Insecticides (India) Ltd reports 31% PAT growth in Q3 FY24

Insecticides (India) Ltd. (IIL), a leading manufacturer of crop protection and nutrition products in India, declared its financial results for the third quarter & nine months of fiscal year 2024. With a diverse portfolio comprising over 21 technical products, and 105 formulation products which includes 35 Maharatna Products, IIL continues to be at the forefront of the industry.

During the current quarter, the company achieved a remarkable total revenue reaching Rs 3579.42 Mn in Q3FY24, compared to Rs 3565.32 Mn in the same period last year. IIL also witnessed a significant improvement in the EBITDA (Excluding other income) which increased by 11.84 per cent during Q3 FY24, reaching Rs 260.11 Mn as compared to Rs 232.57 Mn in Q3 FY23. Profitability also showed commendable growth, with a remarkable 31.41 per cent increase in Profit after tax during Q3 FY24 totalling Rs 123.07 million in contrast to Rs 93.66 Mn in Q3 FY23.  

In the first nine months of FY24, IIL recorded Rs 16938.83 million in revenue, a significant 12.97 per cent growth compared to Rs 14994.31 Mn in the first nine months of FY23. IIL’s profitability remained resilient, with a 2.26 per cent growth in profits after tax during 9M FY24 amounting to Rs 946.02 million, compared to Rs 925.08 million in 9M FY23.

IIL’s strategic focus on enhancing the mix of value-added products, including Hachiman, Torry, and Shinwa, etc. the past two years has contributed to the upward trajectory. In this quarter IIL has launched two new products namely Million, a herbicide for wheat, and Nirog, a bio fungicide.

Commenting on the performance, Rajesh Aggarwal, Managing Director of Insecticides (India) Limited, stated, ″We continue to witness growth across our product portfolio, driven by R&D and backward integration initiatives. Our focused marketing efforts and brand-building activities have yielded positive results despite of odds of the season. We remain committed to sustainable growth and extend our gratitude to all our stakeholders for their support.″

IIL has made significant progress in digital engagement with farmers, enhancing channel engagement and providing crop advisors with accurate data.