Insecticides India's Q2 net profit declines to Rs 15.86 crore
Agro chemicals maker Insecticides India today reported 3% decline in net profit to Rs 15.86 cr for the quarter ended September 30, due to forex losses.
By PTI |
NEW DELHI: Agro chemicals maker Insecticides India today reported 3 per cent decline in net profit to Rs 15.86 crore for the quarter ended September 30, 2012, due to forex losses.
The company had posted a net profit of Rs 16.38 crore in the year-ago period, it said in a filing to the BSE.
Net sales of Insecticides India rose to Rs 244.08 crore in the second quarter this fiscal from Rs 226.95 crore in the same quarter of 2011-12 fiscal.
The company in the filing said, "During the quarter, finance costs includes forex loss of Rs 3.54 crore."
Insecticides India recently entered into technical collaboration with US-based American Vanguard Corporation, and in a marketing tie up with Japanese company Nissan Chemical Industries. It also formed a joint venture with Japan-based Otsuka AgriTechno Co (OAT), it said in a statement.
"Under the terms of recent JV with OAT, both the firms have agreed to establish a research centre in Bhiwadi, Rajasthan," company's Managing Director Rajesh Aggarwal said.
It has a manufacturing plant at RICCO Industrial Area Chopanki, (Bhiwadi), he added.
The company manufactures a wide range of agro-chemical and pesticides. It has production units in Rajasthan and Jammu & Kashmir.
Shares of the company were trading at Rs 417.80 apiece, down by 0.50 per cent from its previous close, at the BSE.
The company had posted a net profit of Rs 16.38 crore in the year-ago period, it said in a filing to the BSE.
Net sales of Insecticides India rose to Rs 244.08 crore in the second quarter this fiscal from Rs 226.95 crore in the same quarter of 2011-12 fiscal.
The company in the filing said, "During the quarter, finance costs includes forex loss of Rs 3.54 crore."
Insecticides India recently entered into technical collaboration with US-based American Vanguard Corporation, and in a marketing tie up with Japanese company Nissan Chemical Industries. It also formed a joint venture with Japan-based Otsuka AgriTechno Co (OAT), it said in a statement.
"Under the terms of recent JV with OAT, both the firms have agreed to establish a research centre in Bhiwadi, Rajasthan," company's Managing Director Rajesh Aggarwal said.
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It has a manufacturing plant at RICCO Industrial Area Chopanki, (Bhiwadi), he added.
The company manufactures a wide range of agro-chemical and pesticides. It has production units in Rajasthan and Jammu & Kashmir.
Shares of the company were trading at Rs 417.80 apiece, down by 0.50 per cent from its previous close, at the BSE.
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