Mangalore Chemicals net profit falls 83%

New Delhi:Mangalore Chemicals and Fertilizers Ltd posted an 83% drop in second quarter net profit because of delayed subsidy payments and a weak rupee.

Net profit, excluding its units, fell to ₹ 9.43 crore from ₹ 56.42 crore in the same quarter last year.

The company cited the heavy burden of interest costs because of “unusually delayed subsidy payment” by the department of fertilizers (DoF) as one of the reasons for the decline.

“During the quarter ₹ 37.37 crore of foreign exchange loss has been booked,” the company said on Friday.

The company recently saw a fierce battle for management control between Pune-based Deepak Fertilisers and Petrochemicals and Kolkata-based Adventz Group, promoter of Zuari Agro Chemicals.