Excel Crop Care down 19% in Q3
Indian agrochemical company Excel Crop Care's (Mumbai) revenues dropped by 18.9% to Rs 1,653 million ($26.9 million at the current rate) in its third quarter ended December 31st 2014. Net profit went down by 92.9% to Rs 9.8 million ($200,000). Buoyed by the 18.5% growth during the first half, nine-month sales were up by 8% to Rs 7,851.6 million ($127.6 million). Net profit for the nine months rose by 10.9% to Rs 627.6 million. The company notes that production and the domestic sale of the insecticide/acaricide, endosulfan, remains suspended following an Indian Supreme Court ban in 2011. Out of the provision of Rs 69.1 million ($1.1 million) for endosulfan-related inventory items carried forward at the end of the fiscal year ended March 31st 2014, an amount of Rs 45 million ($700,000) was written back during the first two quarters and the balance of Rs 24.1 million ($400,000) is being carried forward.