Insecticides (India) Limited., a Indian agrochemicals manufacturer announced its results for the second quarter ended Sept 30, 2022.
Q2 Results- QoQ
The company’s net profit grew 17% to Rs 440.83 million for the period ended Sept 30, 2022 as against net profit of Rs 383.09 million for the previous quarter.
Net sales increased 3.9% to Rs 5.82 billion during the period ended Sept 30, 2022 as compared to Rs 5.61 billion during the previous quarter.
Q2 Results- YoY
The company reported 7.1% growth in net profit of Rs 440.83 million for the period ended Sept 30, 2022 as against net profit of Rs 418.87 million for the prior-year quarter.
Net sales increased 31% to Rs 5.82 billion during the period ended Sept 30, 2022 as compared to Rs 4.43 billion during the prior-year quarter.
Commenting on the performance, Rajesh Agarwal, Managing Director (IIL) said, ″We are very happy to share that we had a good quarter and half year in terms of financial performance and a successful quarter and half year in terms of market acceptance of our newly launched products.
The EBITDA increased by 6.68% from Rs 641.6 million in Q2 FY22 to Rs 684.5 million in Q2 FY23. EBITDA margins declined from 14.45% in Q2 FY22 to 11.76% in Q2 FY23 on a YoY basis due to increase in cost of raw materials and currency headwinds which led to a forex loss. However, on QoQ basis the margins improved by 133 bps primarily led by better product mix and calibrated price hikes majorly offsetting elevated input cost and currency headwinds.
″We have received a good response to our newly launched products like Hachiman, Shinwa, Torry and Izuki. Our R&D initiatives are being recognized as successful innovations in the form of several patents being granted in H1 FY23, taking our total patented products to 18. On the exports front, we continue to witness good demand, however we have focused on exports in a calibrated manner.
At IIL, we’re committed to launching new products to keep pace with the changing trends and requirements of crop protection and nutrition market, ″ Agarwal further added.
H1 Results- YoY
The company reported 8.2% growth in net profit to Rs 831.42 million for the period ended Sept 30, 2022 as against net profit of Rs 768.38 million for the prior-year 1st half period.
Net sales increased 25.2% to Rs 11.43 billion during the period ended Sept 30, 2022 as compared to Rs 9.13 billion during the the 6 months period last year.
Insecticides (India) Limited is a leading player in the Indian agrochemical sector engaged in the manufacture and sale of herbicides, insecticides, fungicides and specialty products.