Dhanuka Agritech, a leading pesticide manufacturer, on Friday announced a marginal decline in its net profit at ₹45.36 crore for the October-December quarter of current fiscal from ₹46.06 crore in the year-ago period, on higher expenses. It also has signed a ‘Letter of Intent’ with Spain’s Kimitec to explore various business opportunities, including setting up a joint venture plant in India.

Total income rose to ₹410.52 crore (₹401.02 crore), the company said in a statement.

Total income grew to ₹1,409.91 crore in the first nine months of FY24 from ₹1,359 crore in the corresponding period of the previous year. Profit during October-December of FY24 rose to ₹180.07 crore from ₹168.19 crore in the year-ago period.

The company’s board has approved an interim dividend at 400 per cent, ₹8 per equity share to the members, Dhanuka said in the statement.

Dhanuka Agritech, which has three manufacturing units in Gujarat, Rajasthan and Jammu & Kashmir, said it has signed a ‘Letter of Intent’ with Spain-based Kimitec to explore various business opportunities, including setting up a joint venture in India for the development and commercialization of biological products using natural molecules and derived from natural sources.

“The two companies will explore setting up a research & development facility in the country,” it said.

Biological products are derived from natural sources using botany, microbiology, microalgae, and bioinformatics. These represent a sustainable category of products providing crop protection, soil health, and plant nutrition. These products can be used individually or in combination with conventional chemical products as per the requirements, it said.

“The demand for biological products is increasing globally, and we see an uptrend for these products in India too,” said Rahul Dhanuka, joint managing director of Dhanuka Agritech, which has already tie-ups with seven agrochemical companies from the US, Japan and Europe.

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