Insecticides (India) Ltd reports revenue growth of 14.14 % in Q1 FY23-24

Company’s PAT stood at Rs 291.42 Mn in Q1 FY24, compared to Rs 383.09 Mn in Q1 FY23, margins reduced from 6.83 per cent in Q1 FY23 to 4.55 per cent in Q1 FY24.

Insecticides (India) Limited (IIL), one of the leading players in the crop protection and nutrition industry has declared its financial results for Q1 FY24. Revenue from operations increased by 14.14 per cent to Rs 6,399.53 Mn in Q1 FY24 from Rs 5,606.90 million in Q1 FY23 on account of favourable monsoon conditions and increasing share of Focused Maharatna products like Hachiman, Shinwa and Torry as a result of our step ahead go-to-market strategies.

EBITDA margins stood at 7.13 per cent in Q1 FY24, a decrease of 329 BPS on account of liquidation of high-cost inventory from previous year. The high-cost inventory is significantly liquidated from the balance sheet. PAT stood at Rs 291.42 million in Q1 FY24, compared to Rs 383.09 million in Q1 FY23, margins reduced from 6.83 per cent in Q1 FY23 to 4.55 per cent in Q1 FY24.

Commenting on the performance Rajesh Aggarwal, Managing Director Insecticides (India) Limited said, “We had a strong quarter to start the year in terms of revenue growth as we witnessed a robust demand for our products owing to favourable monsoon. Although there was an initial delay in rains in certain regions of the country, our widespread presence across India mitigated the impact of this factor and helped us achieve a growth of 14.14 per cent YoY in Revenue from Operations.

We recently launched promising products in the form of Mission granule and Mission liquid, both of which have received very positive response from the market and contributed in our topline. Products launched in last few years like Torry, Hachiman, Shinwa, Green Label, Izuki, Dominant and Kunoichi have started yielding positive results, gaining massive tractions as a result of our concentrated marketing efforts on the entire Focused Maharatna range.

At IIL, we continue to move forward on our mission to grow responsibly towards a sustainable future through continuous support of our employees and other stakeholders I would like to conclude by thanking all our stakeholders for helping us move in the right direction.”

Company’s PAT stood at Rs 291.42 Mn