Agrochemical maker Insecticides (India) Ltd (IIL) has registered a 21 per cent increase in net profits for the June quarter over the corresponding last year on higher sales.
IIL reported a net profit of Rs 14.17 crore on net sales of Rs 197.63 crore for June quarter.
In the corresponding quarter last year, the company had reported a net of Rs 11.72 crore on net sales of Rs 148.83 crore.
Sales of branded formulations grew 40 per cent during the quarter, while the technicals business saw a growth of 19 per cent.
Two new products — Hakama and Nuvan — that were launched last year, also boosted the revenues.
“The encouraging June quarter numbers clearly reflect the increasing demand for our products. It is good to see that Indian farmers are adopting new technology.
“We expect good contribution from our new product in the second quarter as well,” said Rajesh Aggarwal, Managing Director, Insecticides (India) Ltd.
The IIL scrip gained 2.73 per cent to end at Rs 342.90 on the BSE on Monday.