Excel Crop Care down 18% in Q1
Indian agrochemical company Excel Crop Care (Mumbai) recorded a 17.9% decline in net sales to Rs 1,739.4 million ($39.1 million at the current rate) in its first quarter ended June 30th 2011. An Indian Supreme Court ban in May on the production, sale and use of the insecticide/acaricide, endosulfan, a major product of the company normally accounting for over a third of sales, forced it to suspend production and sale of the active ingredient ( Agrow No 616, p 23). A provision of Rs 61 million ($1.4 million) for inventory items related to the ai led to net profit dropping by 64.4% to Rs 62.7 million ($1.4 million). Added to the provision made at the end of its fiscal year on March 31st, when net sales grew by 13% to Rs 7,022.7 million ($157.8 million), the aggregate provision amounts to Rs 163 million ($3.7 million). Insecticides made up some 57% of last fiscal year’s sales, while herbicides contributed just over a quarter. The Court has refused to lift the ban on endosulfan (see this issue).