Insecticides India Ltd posted 49% growth in net profit in 2016-17

Last Saturday Insecticides India Ltd (IIL)  reported a standalone net profit of Rs 5.95 crore for the quarter ended March 31, 2017, as against Rs 0.47 crore in the same quarter of the previous year.

This week, Insecticides India Ltd (IIL) posted a 48.7 per cent jump in its net profit at Rs 58 crore for 2016-17 on robust sales.

Net profit last fiscal stood at Rs 39 crore, it said in a statement.

Its net income rose 12 per cent to Rs 1,107 crore in 2016-17, from Rs 988 crore in the year-ago period.

The earnings per share (EPS) also grew to Rs 28.13 from Rs 20.01 in the said period.

IIL MD Rajesh Aggrawal said: "A decent monsoon last year brought the much-needed relief to the agri-sector after two successive years of deficit rains. As expected, this also provided a healthy boost to the sales of agro-chemical products."

The company is focusing on diversifying the product basket and as part of this strategy has recently launched a new product 'Kayakalp'.

With hopes of good monsoon in 2017 and launch of more new products, the company is looking at an encouraging top line growth as well as profitability in the near future, he added.