Meghmani Q2 agchem sales up 37%
Indian company Meghmani Organics (Ahmedabad) came out of the slump of the previous few quarters to register a 37.2% rise in agrochemical sales to Rs 1,127.3 million ($17.8 million at the current rate) in its second quarter ended September 30th. The main boost to revenues was provided by exports, which accounted for almost two-thirds (64.6%) of sales and grew by 43.1%. Domestic sales went up by 27.6%. Gross profit soared by 52.2% to Rs 168.3 million ($2.7 million), with the margin rising by 1.4 percentage points to 14.9%. Six-month revenues were up 12.3%, despite the 8.3% decline recorded during the first quarter of the current fiscal year (Agrow No 671, p 5). Exports during the period, accounting for 72.1% of sales, were up by 20% while domestic sales were down by 3.5%.