BackZuari Agro Chemicals Q1 net loss at Rs41 crore
Net income of Zuari Agro Chemicals declined to Rs978.3 crore in the June quarter from Rs1,555.7 crore a year ago
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New Delhi: Zuari Agro Chemicals Ltd on Friday reported a net loss of ₹ 40.6 crore in the quarter ended June this fiscal on sluggish sales.
The company had clocked a net profit of ₹ 1.2 crore in the same period last year, it said in a BSE filing.
Net income declined to ₹ 978.3 crore in April-June of 2016-17, from ₹ 1,555.7 crore a year ago. “Due to significant reduction in the selling price of complex fertilisers and potash during the current quarter and subsequent to quarter-end, the company is expecting reduction claim of ₹ 47.33 crore on account of stock lying with distribution chain," the company said in the filing.
Price reduction claims pertaining to sale prior to the current quarter estimated at ₹ 43.9 crore have been included under exceptional item, it added. In July, the centre had announced a cut in maximum retail price (MRP) of di-ammonium phosphate (DAP) by ₹ 2,500 to ₹ 22,000 per tonne, muriate of potash (MoP) by ₹ 5,000 to ₹ 11,000 per tonne and NPK nutrients by ₹ 1,000 per tonne.
Shares of the Goa-based company declined by 2.22% to settle at ₹ 185.05 on BSE on Friday.
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