Dhanuka Agritech Q3 net profit rose by 82% at Rs 21.27 cr

Company to declare interim dividend at 100%, Rs 2 per equity share

Pesticides firm Dhanuka Agritech today reported 82% increase in consolidated net profit to Rs 21.27 crore for the quarter ended December 31 on healthy demand for its products following good monsoon.

It had posted net profit of Rs 11.68 crore in the October- December quarter in 2012-13.

The company's net sales rose to Rs 166.99 crore for the third quarter of this fiscal, compared to Rs 139.56 crore in the year-ago period.

"This year's healthy rainfall has resulted in robust Kharif and Rabi crops in the country," Dhanuka said in a statement.

The company's Managing Director M K Dhanuka said: "During this quarter, despite the weak economic environment, we have achieved superior sales growth. Our new products have been enthusiastically received by farmers and continue to gain market share."

The Board has decided to declare interim dividend at 100%, Rs 2 per equity share.

"South and West zones are our key markets and have done well. We are happy that our branding initiatives, including advertisements featuring Amitabh Bachchan as Brand Ambassador have helped us achieve this sustainable growth and we are confident of achieving even better growth in future," Dhanuka said.

For the nine-month period ending December 31, Dhanuka Agritech recorded net profit of Rs 70.67 crore, as against Rs 46.57 crore in the corresponding period of last fiscal.

Its net turnover stood at Rs 586.52 crore for the nine month period ending December 31 compared to Rs 451.13 crore in the same period in previous fiscal, up by 30%.

Dhanuka has a pan-India presence through its marketing offices in all major states in India, with a network of more than 7,500 distributors & dealers. It has technical tie-ups with 4 American and 5 Japanese companies.