Insecticides India Q1 net up 5.71 pc on strong sales

Agro-chemicals firm Insecticides (India) Ltd on Friday posted a 5.71 per cent jump in consolidated net profit at Rs 36.10 crore during the June quarter on the back of strong sales.

Net profit during the year-ago quarter stood at Rs 34.15 crore, the company said in a regulatory filing.

Total income during the period under review increased to Rs 359.53 crore on a consolidated basis from Rs 319.10 crore in the same quarter last year.

Expenses remained higher at Rs 308 crore as against Rs 271.06 crore.

Insecticides (India) Ltd MD Rajesh Aggarwal said the current fiscal started on a 'negative note' with delay in sowing season as monsoon got delayed by 15-20 days.

Rainfall deficit further aggravated the decline in demand for agrochemicals. Despite subdued domestic environment, the company was able to deliver a resilient performance with growth in revenues and maintain profitability margins due to strong product portfolio and greater market acceptability of products among farmers, he added.

Shares of the company rose 0.33 per cent to settle at Rs 653.70 apiece on the BSE.