Insecticides India Q3 sales down 22%
Indian company Insecticides India recorded a net sales decline of 22% to Rs 1,489.8 million ($24.2 million at the current rate) in its third quarter ended December 31st 2014. Net profit was up by 23.2% to Rs 83.4 million ($1.4 million). Sales increases of 18% and 28% during the first and second quarters, respectively, led to nine-month revenues going up by 10.2% to Rs 8,033.5 million ($130.5 million). Net profit for the period grew by 39.9% to Rs 486.6 million ($7.9 million). The company registered a net sales rise of 40.1% to Rs 8,640.8 ($140.4 million) during its fiscal year ended March 31st 2014. Insecticides India entered into a joint venture with Japanese company Otsuka Agritechno in 2013 for research into new active ingredients. An R&D facility was set up as part of the venture at Chopanki in the western state of Rajasthan last September.