Dhanuka Agritech Q1 net up 18% to Rs 20.45 crore

Dhanuka Agritech Ltd, a leading agrochemical formulations company, today reported a 17.87% increase in its net profit at Rs 20.45 crore for the quarter ended June 30, 2014.

The company had reported a net profit of Rs 17.35 crore for the corresponding quarter last year.

Dhanuka has maintained its growth by registering turnover of Rs 172.91 crore for the quarter ended June 30, as compared to Rs 166.13 crore for the corresponding period last year, a statement issued here said.

Commenting on the results and performance, R G Agarwal, Chairman of Dhanuka Agritech said, "The turnover and net profits have grown during the first quarter despite 47% deficient rains till June end. The sale of plant- protection agro-chemicals depends on arrival of monsoon, since agriculture in India is still heavily dependent on monsoon. The season has been delayed by one month due to late arrival of rains."

The company hopes to perform better in second quarter. The company has received registrations for two new, scientifically advanced products recently and they will be launched soon for the first time in India, for the benefit of the Indian farmers, Agarwal said.

The company has received first-time registration for two new, exclusive products 'Mortar' (insecticide) and 'Sakura' (weedicide). The company plans to launch its new product 'Sempra' before the beginning of Rabi season. It is expected that these technologically advanced, high-efficacy products will contribute to the robust growth of Indian agriculture and food production.