Agrochemicals firm Insecticides (India) announced Q1FY23 Result : Revenue from Operations has grown by 19.74% from Rs.4,682.61 Mn in Q1 FY22 to Rs.5,606.90 Mn in Q1 FY23 due to increased traction in Maharatna segment business & growth of the B2C & B2B business. The EBITDA increased by 10.12% from Rs.530.82 Mn in Q1 FY22 to Rs.584.53 Mn in Q1 FY23 mainly driven by increased share of premium products in product portfolio and higher sales of products launched in FY22 like Hachiman, Oxim and Shinwa which grew by ~3x in Q1 FY23. EBITDA margins decreased marginally to 10.43% in Q1 FY23 from 11.34% in Q1 FY22 mainly on account of industry headwinds of rising raw material and energy costs. The company also made a M2M provision of ~INR 6.5cr to account for the Forex fluctuations on raw material purchases during the quarter. PAT increased by 9.58% from Rs.349.60 Mn in Q1 FY22 to Rs.383.08 Mn in Q1 FY23. PAT margins marginally declined to 6.83% in Q1 FY23 from 7.47% in Q1 FY22. Commenting on the performance of Q1 FY23, Mr. Rajesh Aggarwal, Managing Director, said: “We are very happy to share that we have had an extremely successful quarter both in terms of financial performance and market acceptance of our newly launched products in last fiscal year. We are glad to see that our Research and development initiatives are being recognized as successful innovations in the form of several patents being granted recently. We are also extremely proud to share that our testing facility at Chopanki, Rajasthan has been awarded the coveted GLP certification recently." Result PDF