Insecticides India reports a PAT growth of 13.6 per cent Y-o-Y
Insecticides India announced its financial results for the quarter and half year ended September 2019. The company’s revenue from operations increased by 9.8 per cent Y-o-Y to Rs. 503 crores in Q2FY20.
Despite challenging business environments, owing to continuous rainfall and lower pest infestation, Insecticides India reported a 4.1 per cent growth in EBITDA to Rs. 72 crores for Q2FY20 from Rs. 69.2 crores for Q2FY19. The company gained a net profit of Rs. 48.8 crores in Q2FY20 against Rs. 43 crores gained in Q2FY19, rising by 13.6 per cent. The company was able to deliver strong growth in revenues and profitability despite facing economic headwinds, owing to its strong product portfolio and increased response to its products by farmers.
For H1FY20, the revenue of Insecticides India increased by 10.8 per cent to Rs. 861.5 crores from Rs. 777.3 crores in H1FY19. The company’s EBITDA increased by 8.3 per cent to Rs. 135 crores in H1FY20 from Rs. 125 crores in H1FY19. Since the company’s exports for the half-year ended September 2019 increased by 39 per cent Y-o-Y to Rs. 22 crores from Rs. 16 crores, its net profit grew by 10.1 per cent to Rs. 85 crores for H1FY20 from Rs. 77 crores for H1FY19.
In a press release, Mr. Rajesh Agarwal, the Managing Director of Insecticides India, said, "Our focus on R&D initiatives have resulted in the launch of five new products during the H1FY2020. However, three of our key new products, which were expected during the period, got delayed due to pending regulatory approvals and are expected to be launched in the coming period. Our new product launches have high acceptability in the market, thanks to our strong value proposition, a widely-spread distribution network, and a farmer-centric approach."
Insecticides (India) Ltd. (IIL), is one of the fast-growing agrochemicals manufacturing company in the country’s crop care market.
On Thursday at 11:30 am, the stock of the company was trading at Rs. 550.85, down by 0.32 per cent or Rs. 1.75 per share. The 52-week high is Rs. 740 and the 52-week low is Rs. 465.15 on BSE