Agro chemical firm Best Agrolife Ltd net profit jumped over three-folds to Rs 25.78 crore for the quarter ending June compared to Rs 7.24 crore in the year-ago period.
Total income, however, fell to Rs 345.37 crore in the April-June quarter as against Rs 364.86 crore in the corresponding period of the previous year.
“Our company is now starting to see the benefits of its tremendous efforts in innovation, research, backward integration and good execution,” said Vimal Alawadhi, Managing Director, Best Agrolife Ltd.
Recently, Best Agrolife secured a patent for an insecticide composition to control sucking pests like whitefly.
It will start commercial manufacturing in January next year and has set a target of an additional Rs 400 crore sales revenue in the 2022-23 fiscal from this new product.
Best Agrolife Ltd has three plants in Uttar Pradesh and Jammu. It is into the manufacturing of technical, intermediates and formulation businesses of insecticide, fungicide and herbicide among others.