Insecticides India Q1 Net Profit Drops 24.5% to Rs 43.87 Cr on Rainfall Deficit

New Delhi: Insecticides India Ltd (IIL) on Tuesday posted a 24.5 per cent drop in consolidated net profit to Rs 43.87 crore for the first quarter of this fiscal due to lower sales amid rainfall deficit.

The national capital-based company had posted a net profit of Rs 58.10 crore a year ago, it said in a regulatory filing.

The total income declined by 11.22 per cent to Rs 616.86 crore for the April-June quarter from Rs 694.83 crore in the year-ago period.

Expenses remained lower at Rs 558.31 crore against Rs 617.58 crore a year earlier.

The company said the first quarter degrowth is “primarily attributable to rainfall deficit across India”.

“While deficient rainfall impacted near-term revenue, pricing discipline and operating efficiencies helped stability in gross margin,” IIL Managing Director Rajesh Kumar Aggarwal said.

With an improving macro environment and focused execution, the company remains confident of progressively building momentum through the coming quarters, he added.

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