Excel Crop Care today posted a 67.78 per cent jump in its standalone net profit at Rs 45.15 crore in the second quarter of this fiscal on robust sales.
In a regulatory filing, the company said that its Board has given in-principle nod to wind up the Australian subsidiary.
For the July-September quarter of fiscal 2017-18, the company's standalone net profit increased to Rs 45.15 crore from Rs 26.91 crore in the year-ago period.
Net income increased to Rs 385.58 crore in the second quarter of this fiscal from Rs 303.36 crore in the year-ago.
On the Australian subsidiary, Excel Crop Care said its main function is to hold and maintain product registrations in Australia in respect of the company's products.
"The company has made alternative arrangements for this purpose. In view of the same, the Board has decided in- principle to wind up or otherwise close down the subsidiary," it said.
Shares of the company rose marginally by 0.64 per cent to settle at Rs 1,765.90 a piece on the BSE today.
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