chemicals.

IIL is also in the process of setting up a GLP research and development facility in Rajasthan for agrochemicals, he said.

On exports, he said the company is targeting to achieve exports worth Rs 20 crore with an eye on Asean, Saarc nations and the Middle East countries.

The company recently rolled out new herbicide -'Green Label' for paddy farmers here.

"Green Label is used at 2-5 leaf stage of weeds and provides effective control of most of grassy, sedges and broad leaf weeds of rice crop. This product was imported from Japan till date. Manufacturing it indigenously will make it cost effective and company plans to transfer this benefit to Indian growers," he said.

The major markets for this new product are in the regions of Uttar Pradesh,Chhattisgarh, Madhya Pradesh, Haryana, Punjab, Andhra Pradesh and Karnataka, he said.