Agro-chemicals major Insecticides (India) Ltd on Thursday reported a consolidated net profit of Rs. 8.34 crore for the quarter ended December 31, a 23.2 per cent rise from the corresponding period the previous fiscal when it recorded Rs. 6.77 crore.
Net turnover in Q3FY15 slid 22 per cent, however, and stood at Rs. 148.98 crore as compared to Rs. 190.89 crore in the same quarter the previous fiscal.
For the nine months of the current fiscal, IIL saw an increase of 10 per cent in turnover, from Rs.728.85 crore to Rs.803.35 crore. Consolidated profit has risen 40 per cent during the same period year-on-year, from Rs. 34.78 crore in 2013-14 to Rs.48.66 crore this fiscal.
“Our result is in line with the industry as the agrochemical sector as a whole did not do well on account of poor monsoon in most parts of the country. We are optimistic of a recovery in the fourth quarter,” said Rajesh Aggarwal, Managing Director, IIL.
IIL stock fell by 4.63 per cent on the BSE to close at Rs. 775 on Thursday.