As monsoon gets better this year, Insecticides (India) Ltd is targeting a growth rate of 15-20 per cent this financial year against an industry growth rate of 3-4 per cent in the last two years.
“The industry has been very tough for the pesticides due to unfavourable monsoon. But there seems to be a good monsoon this year despite difficulties in some parts of the country. The industry is expected to grow at 10 per cent this year. But we are looking at a growth of 15-20 per cent,” said Rajesh Aggarwal, MD.
The agro chemicals manufacturing company has registered sales of ₹1,100 crore last year, with over 75 per cent of the revenues from the 15 key products. He is in the city to launch Kayakalp, a ‘soil revitalizer’ product in Andhra Pradesh and Telangana.
Pegging the size of the agro chemical market at ₹20,000 crore (about $3 billion), he said the industry experts saw this year as a year of recovery after two difficult years.
The firm is looking at investing ₹30 crore in the next two years to expand its capacities. “We are in the process of roping in partners to tap the markets abroad,” he said.