Insecticides India logs 33% fall in Q1 consolidated net profit

New Delhi, Aug 14 (IANS) Agro-chemical firm Insecticides (India) Ltd on Friday reported a 32.5 per cent fall in its consolidated net profit for the April-June quarter at Rs 24.36 crore.

During the corresponding period of the last fiscal, the company had reported a net profit of Rs 36.10 crore.

Its revenue from operations increased 14.29 per cent to Rs 409.59 crore during the period under review.

Rajesh Agarwal, Managing Director, Insecticides (India) Ltd, said: “FY2021 started on an unprecedented note with the outbreak of COVID-19 followed by extended lockdown across the country adversely affecting the economy in Q1 FY21. The pandemic turned into an economic crisis impacting all industries and businesses.”

The silver lining in the crisis is that the agriculture sector which supports over 60 per cent of the populations was less impacted and continues to see a reasonable level of demand, he said.

“Timely monsoon with good water reservoir levels have supported the agricultural sector and provided strong foundation to the economy in these turbulent times,” Agarwal said.

–IANS

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