New Delhi – Insecticides (India) Ltd. (IIL), a leading manufacturer of crop protection and nutrition products in India, declared its financial results for the second quarter of fiscal year 2024. With a diverse portfolio comprising over 21 technical products, and 105 formulation products, IIL continues to be at the forefront of the crop care industry.
During the current quarter, the company achieved a remarkable revenue growth of 20 per cent, with total revenue reaching ₹6,959 million in Q2FY24, compared to ₹5,822 million in the same period last year. In the first half of FY24, IIL recorded ₹13,359 million in revenue, a significant 17 per cent growth compared to ₹11,429 million in H1FY23. This impressive growth is predominantly driven by value-added products.
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IIL’s strategic focus on enhancing the mix of value-added products, including Maharatna and Focus Maharatna has been instrumental in this growth. New products like Hachiman, Torry, and Shinwa over the past two years have contributed to the upward trajectory. In the last quarter, IIL introduced four new products to the market, including Supremo SP (an insecticide for paddy fields and vegetable crops), Nakshatra (herbicide for sugarcane), Green Expert (a patented combination herbicide for paddy), and Bouncer (a non-selective herbicide).
Highlighting the performance, Rajesh Aggarwal, Managing Director, Insecticides (India) said, “We continue to witness growth across our product portfolio, driven by R&D and backward integration initiatives. Favourable monsoon conditions in most parts of the country have reinforced demand for our products. Our focused marketing efforts and brand-building activities have yielded positive results. Our Maharatna product line, including Torry, Hachiman, Shinwa, Green Label, Izuki, Dominant, and Mission has gained substantial traction. We remain committed to sustainable growth and extend our gratitude to all our stakeholders for their support.”
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“IIL has made significant strides in digital engagement with farmers, enhancing channel engagement and providing crop advisors with accurate data. Strategic brand-building efforts and engagements with Bollywood actor Ajay Devgan have resulted in heightened demand for key products. Additionally, The Patent Office, Government of India, has granted patent to IIL entitled ‘Novel Amide Compound, Method for Producing the Same, and Miticide,” the crop protection company said.
Insecticides (India) has further announced an Interim Dividend of Rs. 3 per share (30 per cent of the face value of Rs. 10), with a record date for the dividend set for November 10, 2023.