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Meghmani agchem sales up 12% in Q1 FY 2016

India company Meghmani Organics has reported a 8% sales decrease of agrochemical business to Rs. 960.8 million in the fourth quarter which ended March 31 2015. Profit before tax and interest was down by 17% to Rs. 82.2 million.

For the full year, agrochemical sales were up by 10% to Rs. 4,379.7 million and gross profit was improved significantly by 43.2% to Rs. 765.9 million. Gross profit margin rose from 13.5% last year to 17.5% this year. Domestic sales increased by 26% to Rs. 1283.8 million due to increase in sale quantity of MPB and cypermethric acid chloride. Revenue derived from export sales increased by 2.5% to Rs. 3070.4 million because of increase in quantity sales of technical products such as permethrin, profenophos and 2,4-D.

The global market for agrochemical products has shown signs of improvements and the company revenue for FY 2015 has increased due to higher production. They expects to see the improvements in revenue from their Agro-Ⅲ Plant. The erratic monsoon season and el-nino effect might have impact on the sales and profitability of agrochemicals in Q1 FY 2016, the company commented.