Due to higher expenses, Insecticides India’s Q1 profit fell by 24%
On account of rising expenditures, Insecticides (India) Ltd. reported on Thursday a 24% decline in its combined net profit for the first quarter of 2023–24, to Rs. 29.14 crore. According to a regulatory filing, net profit for the same quarter of the prior fiscal year was Rs 38.30 crore.
In the April–June quarter of the 2023–24 fiscal year, total consolidated income climbed to Rs 639.95 crore from Rs 560.68 crore in the corresponding quarter the previous year.
However, compared to the same time last year, the company’s costs were higher at Rs 604,35 crore as opposed to Rs 510.26 crore.
The firm said that on May 1 of this year, IIL Overseas DMCC (Dubai), a wholly-owned subsidiary, was established to conduct the business of dealing in insecticides, agricultural, and veterinary goods.
On Thursday, the company’s shares on the BSE finished 0.71 percent down at Rs 463.45 a share.
