Dhanuka Agritech reports 39% rise in net profit in Q2 FY 2023-24
Company’s total income rose by 14 per cent to Rs 617.92 crore in the July-September period of from Rs 542.90 crore a year ago.
Agrochemical major Dhanuka Agritech reported a 39 per cent rise in its net profit to Rs 101.77 crore in the September quarter. Company’s net profit stood at Rs 73.02 crore in the year-ago period. Total income rose 14 per cent to Rs 617.92 crore in the July-September period of from Rs 542.90 crore a year ago, the company said.
“The company did reasonably well during challenging times amid erratic rainfall, falling prices, and subdued exports demand,” Dhanuka Agritech Managing Director M K Dhanuka said in a statement.
“The uneven rainfall in the country also impacted our revenue and bottom line. We are cautiously optimistic about the demand in the remaining part of the fiscal year amid El Nino conditions and global inventory in the agrochemicals”, he added.
The demand for agrochemicals is expected to improve in the third quarter of the fiscal onwards, the MD noted.
“In the backdrop of higher MSPs for the rabi crop announced by the government, and increased water levels in the reservoirs, the demand for agrochemicals in the domestic market is expected to improve,” Dhanuka said in the statement.
During the second quarter of the current financial year, the company brought two new products into the market Tizom and Semacia, which have been very well received by farmers.
Dhanuka Agritech mentioned that it is working on both medium-term and long-term strategies to further expand its market, both in terms of products and geographies. The company has four manufacturing units in Gujarat, Rajasthan, and Jammu & Kashmir.
Company’s total income rose by 14 per
