Captain Polyplast has reported strong earnings for the December quarter and the first nine months of the current financial year. The company recorded the highest quarterly revenue in its history in Q3 FY2023 at Rs 74.5 crore. Its net profit for the quarter grew 6.6 times, the company said in an exchange filing.
The company said the strong growth in topline is a result of increased demand for micro-irrigation systems.
Capt Polyplast MD Ramesh Kichadia said the management is committed to the strategy of growth and innovation and “looks forward to continued success in the future”.
The filing said that the company aims to register healthy revenue and profit growth in the coming quarters.
Captain Polyplast is a leading brand in the micro irrigation industry. The micro irrigation industry is expected to benefit from budgetary allocations from various centrally sponsored schemes and initiatives of state governments.
The central government has allocated funds under Pradhan Mantri Krishi Sinchayee Yojana and Atal Bhujal Yojana to expand the adoption of micro-irrigation systems such as drip and sprinkler among farmers. Several states have also announced increased allocation for micro-irrigation.
Recently Prime Minister Narendra Modi said that the agriculture budget which was less than 25,000 crores in 2014 has been increased to more than 1,25,000 crores today.
The government is working towards making domestic and international markets accessible to farmers by taking various decisions in the budget to boost the agriculture sector so that the country becomes ‘self-reliant’ and the money used for imports reaches our farmers.