Dhanuka may set up a joint venture factory in India with Kimitec of Spain.

Major pesticide maker Dhanuka Agritech on Friday reported a marginal drop in its net profit to ₹ 45.36 billion in the October-December quarter from ₹ 46.06 billion a year ago due to higher costs. It has also signed an MoU with Spanish company Kimitec to explore various business opportunities, including setting up a joint venture in India. Total revenue rose to ₹ 410.52 billion (₹ 401.02), the company said in a statement. Total revenue increased to ₹ 1,409.91 in the first nine months of 2016 from ₹ 1,359 in the same period last year. Profit for the October-December 24 financial period rose to ₹ 180.07 crore from ₹ 168.19 crore last year.

The company’s board has approved a 400 percent interim dividend of ₹8 per share to members, Dhanuka said in a statement. Dhanuka Agritech, which has three manufacturing units in Gujarat, Rajasthan and Jammu and Kashmir, said it has signed a “memorandum of intent” with Spain’s Kimitec to explore various business opportunities, including a joint venture in India. development and commercialization of biological products derived from natural molecules and natural sources. “The two companies are considering setting up a research and development facility in the country”. Biological products are derived from natural sources using botany, microbiology, microalgae and bioinformatics. They represent a sustainable product category that provides crop protection, soil health and plant nutrition. These products can be used separately or in combination with conventional chemical products as per requirements.

“The demand for organic products is growing globally and we are seeing a growing trend for these products in India as well,” said Rahul Dhanuka, Joint Managing Director of Dhanuka Agritech. Dhanuka Agritech has already tied up with seven US agrochemical companies in Japan and Europe.

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