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Insecticides (India) Ltd (IIL) has reported a 55 per cent drop in the March quarter profits on lower sales and currency losses. The agrochemical maker registered a net profit of Rs 2.76 crore on revenue of Rs 84.70 crore for the quarter-ended March 2012. In the corresponding last quarter, IIL had reported a net profit of Rs 6.13 crore on revenue of Rs 88.48 crore. Mr Rajesh Aggarwal, Managing Director, IIL, attributed the lower net profit to the losses arising from volatile currency and a weak market due to dry climatic conditions. However, he was confident of higher sales in fiscal 2012-13 on expectations of good monsoons in the year ahead. The shares of IIL ended almost flat at Rs 404 on the BSE on Monday. For the year-ended March 2012, IIL reported a net profit of Rs 33.01 crore on revenue of Rs 521.75 crore against a net of Rs 32.21 crore on income of Rs 450.09 crore in the previous year.
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