Dhanuka Agritech Q2 PAT up 33% yoy

Dhanuka Agritech Limited, a leading player in agro-chemicals, fertilizers and seeds posted a 20.67% rise in revenue and a 33% jump in the net profit for the quarter ended September 30th, 2010, over the same period of the previous year.

While the company, which features in Forbes’ ‘Asias Best Under A Billion list of companies, saw its net profit touching Rs. 1,627.38 lacs for 2nd Quarter, against Rs. 1,223.23 lacs during the corresponding period last year, its net sales increased by nearly 20.67 % to Rs. 16,599.51 lacs in the quarter under review.

V K Bansal, Chief Financial Officer, Dhanuka Agritech Limited, said: “We have stepped up our marketing and farmers education efforts to ensure optimum use of pesticides and other agricultural inputs. We are happy to see our efforts yielding results as we embark on a sustained growth path.”

Dhanuka Agritech has also sold 8% stake in the company to Mauritius-based private equity player 20-20 Equity Investors for  Rs. 34 crore. We will use the proceeds from this deal to finance our  Rs. 30 crore expansion programme at Sanand, Gujarat.

In a significant development, Dhanuka Agritech Limited has been included in ‘Asias Best Under A Billion list of companies compiled by the Forbes magazine for the year 2010. As per the figures given in the list, Dhanuka Agritech has recorded sales of US $91 million, net income of US $8million and a Market Value of US $ 89 million.