Meghmani up 7% in Q1
Indian company Meghmani Organics (Ahmedabad) recorded a 6.5% increase in agrochemical revenues to Rs 967.7 million ($16.1 million at the current rate) in its first quarter ended June 30th. Domestic sales accounted for a little over a quarter of total sales (27.4%) and provided the main boost to sales, rising 57.1% to Rs 265.2 million ($4.4 million). The rise came from higher volumes sold of the insecticide, permethrin, and the intermediates, cypermethric acid chloride (CMAC) and meta phenoxy benzeldehyde (MPB). Exports were down 5% to Rs 702.5 million ($11.7 million) owing to decreased quantities sold of the insecticide, cypermethrin, and the herbicide, 2,4-D. Gross profit more than tripled (+213.1%) to Rs 150.9 million ($2.5 million). Gross profit margin went up from 5.3% to 15.6% as a result of higher sales and prices of the insecticide, acephate, and CMAC. The company registered a 16.8% rise in agrochemical sales to Rs 3,967.1 million ($66 million) in its fiscal year ended March 31st 2014 (Agrow No 690, p 7).