Excel Crop Care Q1 sales soar
Indian agrochemical company Excel Crop Care (Mumbai) recorded net sales revenue of Rs 2,179 million ($46.8 million at current rate) in the first quarter ended June 30th 2008, an increase of 60% over the corresponding quarter last year. Net profit in the period more than doubled to Rs 187.7 million ($4.0 million). Year-on-year exports almost doubled to Rs 687.9 million ($14.8 million). However, as the company’s business is seasonal, it reports that “the results of the first quarter may not be representative of the current financial year as a whole”. Excel Crop Care de-merged from the Indian chemicals company, Excel Industries, in 2003 ( Agrow No 522, p 3). It acquired a 24.9% stake in Indian company Aimco Pesticides at the end of 2005, and obtained the agricultural input marketing business of Excel Industries in 2007 ( Agrow ibid).