Meghmani down 15% in 2012
Indian company Meghmani Organics (Ahmedabad) recorded a 14.5% decline in agrochemical sales to Rs 3,397.8 million ($60 million at the current rate) in its fiscal year ended March 31st. An 18.1% rise in fourth-quarter sales to Rs 837.4 million ($14.8 million) could not offset the 21.6% revenue decline during the first three quarters (Agrow No 658, p 6). Gross profit for the year was down by 28.9% to Rs 366.4 million ($6.5 million). The increase in raw material prices for the insecticides, chlorpyrifos and cypermethirn, and reduced production affected profitability. The gross profit margin went down from 13% in the previous fiscal year to 10.8%.