Insecticides reports 33% decline in June-quarter profit to Rs 24 crore

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Insecticides India Ltd on Friday reported a 33 per cent decline in its net profit at Rs 24.1 crore for the quarter ended June.

Its net profit stood at Rs 35.9 crore in the year-ago period.

Total income rose 14 per cent to Rs 410.7 crore in the first quarter of this fiscal from Rs 359.5 crore in the corresponding period of the previous year, according to the regulatory filing.

Commenting on the performance, the company's MD Rajesh Agarwal said: FY2021 started on an unprecedented note with the outbreak of COVID-19 followed by extended lockdowns in the country adversely affecting the economy in Q1 FY21.

"The pandemic turned into an economic crisis impacting all industries and businesses. The silver lining in the crisis is that the agriculture sector which supports over 60% of the populations was less impacted and continues to see a reasonable level of demand."

Timely monsoon with good water reservoir levels have supported the agricultural sector and provided strong foundation to the economy in these turbulent times, Agarwal said.