Meghmani Q3 agchem sales up 23%
Indian company Meghmani Organics (Ahmedabad) recorded a 23.2% rise in agrochemical sales to Rs 922.4 ($14.7 million at the current rate) in its third quarter ended December 31st. The main boost came from the 25.8% exports growth, which accounted for almost three-quarters (74.4%) of sales at Rs 686.4 million ($10.9 million). Domestic sales were up by 16.5%. Gross profit shot up nearly six-fold to Rs 144.8 million ($2.3 million), with the margin going up from 3.3% to 15.7%. This was its second successive quarter of sales growth after a slump in the previous few quarters. Coupled with the 37.2% increase in the previous quarter (Agrow No 677, p 8), nine-month revenues were up 15.5% to Rs 2,958.1 million ($47.2 million). Exports were mostly responsible for the rise, growing 21.7% and accounting for some 73% of sales. Gross profit went up by 36.3% to Rs 361.2 million ($5.8 million), with the margin going up from 10.4% to 12.2%.