Insecticides (India) Limited posts 31% rise in Q2 FY23

Profit After Tax at Rs 44.83 Crore in Q2 FY23 and Rs 83.14 Crore for H1 FY23

New Delhi-based Insecticides (India) Ltd. (IIL), one of the country’s leading manufacturers of crop protection and nutrition products announced its unaudited results for Q2 and H1 ended on 30th September, 2022. IIL boasts of an impressive product portfolio consisting of 21+ technical products and 105+ formulation products.

Performance Highlights:

• Revenue from Operations reported at Rs 582.49 Cr. in Q2 FY23 and Rs 1143.37 Crore for H1 FY23

• EBITDA stands at Rs 68.45 Crore in Q2 FY23 and Rs 126.90 Crore for H1 FY23

• PAT at Rs 44.83 Crore in Q2 FY23 and Rs 83.14 Crore for H1 FY23

Commenting on the performance, Rajesh Agarwal, Managing Director (IIL) said, ″We are very happy to share that we had a good quarter and half year in terms of financial performance and a successful quarter and half year in terms of market acceptance of our newly launched products. We have been able to deliver solid results, with revenue from operations having grown by 31 per cent from Rs 44.36 Crore in Q2 FY22 to Rs 58.24 Crore in Q2 FY23.

The EBITDA increased by 6.68 per cent from Rs 64.16 Cr in Q2 FY22 to Rs 68.45 Cr. in Q2 FY23. EBITDA margins declined from 14.45 per cent in Q2 FY22 to 11.76 per cent in Q2 FY23 on a YoY basis due to increase in cost of raw materials and currency headwinds which led to a forex loss. However, on QoQ basis the margins improved by 133 bps primarily led by better product mix and calibrated price hikes majorly offsetting elevated input cost and currency headwinds. While PAT increased by 7 per cent from Rs 41.87 Crore in Q2 FY22 to Rs 44.83 Crore in Q2 FY23.

Talking about the growing acceptance of their products, R&D initiatives, and export performances, Rajesh Agrawal, Managing Director, ″We have received a good response to our newly launched products like Hachiman, Shinwa, Torry and Izuki. Our R&D initiatives are being recognized as successful innovations in the form of several patents being granted in H1 FY23, taking our total patented products to 18. On the exports front, we continue to witness good demand, however we have focused on exports in a calibrated manner.

″At IIL, we’re committed to launching new products to keep pace with the changing trends and requirements of crop protection and nutrition market.,″ Agarwal further added.