Meghmani Q1 sales down 26%
Indian company Meghmani Organics (Ahmedabad) recorded a 26.1% decline in agrochemical sales to Rs 990.6 million ($17.9 million at the current rate) in its first quarter ended June 30th 2012. Domestic sales, accounting for over a quarter of total revenues, went down by 29.2% to Rs 275.7 million ($5 million) owing to lower sales of the insecticide, chlorpyriphos, and the cypermethrin insecticide intermediate, cypermethric acid chloride (CMAC). The bulk of the revenues came from exports, which were on a downward trend as well, slipping by a quarter to Rs 714.9 million ($12.9 million). The downswing was a result of lower sales of CMAC, chlorpyriphos, cypermethrin and the herbicide, 2,4-D. Gross profit was down by 12.3% to Rs 129.8 million ($2.3 million), but the margin went up to 13.1% from 11% in the corresponding quarter of 2011.