Dhanuka Q2 revenues up by 20.67%, PAT up by 33%

• Revenues - Rs.16,599.51 lacs for 2nd quarter of 2010 QoQ growth was 20.67%;
• Net profit after tax -  Rs.1,627.38 lacs, for 2nd quarter of 2010 QoQ growth was 33%;
• Company Features in Forbes ‘Asia's Best Under A Billion' list

Dhanuka Agritech Limited, a leading player in agro-chemicals, fertilizers and seeds posted a 20.67% rise in revenue and a 33% jump in the net profit for the quarter ended September 30th, 2010, over the same period of the previous year.

While the company, which features in Forbes’ ‘Asia's Best Under A Billion' list of companies, saw its net profit touching Rs 1,627.38 lacs for 2nd Quarter, against Rs 1,223.23 lacs during the corresponding period last year, its net sales increased by nearly 20.67 % to Rs 16,599.51 lacs in the quarter under review.

Mr. V K Bansal, Chief Financial Officer, Dhanuka Agritech Limited, said: “We have stepped up our marketing and farmers education efforts to ensure optimum use of pesticides and other agricultural inputs. We are happy to see our efforts yielding results as we embark on a sustained growth path.”

Dhanuka Agritech has also sold 8% stake in the company to Mauritius-based private equity player 20-20 Equity Investors for Rs.34 crore. We will use the proceeds from this deal to finance our Rs.30 crore expansion programme at Sanand, Gujarat.

In a significant development, Dhanuka Agritech Limited has been included in ‘Asia's Best Under A Billion' list of companies compiled by the Forbes magazine for the year 2010. As per the figures given  in the list, Dhanuka Agritech has recorded sales of US $91 million, net income of US $8million and a Market Value of US $ 89 million.

About Dhanuka Agritech Ltd:
Dhanuka Group, a BSE-listed company is engaged in the businesses of Agro-Chemicals & Seeds under Dhanuka Agritech Limited and Pharmaceutical Ingredients under Dhanuka Laboratories Limited.

Dhanuka Agritech Ltd, a Rs. 500 crores (US $125 million) company is an established player engaged in the business of agro-chemicals, fertilizers & seeds. The core strength of the company is its vast distribution network spread in the interiors of rural India through 27 branch offices, 1000 plus techno-commercial staff, 6,000 highly dedicated dealers and around 50,000 retailers. With such a wide network, the company reaches out to more than 10 million farmers with its eco-friendly high quality crop care products.