Zuari Agro Chemicals Q1 net loss at Rs41 crore
Latest News »
- Power Grid inks $500 million loan pact with Asian Development Bank
- Rajasthan govt to raise OBC quota, mulling 5% reservation to Gujjars
- Smartphone maker COMIO launches three handsets in India
- Finance ministry clarifies no disparity in number of taxpayers
- BJP leader arrested after 27 cows die at his gaushala in Chhattisgarh
New Delhi: Zuari Agro Chemicals Ltd on Friday reported a net loss of Rs.40.6 crore in the quarter ended June this fiscal on sluggish sales.
The company had clocked a net profit of Rs.1.2 crore in the same period last year, it said in a BSE filing.
Net income declined to Rs.978.3 crore in April-June of 2016-17, from Rs.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 Rs.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 Rs.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 Rs.2,500 to Rs.22,000 per tonne, muriate of potash (MoP) by Rs.5,000 to Rs.11,000 per tonne and NPK nutrients by Rs.1,000 per tonne.
Shares of the Goa-based company declined by 2.22% to settle at Rs.185.05 on BSE on Friday.