Captain Polyplast has reported strong earnings for the December quarter and the first nine months of the current fiscal. The company reported the highest quarterly revenue in its history, coming in at Rs 74.5 crore in Q3FY23. Its net profit for the quarter grew 6.6x, the company said in an exchange filing.
The strong growth in topline was a result of increase in demand for micro irrigation systems, the company said.
Ramesh Kichadia, MD, Captain Polyplast, said that the management remains committed to strategy of growth and innovation and "look forward to continued success in the future".
The company aims to report healthy revenue and profit growth in the upcoming quarters, the filing said.
Captain Polyplast is a leading brand in the micro irrigation industry. The micro irrigation industry is expected to benefit from budget allocations from various centrally sponsored schemes and state governments' initiatives.
The central government has allocated funds under Pradhan Mantri Krushi Sinchay Yojna and Atal Bhujal Yojna for expanding the adoption of micro irrigation systems such as drip and sprinkler among farmers. Several states have also announced increase in allocation towards micro irrigation.
Recently, Prime Minister Narendra Modi said that the agricultural budget which was less than 25,000 crores in 2014 has been increased to more than 1,25,000 crores today.
The government has been working towards making domestic and international markets accessible to the farmers by taking various decisions in the budget to promote the agricultural sector so that the nation becomes ‘atmanirbhar’ and the money used for imports can reach our farmers.
