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Insecticides India Results: Latest Quarterly Results & Analysis

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Insecticides (India) Ltd. 12 Nov 2025 16:29 PM
Result PDF

Q2FY26 Quarterly Result Announced for Insecticides (India) Ltd.

Agrochemicals company Insecticides (India) announced Q2FY26 results

  • Revenue from Operations: Rs 637.70 crore against Rs 626.64 crore during Q2FY25, change 2%.
  • EBITDA: Rs 89.48 crore against Rs 89.72 crore during Q2FY25.
  • EBITDA Margin: 14.03% for Q2FY26.
  • PAT: Rs 59.11 crore against Rs 61.39 crore during Q2FY25, change -4%.

Rajesh Kumar Aggarwal, MD, Insecticides (India) Ltd, said: “Insecticides (India) has delivered a resilient performance in Q2 with sales growth of 2% and sustained profitability, despite challenging weather conditions. The Company proactively expanded sales and distribution efforts to stay closer to farmers, complemented by several new product introductions during H1. Persistent and wide spread rains since mid-July, led to significant crop damage across regions and limited farmers’ access to fields. Consequently, agrochemical consumption remain subdued, accompanied by higher working capital utilization. Our continued focus on innovation, premiumization, and Complete Crop Solutions has helped strengthen our brand saliency and reinforced our market presence.

Our collaboration with Corteva Agriscience is a strong step towards bringing global innovations to Indian farmlands. By combining Corteva Agriscience’s advanced technology with Insecticides (India) extensive market reach, we aim to deepen our engagement with farmers through a strong portfolio of premium products. We are also pleased to welcome Mr. Devendra Kumar Ray as Chief Operating Officer of the Company. An industry veteran with over thirty five years of experience in large scale chemical manufacturing and operations management. We continue to remain focused on enhancing operational efficiency and strengthening our organisational capabilities.

Both domestic and global market conditions indicate a cohesive growth environment for the industry, underpinned by firmness in raw material prices across key product categories. Looking ahead, we remain optimistic, supported by adequate soil moisture, favourable Rabi sowing prospects, and stable input pricing. With a strong product pipeline, upcoming launches, and deeper farmer engagement, we are well-positioned to drive revenue growth and sustain profit margins. Our commitment to innovation, sustainability, and value creation remains unwavering as we continue to empower India’s farmers and strengthen our leadership in the crop protection and nutrition space."

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Agrochemicals company Insecticides (India) announced Q1FY26 results

  • Revenue from Operations: Rs 691.13 crore compared to Rs 656.69 crore during Q1FY25, change 5%.
  • EBITDA: Rs 84.59 crore compared to Rs 72.13 crore during Q1FY25, change 17%.
  • EBITDA Margin: 12.2% for Q1FY26.
  • PAT: Rs 58.11 crore compared to Rs 49.37 crore during Q1FY25, change 18%.

Rajesh Kumar Aggarwal, MD of Insecticides (India), said: “We are pleased to report a strong start to this season, with diverse offerings of premium products, three new product launches and effective marketing initiatives. Our continued emphasis on premiumization delivered encouraging results, leading to an improvement in profitability wherein PAT grew by 18% in Q1FY26. This performance reflects the effectiveness of our strategic framework, which emphasises sustained margin improvement, a sharper focus on premium products, and a complete crop solution provider.

The business environment remained broadly favourable during the quarter. The season commenced with an early onset of the Southwest monsoon, healthy reservoir levels and visible signs of global demand recovery with stable raw material prices. Kharif season started well for certain crops like Rice, Maize, while uneven rain in certain parts impacted the sowing of other crops.

We are now considered an innovative crop solution provider, wherein we are seen by the farmers as their reliable partner, engaging early from sowing till harvest. And will provide a leadership position in major crops in India. Another transformative step was IIL Crop Solution Plots. These are model fields cultivated using IIL Crop Solutions for major crops, helping farmers and channel partners to experience the benefits in terms of differences in crop health, yield, and overall productivity.

During the quarter, we launched three new products, including Altair a patented pre-emergent herbicide for paddy developed by Nissan Chemical Corporation, Japan—which will be exclusively marketed by us in India. With overwhelming response to the new launches of the last few years, we are well-positioned to capitalise on emerging opportunities. Our Dahej facility has received the necessary approvals and will contribute significantly to our growth requirements and efficient operational management.

Looking ahead, we remain optimistic about the season, supported by favourable tailwinds such as a strong monsoon, rising reservoir levels, and expanded crop sowing. Our growth outlook remains strong for premium products, driven by deeper farmer connections and continued expansion of our product portfolio. We are deeply committed to sustainability, innovation, and responsible growth with continued focus on delivering long-term value to our stakeholders while making a positive impact on the environment and the communities we serve. With a strong foundation and a clear strategic vision, we are confident in building a resilient and promising future for our business.”

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Agrochemicals company Insecticides (India) announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Revenue from Operations: Rs 358.92 crore in Q4FY25, showing a 32% growth compared to Rs 272.50 crore in Q4FY24.
  • Gross Profit: Rs 131.36 crore in Q4FY25, showing a 51% growth compared to Rs 86.84 crore in Q4FY24.
  • EBITDA: Rs 28.47 crore in Q4FY25, showing a 226% growth compared to Rs 8.73 crore in Q4FY24.
  • EBITDA Margin (%): 7.9% in Q4FY25, compared to 3.2% in Q4FY24.
  • Profit After Tax: Rs 13.89 crore in Q4FY25, showing an 85% growth compared to Rs 7.52 crore in Q4FY24.

FY25 Financial Highlights:

  • Revenue from Operations: Rs 1,999.95 crore in FY25, showing a 2% growth compared to Rs 1,966.39 crore in FY24.
  • Gross Profit: Rs 640.83 crore in FY25, showing a 28% growth compared to Rs 501.36 crore in FY24.
  • EBITDA: Rs 221.22 crore in FY25, showing a 36% growth compared to Rs 162.32 crore in FY24.
  • EBITDA Margin (%): 11.1% in FY25, compared to 8.3% in FY24.
  • Profit After Tax: Rs 142.02 crore in FY25, showing a 39% growth compared to Rs 102.07 crore in FY24.

Commenting on the results and performance, Rajesh Kumar Aggarwal, MD of Insecticides (India) said: “We are pleased to report a robust performance of the Company, marked by strong execution and strategic discipline, resulting in a profit growth of 39% in FY25. This performance underscores the success of the strategic framework we established —centered around profitable growth, a sharper focus on premium products, and margin enhancement. The overall business environment remained favorable throughout the year. A good monsoon and healthy reservoir levels provided strong tailwinds for rural demand and agri-input consumption. Additionally, stable raw material prices and our deep farmer connect further supported steady demand across markets.

Our continued focus on premiumization yielded positive results, driving an improvement in gross margins. We consciously prioritized value over volume, reflecting our long-term strategy of sustainable, profitable growth. This disciplined approach also led to an improvement in key return metrics, with both ROCE and ROE improving consistently even in FY25, a direct outcome of better product mix and efficient capital allocation.

Looking ahead, we remain optimistic about the upcoming seasons. We expect continued momentum supported by favorable macro tailwinds such as a strong monsoon forecast and stable raw material prices. Our growth outlook remains intact, with expectations of expansion in premium products, stable gross profit margins, and EBITDA improvement, driven by new launches and operational efficiencies.

Recently we also launched Altair, a patented pre-emergent herbicide for paddy developed by Nissan Chemical Corporation, Japan, which will be exclusively marketed by us in India. This launch is a testament of our commitment to deliver innovative and effective solutions that address the real challenges faced by Indian farmers. With a robust product pipeline and planned launches in the coming year and in recent years, we are well-positioned to capture emerging opportunities in the market. While continued investment in future majorly at Dahej capacity expansion and upgraded technical and formulation facilities at Sotanala, Rajasthan.

We remain deeply committed to sustainability, innovation, and responsible growth. As we move forward, our focus stays firmly on delivering long-term value for our stakeholders, while creating a positive impact on the environment and the communities we serve. With a strong foundation and clear vision, we are confident in building a resilient, promising future for our business.”

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Agrochemicals company Insecticides (India) announced Q3FY25 results

Financial Highlights:

  • Revenue from Operations for Q3FY25 remained stable at Rs 357.7 crore, similar to Rs 357.9 crore in Q3FY24.
  • Gross Profit increased by 20% YoY to Rs 129.2 crore from Rs 108.0 crore, with Gross Profit Margin improving to 36.1% (vs. 30.2%).
  • EBITDA grew by 19% YoY to Rs 30.9 crore from Rs 26.0 crore, with EBITDA Margin expanding to 8.6% from 7.3%.
  • PAT saw a 42% YoY increase, reaching Rs 17.4 crore compared to Rs 12.3 crore in Q3FY24.

Business Highlights:

  • Robust growth in recent launches like Mission, Mission SC, Shinwa, Izuki in first nine months. B2B sales remain impacted with challenging macro market conditions.
  • 10 new products launched in first nine months including patented latest technology products
  • Launched Centran, a patented 9(3) insecticide with dual-action for paddy. It aims to boost productivity and support farmers' economic growth
  • Torry Super an innovative 9(3) herbicide for maize which is based on SPF technology, developed by in-house R&D team
  • Tie up with BioPrime to brings Relieve, it is exclusive biological product for the Indian market, furthering efforts to provide sustainable solutions for Indian agriculture.
  • Received Patent for IZUKI, a fungicide for paddy. This has been developed in technical collaboration with Nissan Chemical Corporation Japan

Rajesh Aggarwal, MD of Insecticides (India) said: “We are excited to share our robust performance during current quarter with 42% growth in PAT. This is in line with the strategic framework established at start of the year focusing on profitable growth with higher share of Premium Products and improving its margins. The first nine months has been in line with expectations, driven by strong contributions from our premium product range, which now constitutes 62% of B2C revenue and significant improvements in our EBITDA margins.

We are optimistic about the upcoming seasons, supported by favorable tailwinds such as a strong monsoon, increased reservoir levels, and enhanced crop sowing. Furthermore, government policies in latest Union Budget for increasing farmer income and thrust on increasing output for cotton, pulses etc. are expected to provide additional positive momentum. We are delighted to share that we have received an overwhelming response from market to our new launches providing latest technology and complete crop solution to the farmers. Our commitment to innovation remains steadfast as we continue to enhance our technology offerings for farmers.

In Q2 FY25, we acquired Kaeros Research Private Limited aimed at securing supply chains and reducing costs through direct imports. Kaeros holds import licenses and vendor approvals, providing valuable benefits. The acquisition was executed at fair value and is accretive to shareholder value. The Company’s fully paid-up capital is Rs. 4.78 crores, with land assets situated in Shamli, Uttar Pradesh used for field trials.

We remain committed to investing in cutting-edge technology, fostering innovation, and ensuring operational excellence to deliver sustainable, profitable growth. With a clear vision and a solid foundation, we are confident in our ability to generate lasting value for our stakeholders and build a promising future for our business.”

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Agrochemicals company Insecticides (India) announced Q2FY25 results

  • Revenue from Operations: Rs 627 crore compared to Rs 696 crore during Q2FY24, change -10%.
  • EBITDA: Rs 90 crore compared to Rs 82 crore during Q2FY24, change 9%.
  • EBITDA margin: 14.3% for Q2FY25.
  • PAT: Rs 61 crore compared to Rs 53 crore during Q2FY24, change 16%.
  • PAT margin: 9.8% for Q2FY25.

Rajesh Aggarwal, MD of Insecticides (India), said: “We are pleased to announce our Q2 & H1FY25 results, reflecting healthy performance across key financial and operational metrics. Achieving Net Profit of Rs 111 crore in first half, we have already surpassed the full FY24 profit of Rs 102 crore—a testament to the strength of our strategy and execution. Our focus will remain on driving higher growth in premium products, underpinned by New Product Launches, more extensive demand generation and brand-building initiatives.

During the quarter, we observed firming up of raw material prices although excessive and continued rainfall resulted in lower pest infestation. The farmers delayed their spraying schedule, which adversely impacted revenue growth for the Company. The monsoon has been marking India’s wettest monsoon in four years, with rainfall exceeding 100% of the long term average, resulting an increase in sowing for Kharif crop and promising outlook for Rabi season

This quarter, we have launched an innovative 9(3) herbicide for maize, Torry Super based on SPF technology, developed by in-house R&D team. SPF technology of Torry Super will provide faster results and long duration control of weeds. We are getting an overwhelming response of Torry Super in maize of Rabi season in the southern & western part of the country, where season has already begun. Our strategic emphasis remains on premiumisation, capital efficiency and surplus cash generation with visible improvement across profitability, working capital & ROCE, ROE.

In a move to reward our shareholders, we completed a buyback of 500,000 fully paid-up equity shares at Rs 1,000 each, amounting to Rs 50 crore, through internal accrual.

With favorable market conditions and intense focus on premiumisation, we expect healthy profit growth and leaner balance sheet as we progress into this financial year.“

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Agrochemicals company Insecticides (India) announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Revenue from Operations stood at Rs 273 crore in Q4FY24 compared to Rs 302 crore in Q4FY23
  • EBITDA stood at Rs 9 crore in Q4FY24 as against Rs (28) crore in Q4FY23
  • PAT stood at Rs 8 crore in Q4FY24 as against a loss of Rs (29) crore in Q4FY23

FY24 Financial Highlights:

  • Net Revenues for FY24 stood at Rs 1,966 crore vs Rs 1,801 crore in FY23
  • B2C business revenue grew by 11% leading to higher profitability
  • Strong growth of 27% in value added product portfolio of ‘Maharatna’, which constitutes 59% of B2C revenue in FY24
  • B2B and Exports revenue remains impacted due to industry challenges
  • Favorable product mix and costs efficiencies led improvement in profitability
  • PAT for FY24 was at Rs 102 crore, registering a growth of 62%; PAT margins expand by 170 bps in FY24 marking a strong recovery in a challenging industry environment

Commenting on the results and performance, Rajesh Aggarwal, MD of Insecticides (India) Ltd. said: “We are delighted to report a strong performance for Q4FY24 and FY24, with our annual net profit crossing Rs 100 crore, representing a 62% year-over-year growth compared to FY23. This achievement is a testament to our resilience and adaptability in a challenging industry environment.

Our revenue for FY24 stood at Rs 1,966 crore, registering a 9% growth, primarily driven by the impressive performance of our focused Maharatna and Maharatna products, which saw a remarkable 27% year-over-year growth and contributed 59% to our total sales. We attribute this success to our strategic focus on product mix optimization and cost efficiencies, which led to improved profitability and higher GP and EBITDA margins.

Our commitment to operational excellence has enabled us to optimize costs, improve efficiency, and remain agile in response to changing market conditions. We continue to invest in our premium product portfolio, distribution network, and brand equity, reinforcing our position as a trusted partner for farmers and agricultural stakeholders.

We have introduced 8 new products in FY24, which generated revenue of Rs 51 crore and demonstrated wider product acceptance, driving innovation and value. Looking ahead, we are excited about the prospects for our new product launches, which will further enhance our portfolio and address the needs of the farmers. This will lead us to be close to the farmers and address the emerging needs of the farmers on an ongoing basis. We expect to launch at least 7-8 new products in FY25.

Our dedication to sustainability and responsible growth remains unwavering, as we strive to make a positive impact on the environment and the communities we serve. We are grateful for the support of our stakeholders, whose trust and confidence in our vision have been instrumental in our success. As we move forward, we remain committed to innovation, sustainability, and excellence, driving growth and value for all our stakeholders."

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Agrochemicals company Insecticides (India) announced Q1FY24 results:

  • Revenue from operations increased by 14.14% to Rs 6,399.53 million in Q1FY24 from Rs 5,606.90 million in Q1FY23 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% in Q1FY24, a decrease of 329 bps on account of the liquidation of high-cost inventory from the previous year. The high-cost inventory is significantly liquidated from the balance sheet.
  • PAT stood at Rs 291.42 million in Q1FY24, compared to Rs 383.09 million in Q1FY23, margins reduced from 6.83% in Q1FY23 to 4.55% in Q1FY24.

Commenting on the performance the management team of Insecticides (India) stated, “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% YoY in Revenue from Operations. However, the spillover impact of high-cost inventory from the previous year and pricing pressure impacted EBITDA & PAT Margins which stood at 7.13% and 4.55% respectively for Q1FY24.

We took proactive measures to address the challenges by optimizing our inventory management, ensuring that we maintain a healthy stock level while minimizing the accumulation of high-cost inventory. Furthermore, we are closely monitoring weather patterns and market dynamics to anticipate any potential disruptions to our business operations. By staying agile and responsive, we aim to minimize the impact of external factors on our performance and maintain a sustainable growth trajectory

Looking ahead, we anticipate a sustainable growth trajectory in the market driven by favourable monsoon conditions, an array of Maharatna product launches and stabilisation of prices.

We recently launched promising products in the form of Mission granule and Mission liquid, both of which have received very positive responses from the market and contributed to our topline. Products launched in the 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. We are at a turnaround point where micro-go-to-market strategies have played a vital role to spread brand awareness at the ground level to educate the farmers. Additionally, we are expecting to launch three herbicide Maharatna combination products under 9(3) and one insecticide Maharatna product under 9(4) in Q2 and Q3 usage will be across multiple crops.

Export markets were impacted in FY23 and Q1FY24 by the EL Nino impact in major export markets like North America, Europe, LatAm, and Africa which led to lower demand for agro-inputs and consequently to lower prices. In addition to the above, currency fluctuations and precarious levels of forex reserves with several importing countries led to a delay in the recovery of dues for the entire industry which prompted us to deploy a calibrated approach for exports. However, we have now started witnessing positive signs from the export market such as receiving multiple orders from the dealers, stabilization and upward movement in prices of raw material.

Further, to stay relevant and expand our international footprints, we are actively seeking more than 300 registrations in Europe, Latin America and USA markets. We expect to further increase our registrations in upcoming years.

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.”

 

 

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Agrochemical company Insecticides (India) announced Q2FY23 results:

  • Consolidated Q2FY23 vs Q2FY22:
    • The revenue from Operations has grown by 31.15% from Rs. 4,439.39 million in Q2FY22 to Rs. 5,822.09 million in Q2FY23.
    • The EBITDA increased by 6.68% from Rs. 641.69 million in Q2FY22 to Rs. 684.54 million in Q2FY23. EBITDA margins declined from 14.45% in Q2FY22 to 11.76% in Q2FY23 on a YoY
    • PAT increased by 7.05% from Rs. 418.79 million in Q2FY22 to Rs. 448.33 in Q2FY23.
    • PAT margins decreased from 9.43% in Q2FY22 to 7.70% in Q2FY23.
  • Consolidated H1FY23 vs H1FY22:
    • Revenue from operations recorded a growth of 25.29% from Rs. 9,122.00 million in H1FY23 to Rs. 11,428.99 million in H1FY23
    • The EBITDA increased by 8.24% from Rs. 1,172.51 million in H1FY22 to Rs. 1,269.08 million in H1FY23 and the EBITDA margins de-grew from 12.85% in H1FY22 to 11.10% in H1FY23.
    • PAT stood at Rs. 831.42 million in H1FY23 as compared to Rs. 768.32 million in H1FY22 recording a growth of 8.20% and PAT margins stood at 7.28% in H1FY23 as compared to 8.42% in H1FY22.
    • Total fixed assets (tangibles inc. CWIP) grew by 24.96% from Rs. 2,717.25 million in H1FY22 to Rs. 3,395.68 million in H1FY23 owing to the CAPEX incurred.
    • Current assets stood at Rs. 13,890.55 million in H1FY23 as compared to Rs. 10,445.39 million in H1FY22.
    • Long term borrowings stood at Rs. 29.37 million in H1FY23, compared to Rs. 18.61 million in H1FY23 and Short-term borrowings at Rs. 2,709.73 million in H1FY23, compared to Rs. 1,908.90 million in H1FY22
    • The working capital cycle has marginally decreased to 153 days in H1FY23 as compared to 159 days in H1FY22.
    • The debt Equity ratio stood at 0.29 in H1FY23 compared to 0.23 in H1FY22 owing to the increase in the short-term borrowings
    • Cash flow from operations stands at Rs. (1,977.03) million in H1FY23 as compared to Rs. (803.56) million in H1FY22.

Commenting on the performance of Q2 and H1FY23, Mr. Rajesh Aggarwal (MD) and the management team said:“We are very happy to share that we had a modest quarter and half year, both in terms of financial performance and in terms of market acceptance of our newly launched products in last fiscal year.

On the financial front, IIL has recorded revenue from operations of Rs. 5,822.09 million & EBITDA of Rs. 684.54 million for Q2FY23, thus delivering a growth of 31.15% in terms of revenue and 6.68% in terms of EBITDA. The EBITDA margins subsided by -269 bps in Q2FY23 on a YoY basis mainly due to the increased cost of raw materials and the EBITDA margins improved by 133 bps on QoQ basis, mainly due to improved product mix and stabilized cost of inventory. Further, for H1FY23, revenue stood at Rs. 11,428.99 million and EBITDA stood at Rs. 1,269.08 million. The EBITDA margins declined by -175 bps in H1FY23 owing mainly to the increase in cost of raw materials as compared to H1FY22. Revenue growth was majorly driven by following:

  • Products launched in FY22 recorded a revenue of ~Rs.929.93 million in H1FY23, contributing to ~8% of the revenue from operations, as compared to Rs.246.40 million in FY22. This shows the market acceptance of our products among the targeted customers.
  • Our R&D initiatives are being recognized as successful innovations in the form of several patents being granted in H1FY23, taking our total patented products to 18, which have performed better than expectations.
  • The Herbicides business has done extremely well in this half year and they now contribute to ~41% in H1FY23 as compared to ~33% in H1FY22.
  • Focused Maharatna products (premium of 11 product range consisting of the top Maharatna brands which are high-ranking in nature with superior margins) have performed really well in this half year and our total Maharatna products contributed to ~58% in H1FY23 as compared to ~55% in H1FY22.

During H1FY23, we witnessed softening of cost of basic raw materials, however the currency headwinds has limited the positive impact of the same. Further, as there is a market acceptance of our products launched in FY22, we can confidently say that the margins will further improve in the H2 as well.

Further, our working capital cycle has reduced to ~153 days in H1FY23. There has been slight increase in debtor days owing to delayed monsoons, which led to poor cash flows in the market. However, we believe that this is a temporary phenomenon, expected to reverse in the upcoming quarters.

In lines with our continuous efforts and focus towards research & innovation, we are pleased to inform that we have successfully obtained 9(3) registration for Cyazofamid 34.5% SC. Since product registration is a lengthy and gestational exercise in our industry, we expect our sustained efforts at data generation & registration to yield several product registrations in developed international markets in the next two years.

On the exports front, we continue to witness good demand, however we focused on exports in a calibrated manner, retaining our caution on the currency movement and likely distress of foreign debtors. We expect the exports to pick-up in H2 FY23, thereby enabling us to meet our exports target for FY23. The export sales works towards removing the quarterly cyclicality of the business.

During this quarter, we have received a GLP certification for one of our testing facilities at Chopankhi, Rajasthan, which showcases our unwavering commitment to produce highest quality products with most efficient processes. As a constant endeavour to enhance our presence in the biological markets, we have incorporated a wholly owned subsidiary by the name of “IIL Biologicals Ltd”.

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Agrochemicals firm Insecticides (India) announced Q1FY23 Result :

  • Revenue from Operations has grown by 19.74% from Rs.4,682.61 Mn in Q1 FY22 to Rs.5,606.90 Mn in Q1 FY23 due to increased traction in Maharatna segment business & growth of the B2C & B2B business.
  • The EBITDA increased by 10.12% from Rs.530.82 Mn in Q1 FY22 to Rs.584.53 Mn in Q1 FY23 mainly driven by increased share of premium products in product portfolio and higher sales of products launched in FY22 like Hachiman, Oxim and Shinwa which grew by ~3x in Q1 FY23.
  • EBITDA margins decreased marginally to 10.43% in Q1 FY23 from 11.34% in Q1 FY22 mainly on account of industry headwinds of rising raw material and energy costs. The company also made a M2M provision of ~INR 6.5cr to account for the Forex fluctuations on raw material purchases during the quarter.
  • PAT increased by 9.58% from Rs.349.60 Mn in Q1 FY22 to Rs.383.08 Mn in Q1 FY23.
  • PAT margins marginally declined to 6.83% in Q1 FY23 from 7.47% in Q1 FY22.

Commenting on the performance of Q1 FY23, Mr. Rajesh Aggarwal, Managing Director, said: “We are very happy to share that we have had an extremely successful quarter both in terms of financial performance and market acceptance of our newly launched products in last fiscal year. We are glad to see that our Research and development initiatives are being recognized as successful innovations in the form of several patents being granted recently. We are also extremely proud to share that our testing facility at Chopanki, Rajasthan has been awarded the coveted GLP certification recently."

 

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Insecticides (India) announced Q3FY22 results:

  • Q3FY22 vs Q3FY21:
    • Revenue from Operations has marginally grown from Rs.2991.74 Mn in Q3 FY21 to Rs.3137.78 Mn in Q3 FY22 mainly due to better product mix.
    • The EBITDA has increased by 23.27% from Rs.150.73 Mn in Q3 FY21 to Rs.185.81 Mn in Q3 FY22 mainly due to efficient inventory management.
    • EBITDA margins has increased to 5.92% in Q3 FY22 from 5.04% in Q3 FY21.
    • Net profit has increased by 32.83% from Rs.59.82 Mn in Q3 FY21 to Rs.79.46 in Q3 FY22
    • PAT margins have increased to 2.63% in Q3 FY22 from 2.06% in Q3 FY21.
    • The Exports have increased to 15% in Q3 FY22 from 5% in Q3 FY21.
  • 9MFY22 vs 9MFY21:
    • Revenue from Operation has recorded a growth of 5.27% from Rs.11,646.21 Mn in 9M FY21 to Rs.12,259.78 Mn in 9M FY22 mainly driven by better product mix, focusing on Maharatna Products.
    • The EBITDA has increased by 11.30% from Rs.1220.29 Mn in 9M FY21 to Rs.1358.23 Mn in 9M FY22 and a gain in the EBITDA margins from 10.48% in 9M FY21 to 11.08% in 9M FY22.
    • Net profit stood at Rs.848.80 Mn in 9M FY22, compared to Rs.721.17 Mn in 9M FY21 recorded a growth of 17.70%
    • The Exports have increased to 8% in 9M FY22 from 4% in 9M FY21

Commenting on the performance, Mr. Rajesh Aggarwal, Managing Director, said: “The third quarter has been relatively subdued quarter for the entire agro-chemical industry, due to the building threat of Covid-19, unseasonal rains in parts of our country and damp market conditions. The scaling up of new products already launched in previous quarters has been hampered by barriers in working with the farmers on the grass root level, due to the looming third wave threat of Omicron variant of Covid-19. However, IIL has delivered a consistent performance in terms of Revenue and Sales volume in Q3 FY22, focussing on exports as per its growth plan for the current fiscal year.

The Company has recorded revenue from operations of Rs.3137.78 Mn in Q3 FY22, and Rs.12259.78 Mn on a 9M basis, representing a growth of 5.27% on a 9M basis. Revenue growth was driven by better product mix focusing on Maharatna Products. The Maharatna category of branded products grew to 45.94% from Rs.747.23 Mn in Q3 FY21 to Rs.839.91 Mn in Q3 FY22. The exports grew by a whopping 224.17% and institutional sales grew by 6.10% on a quarterly basis. We are happy to state that we have achieved an export sale of Rs 1036.23 MN on a 9M basis in FY22 vs our total export turnover of Rs 610 MN on a full year basis of FY21. The Company delivered EBITDA of Rs.185.81 Mn in Q3 FY22, with margins of 5.92%. Net profit for the quarter was Rs.79.46 Mn, with margins of 2.63%.

We are also in course of adding new molecules and products to our products portfolio, some of which are to replace off-patented products. The company is also working on new products to replace any of its current products which have a possibility of a ban in future. We expect to launch at least 2 new products in Q4 of FY22, in addition to new launches already done during the fiscal year.

The company also expects to derive benefits from its backward integration capabilities at Dahej, to reduce dependency on Chinese raw materials in the long run. Currently, IIL is trying to streamline production by maintaining higher levels of inventory and using judicious purchase strategies.

With the government’s focus on Bio Chemicals and increasing Exports, in tune with its MakeIn-India movement, IIL plans to capitalize on this opportunity on the back of its backward integration initiatives and its strong research & development program. The company foresees a huge potential for its products in the international market and therefore, we were able to surpass our export target, for FY22, of achieving more than Rs.1000 Mn in 9M ended 31st December, 2021 itself. On a long-term basis, the management foresees exports contributing to at-least 20% of the top line on an overall basis. This target is planned to be achieved by manufacturing newly identified molecules, especially for the international market and advent into new geographies like East & West Europe, Africa, & CIS & NAFTA markets particularly Canada

Thus, IIL has been constantly delivering an intrinsic growth by strengthening its capacities & generating new revenues to replace revenues of banned products. The Management remains committed to continue its efforts to scale up sustainable revenues and take all other strategic measures so as to increase the long-term value for all its stakeholders.”

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