Insecticides India Q1 profit down 24% on higher expenses

Shares of the company settled lower by 0.71 per cent at Rs 463.45 apiece on BSE on Thursday.

Insecticides (India) Ltd on Thursday posted a 24 per cent drop in its consolidated net profit to Rs 29.14 crore during the first quarter of 2023-24 on higher expenses. Net profit stood at Rs 38.30 crore in the same quarter of the previous financial year, according to a regulatory filing.

Total consolidated income increased to Rs 639.95 crore during the April-June quarter of the 2023-24 fiscal from Rs 560.68 crore in the year-ago period. However, the company’s expenses were higher at Rs 604.35 crore as against Rs 510.26 crore in the said period.

The company said it incorporated a wholly-owned subsidiary IIL Overseas DMCC (Dubai) on May 1 this year to carry out the business of trading insecticides, and agricultural and veterinary products. Shares of the company settled lower by 0.71 per cent at Rs 463.45 apiece on BSE on Thursday.