Meghmani Q3 sales down 18%
Indian company Meghmani Organics (Ahmedabad) recorded an 18.2% decline in agrochemical sales to Rs 748.4 million ($14.1 million at the current rate) in its third quarter ended December 31st 2012. Domestic sales, accounting for some 22% of total revenues, were flat at Rs 202.6 million ($3.8 million). The bulk of the revenues came from exports, which were down by 23.5% to Rs 545.8 million ($10.3 million). The decline was mainly due to decreased sales of the insecticides, cypermethrin and chlorpyriphos, and the herbicide, 2,4-D. Gross profit for the quarter dived 84.5% to Rs 24.6 million ($460,000). Nine-month sales decreased by 21.6% to Rs 2,560.4 million ($48.1 million). The decline was uniform across domestic sales and exports. Gross profit for the nine months was down by 41.4% to Rs 265 million ($5 million).