Agrochemicals firm Dhanuka Agritech today posted 18 per cent increase in net profit at Rs 20.45 crore for the first quarter ended on June 30 on account of higher income.
The company had clocked a net profit of Rs 17.34 crore in the same period last year.
Total income from operations during April-June quarter of 2014-15 rose to Rs 174.79 crore from Rs 166.18 crore in the same period in 2013-14, the company said in a BSE filing.
Speaking on the results, Dhanuka Agritech Chairman R G Agarwal in a statement said, "The turnover and net profits of Dhanuka Agritech have grown during the first quarter despite 47 per cent deficient rains till June end.
"The sale of plant-protection agro-chemicals depends on arrival of monsoon, since agriculture in India is still heavily dependent on monsoon."
Agarwal added that the company hopes to perform better in second quarter.
"We are delighted that we have received registrations for two new, scientifically advanced products recently and they will be launched soon for the first time in India, for the benefit of the Indian farmers," he said.
Shares of the company today closed down by 4 per cent at Rs 422.15 apiece on the BSE.