Agro-chemical firm Insecticides (India) Ltd has planned a capex of Rs. 1.1 bn in next 2 years in a phased manner for setting up SEZ, synthesis facilities and backward integration plant in the states of Gujarat and Rajashthan. The investment is part of its strategy to capitalize on the Make in India initiative.

The company said that its profits declined by 32.5% YoY and consolidated net profit stood at Rs 24.36 crore in Q1FY21 versus Rs 36.10 crore in the same period last year.

Profitability for the quarter was impacted due to challenges caused by the pandemic such as raw/ packing material availability constraint, transportation challenges, shortage of labor and liquidity crunch in the market resulting in sale available products

However the company saw an increase in its revenue by 14.29% and sales for the quarter stood at Rs 409.59 crore.

Commenting on the results, Rajesh Agarwal, Managing Director, Insecticides (India) Ltd, said: "FY2021 started on an unprecedented note with the outbreak of Covid-19 followed by extended lockdown across the country adversely affecting the economy in Q1FY21. The pandemic turned into an economic crisis impacting all industries and businesses.

The silver lining in the crisis is that the agriculture sector which supports over 60 per cent of the populations was less impacted and continues to see a reasonable level of demand.

Looking forward, the forecast of a normal monsoon has created prospects of a healthy crop season and support of government through fiscal and monetary reforms for agriculture sector during the crisis will go a long way in augmenting the sector’s growth. Management teams remain fully committed to drive growth through new innovative products, improving product mix, increasing brand business and enhancing profitability", he said.