Insecticides India Ltd (IIL) on Monday (December 16) disclosed that the Income Tax Department is conducting searches at its registered office and other company premises.
“…we would like to inform you that a search by the Income Tax Department is being carried out at the registered office and other premises of the company,” India Pesticides said in a regulatory filing.
The company confirmed its full cooperation with the authorities, stating that its employees are providing all necessary information and support during the process. “The company and its employees are fully cooperating with the authorities and providing them with all necessary information and support,” it said.
Insecticides India reported a 15.6% year-on-year (YoY) increase in net profit at ₹61.5 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Insecticides (India) posted a net profit of ₹53.2 crore, the company said in a regulatory filing.
The company’s revenue from operations dipped 9.9% to ₹627 crore as against ₹696 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA was up 9.2% to ₹89.4 crore in the second quarter of this fiscal over ₹81.9 crore in the corresponding period in the previous fiscal.
EBITDA margin stood at 14.3% in the reporting quarter as compared to 11.8% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
In Q2 FY25, Insecticides India reported an 11% growth in its premium products segment, with its flagship offerings, Focus Maharatna and Maharatna, now accounting for 68% of total B2C sales, an increase from 65% in Q2 FY24.