Agro-chemicals maker Insecticides India's net profit rose by 59 percent to Rs 28.68 crore for the quarter ending September on higher sales.
Rajesh Aggarwal, Managing Director and CEO, Insecticides is confident of good growth continuing in the second half as well and expects the FY17 topline to be above Rs 1100 crore.
Watch the interview of Rajesh Aggarwal, MD, Insecticides India with AB Ravi on CNBC-TV18, in which he shared his views on how he built the business from scratch to Rs 1000 crore company in a span of 15 years.
The Delhi-based firm manufactures and markets agrochemical products ranging from insecticides to fungicides to 'weedicides'. It has 5 formulations and 2 technical facilities at Chopanki in Rajasthan, Samba and Udhampur in Jammu & Kashmir, and Dahej in Gujarat.
Principal Secretary to the Chief Minister, Rajesh Khullar, told PTI that the "MoU with Wanda might be worth a billion dollars". He said the Haryana Chief Minister will visit China in January, and the MoU with the Wanda Group chaired by Wang Jianlin may be signed during the visit.
The company had posted a net profit of Rs 22.93 crore in the year-ago period. Net income dropped by 8 percent to Rs 370 crore during July-September period of this fiscal.
Net income rose 13 percent to Rs 285.40 crore in the first quarter of this fiscal, from Rs 252.39 crore a year earlier.
Rajesh Aggarwal, MD and CEO of Insecticides says shortage of rainfalls in Q1 caused slowing of industrial growth.
Shares in Gulshan Polyols were locked in upper circuit in trade today after Reliance Mid and Small Cap fund picked up a nearly 7 percent stake in the firm.
Speaking to CNBC-TV18 post Q3 earnings, Rajesh Aggarwal, MD and CEO, Insecticides India said the Dahej plant which was shut during Diwali week is operational now. The small cap company expects to see a recovery in Q4 FY15.
At ‘Mumbai Next‘ event which aims to transform MMR into a global financial, commercial and entertainment hub, CNBC-TV18's Shereen Bhan, who moderated an esteemed panel of guests, spoke to India‘s largest public sector bank SBI chief Arundhati Bhattacharya about what is holding back the country from becoming a global financial hub.
Rajesh Aggarwal, MD & CEO, Insecticides India expects utilisation at Dahej facility to go up to 75 percent in the next fiscal from current 50 percent.
In an interview to CNBC-TV18 Rajesh Aggarwal, chief managing director, Insecticides India hinted at an average 5% price hike.
Insecticides India, among the country's fastest growing agrochemical companies, intends to come up with five new molecules in the next five years.