Dhanuka Agritech Q2 net up 28.8%

Dhanuka Agritech's net profit stood at Rs 16.27 crore for July-September last year.

Agro-chemicals,fertilisers and seeds manufacturer Dhanuka Agritech today reported 28.8 percent growth in net profit at Rs 20.97 crore for the quarter ended September 30 compared to the same period last year.

Dhanuka Agritech’s net profit stood at Rs 16.27 crore for July-September last year,the company said in a release issued here.

The company’s consolidated revenue for the September quarter saw a growth of up 14.35 percent at Rs 194.07 crore against Rs 169.72 crore for the corresponding quarter last year.

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The higher revenue growth is mainly due to new capacity expansions and increased market penetration with addition of 884 distributors.

“Dhanuka has recorded one of its highest quarterly profits and this is backed by strong revenues,gross profits and EBITDA,” Dhanuka Agritech Managing Director M K Dhanuka said.

The company is well positioned to pursue its strong growth potential and is moving forward with its expansion plans,new product introductions and setting up base in overseas markets to further enhance shareholder value,he added.

Dhanuka has recently floated a 100 percent wholly-owned subsidiary for starting agrochemicals business in Bangladesh.

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Recently,the company also launched ‘banmite’ that addresses the need of tea planters and ‘bombard’ for the paddy growers,which will further strengthen its product offerings in the eastern and southern markets.

Dhanuka has around 80 brands in its portfolio and has retail and dealer base of almost 70,000.

It has long term tie-ups with leading global agrochemicals companies like Nissan,DuPont,Sumitomo,Hokko,FMC,Chemtura among others.