Agro-chemical firm Insecticides India on Friday posted a 47.8 per cent fall in consolidated net profit to Rs 8.90 crore for the quarter ended on December 31, 2019, mainly on account of decline in institutional sales and exports. The company had clocked a net profit of Rs 17.05 crore during the December quarter of 2018-19, according to the BSE filing.
Although net income rose to Rs 263.63 crore during the third quarter of 2019-20 from Rs 216.59 crore in the year-ago period, but expenses remained higher in the said period.
The expenses for the quarter under review increased to Rs 252.13 crore from Rs 192.39 crore in the year-ago quarter, the filing added.
"The profitability for the quarter was impacted due to decline in institutional sales and exports and fair valuation of inventory in this environment further aggravated the situation," Insecticides India MD Rajesh Aggarwal said.
"However, on a year-to-date basis, our margins were less impacted, and we are hopeful that the profitability will improve going forward with recovery in prices is expected by end of next quarter," he noted.
Insecticides India has formulation facilities at Chopanki (Rajasthan), Samba and Udhampur (Jammu & Kashmir) and Dahej (Gujarat). It also has two technical synthesis facilities at Chopanki and Dahej to manufacture technical grade chemicals.
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