Meghmani Q2 sales down 19%
Indian company Meghmani Organics (Ahmedabad) recorded a 18.7% decline in agrochemical sales to Rs 821.5 million ($14.8 million at the current rate) in its second quarter ended September 30th 2012. Domestic sales, accounting for some 38% of total revenues, went down by 24.6% to Rs 312.7 million ($5.6 million). The bulk of the revenues came from exports, which were on a downward trend as well, slipping by 14.6% to Rs 508.8 million ($9.2 million). Pricing pressures drove gross profit for the quarter down by 24.2% to Rs 110.6 million ($2 million). Six-month sales decreased by 22.9% to Rs 1,812 million ($32.6 million), following a 26% decline in the first quarter ( Agrow No 647, p 5). Gross profit for the half year was down by 18.2% to Rs 240.4 million ($4.3 million).