Crop protection firm Insecticides (India) Ltd (IIL) has posted a revenue of ₹263.6 crore for the third quarter of FY20, up nearly 22 per cent from the ₹216.6 crore posted in the previous-year period, the company said in a statement on Friday.
However, its net profit for the period fell close to 50 per cent to ₹8.6 crore (₹16.9 crore). Correspondingly, the earning per share came down to ₹4.17 (₹8.17).
“The profitability for the quarter was impacted by a decline in institutional sales and exports, and fair valuation of inventory in this environment further aggravated the situation,” said IIL Managing Director Rajesh Agarwal in the statement. “However, on a year-to-date basis, our margins were less impacted, and we are hopeful that the profitability will improve going forward with a recovery in prices expected by the end of next quarter.”
On Friday, IIL stocks closed at ₹495.40 on the BSE, about 10 per cent lower than the previous day.