Dhanuka Agritech Q2 profit up 4 pc; Board nod to share buyback

Dhanuka Agritech Wednesday posted 4.22 per cent jump in net profit at Rs 55.04 crore in the second quarter of 2018-19, on strong income.

Its net profit stood at Rs 52.81 crore in the September quarter of 2017-18, as per a regulatory filing.

Net income rose 10.39 per cent to Rs 383.36 crore in the July-September quarter of 2018-19 from Rs 347.26 crore in the year-ago period.

Expenses remained higher at Rs 311.15 crore as against Rs 276.14 crore in the said period.

The company said its board has approved share buyback offer worth Rs 82.50 crore at a maximum price of Rs 550 a piece subject to approval of shareholders.

Dhanuka Agritech Managing Director M K Dhanuka said though the company's performance was "satisfactory", the growth was impacted due to deficit rainfall and its uneven distribution.

He said the company is promoting the adoption of modern farming techniques and is creating awareness at the grass-root level.

Stock of Dhanuka Agritech settled lower by 1.82 per cent at Rs 410.55 on BSE.