Basant Agro posts 55 pc growth in net Profit for Q1

Mumbai, Aug 3 (UNI) Akola-based Basant Agro Tech (India) Limited has achieved 55 per cent growth in net profit at Rs 1.40 crore for the quarter ended June this year as against Rs 90.21 lakh for the corresponding period in the previous year.

The performance during the Quarter has taken a big leap over the same quarter in the previous year in respect of both turnover and profit. The Income from Operations stood at Rs 24.52 crore as against Rs 20.20 crore for the corresponding period in the previous year.

Earning per Share (EPS) is Rs 4.40 for quarter (Annualized basis EPS 17.60) at a face value of Rs 10 as against Rs 2.83 per Share at a face value of Rs 10 for the corresponding period in the previous year, which shows an increase of 55 per cent.

In a statement issued here, Mr Shashikant Bhartia, Executive Director, Basant Agro Tech said, ''The commendable performance by the company was mainly because of four reasons- location advantage, being present in the heart of the agriculture consuming belt has allowed the company to market its products across the state and the acquisition and commissioning of NPK Mixture Granulated Fertilizer plant at Sangli added to this success on financial and operational restructuring and secondly improvement in operational efficiencies and good monsoon and better chemistry between chemical fertilizer and hybrid seed.'' He added, ''Our recent initiatives relating to investments Research&Development laboratories for development of hybrid seeds for Cotton, Sorghum, Sunflower, Maize, Groundnut, Urad, Chilly, Sweet Corn, marketing of these products to the fast producing agriculture belt has allowed the company to show improvement in the top line as well as bottom line performance.'' UNI AR KU SKB2225