Meghmani agchems down 9% in 2011
Indian company Meghmani Organics (Ahmedabad) recorded a 9.1% decline in agrochemical sales to Rs 3,974 million ($72 million at the current rate) in the financial year ended March 31st 2012. Domestic sales went down by 28.1% to Rs 1,149 million ($21 million). Exports, which accounted for over 70% of revenues, could not offset the domestic decline despite 1.9% growth to Rs 2,825 million ($51 million). An increase in active ingredient sales of the insecticide, acephate, contributed to the export growth. Gross profit was down by 15.4% to Rs 515 million ($9 million) as a result of decrease in the production of the insecticides, chlorpyriphos and cypermethrin, and an increase in raw material prices. Sales in the previous fiscal year were up by 7.2% ( Agrow No 617, p 6).