Insecticides (India) sees 30 pct sales growth in 2013/14 - official

Source : REUTERS
Last Updated: Mon, Jul 22, 2013 11:30 hrs

MUMBAI, July 22 (Reuters) - Insecticides (India) Ltd expects a sales growth of about 30 percent in 2013/14 as the introduction of new pest-control products, capacity expansion and favourable weather would bolster demand, a senior company official told Reuters on Monday.

The manufacturer of agri-chemicals posted sales of 6.17 billion rupees ($103.46 million) in the fiscal year ended March 31.

"We are introducing new molecules, starting new production facilities. Besides, more area has come under crops this year due to good weather," said Rajesh Aggarwal, managing director of Insecticides (India).

Indian farmers have sown crops on 62 million hectares as on July 19, compared with 50.6 million hectares during the same period a year earlier as the south Asian country received more rainfall than the normal.

($1 = 59.63 rupees) (Reporting by Rajendra Jadhav; Editing by Subhranshu Sahu)

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