By: ICN Bureau
Last updated : October 31, 2023 4:23 pm
Sumitomo Chemical India has executed definitive agreements for acquiring 85% equity shares in Barrix Agro Sciences Private Limited
Sumitomo Chemical India has registered a 28.79 per cent drop in its net profit to Rs 143.45 crore in Q2 FY24 compared to Rs. 201.46 crore during the corresponding period a year ago.
During the quarter, the company registered a consolidated revenue of Rs 903.48 crore compared to Rs 1120.6 crore YoY, reflecting a drop of 19.38% In Q2 FY24, Sumitomo Chemical India’s EBITDA down 32.41% at Rs 187.94 crore compared to Rs 278.03 crore during Q2 FY23.
During the quarter, Sumitomo Chemical India has executed definitive agreements for acquiring 85% equity shares and controlling stake (on fully diluted basis) in Barrix Agro Sciences Private Limited (BASPL) for sum(s) not exceeding Rs. 85 crore.
BASPL is a Bengaluru based company engaged in R&D, manufacturing and marketing biological crop protection and crop nutrition products and solutions with special focus on pheromones - including dispersion technologies - for monitoring and trapping agricultural pests. The proposed acquisition is subject to customary closing conditions and processes which are under progress.