Excel Crop Care up 27% in Q1
Indian agrochemical company Excel Crop Care's (Mumbai) revenues rose by over a quarter (26.9%) to Rs 3,229.3 million ($53.7 million at the current rate) in its first three months ended June 30th 2014. Net profit went up by more than two-thirds (+69%) to Rs 331.7 million ($5.5 million). The company notes that production and the domestic sale of the insecticide/acaricide, endosulfan, remains suspended following an Indian Supreme Court ban in 2011 (Agrow No 616, p 23). Out of the provision of Rs 69.1 million ($1.1 million) for endosulfan related inventory items carried forward at the end of the fiscal year ended March 31st 2014, an amount of Rs 45 million ($700,000) was written back during the first quarter and the balance of Rs 24.1 million ($400,000) is being carried forward. Excel recorded 25.7% increase in sales in fiscal 2013/14 to Rs 9,556.6 million ($159 million – Agrow No 690, p 3).