Monsanto India net sales up 35%, PAT up 25%

Monsanto India Limited (MIL) today announced its unaudited financial results for the first quarter ended June 30, 2008. Net Sales are up by 35% at Rs. 239 crores vs. Rs. 178 crores for the corresponding period last year. Profit after Tax (PAT) during the quarter increased to Rs. 72.22 crores vs. Rs. 57.79 crores, i.e. an increase of 25% over the corresponding period last year. The PAT for Q1 FY0809 is not comparable with that of the corresponding quarter last year due to the sale of the butachlor and alachlor businesses during the last fiscal.

Sharing perspective on the results, Mr. Amitabh Jaipuria, Managing Director, MIL said, “The strong top line growth of our Dekalb® high-yielding corn hybrid seeds and Roundup® herbicide is driven by our sharp focus on sales of our premium and elite quality corn hybrids, and higher sales of glyphosate. We will continue to invest in superior breeding and research programs to develop higher-yielding hybrids to enhance yields and improve farmers’ lives.”

Notwithstanding delayed monsoons in certain parts of the country and rising input cost pressures, during the second quarter, the company will continue its sustained focus on sales of elite corn hybrids and increasing availability of glyphosate in the market.

Monsanto India Limited (MIL), a subsidiary of the Monsanto Company, USA commenced operations in India in 1949. It is listed on the National Stock Exchange of India and Bombay Stock Exchange with approx. 72% of its stock directly or indirectly held by Monsanto Company, USA, and the rest widely by public. The Company was recently voted among India’s Best Places to Work in 2008 and India’s Top 25 Best Employers by Hewitt Associates Survey 2007.

The Company has Corn Research Breeding facilities located at Ghaziabad and Bangalore; a state-of-the-art Quality Assurance (QA) Lab at Hyderabad; three corn processing facilities at Bellary in Karnataka, Elluru and Shamirpet in Andhra Pradesh; and an herbicide unit at Silvassa. 

Sourced From: IPAN