Excel Crop Care up 10% in Q2
Indian agrochemical company Excel Crop Care's (Mumbai) revenues rose by 9.7% to Rs 2,948.9 million ($47.9 million at the current rate) in its second quarter ended September 30th 2014. Net profit went up by almost a quarter (23.1%) to Rs 286 million ($4.7 million). Buoyed by the 26.9% growth during the first quarter, six-month sales were up by 18.5% to Rs 6,198.6 million ($100.8 million). Net profit for the first half was up by 44.1% to Rs 617.8 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. Out of the provision of Rs 69.9 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 two quarters and the balance of Rs 24.9 million ($400,000) is being carried forward.