BASF ups new ais and pipeline sales potential - Agrow

Companies AGROW | No 633 | February 8th 2012
United Phosphorus posts 63% Q3
sales spurt
United Phosphorus recorded an increase of 63.1% in
agrochemical sales to Rs 17,013 million ($333 million at the
current rate) in its third quarter ended December 31st 2011.
Agrochemicals accounted for some 91% of the company's
total sales of Rs 18,717 million ($367 million), which grew by
57.4%. Domestic sales accounted for a fifth of total revenues.
Profit after tax on all sales was up by 62.8% to Rs 1,340 million
($26 million).
Nine-month agrochemical sales grew by 43.7% to Rs 48,268
million ($946 million). Agrochemicals accounted for some 89%
of total sales of Rs 54,148 million ($1,061 million), which grew
by 43.7%. Profit after tax on all sales was up by 9.2% to Rs
3,725 million ($73 million). Domestic sales accounted for 27%
of total nine-month revenues. North America made up 21%,
Europe for 15% and the rest of the world accounted for the
remaining 37%.
United Phosphorus recorded an agrochemical sales increase of
9% to Rs 52,080 million ($1,020 million) in the financial year
ended March 31st 2011 (Agrow No 616, p 3).
Rallis’ Q3 sales up 19%
Rallis India recorded an 18.6% increase in revenues to Rs
3,178.6 million ($62.3 million at the current rate) in its third
quarter ended December 31st 2011. Sales were boosted by the
acquisition of the Indian agricultural biotechnology company,
Metahelix Life Sciences, in December 2010 (Agrow No 606,
p 5). Hence, they are not comparable with the results of the
previous year, the company says.
Net profit for the quarter, however, fell by over 77% to Rs 76.6
million. Profit calculations included a non-recurring charge of Rs
242.4 million on account of costs relating to the shutdown of its
manufacturing facility at Turbhe and a net foreign exchange loss
of Rs 82.1 million.
Nine-month revenues rose by over a quarter to Rs 10,395.1
million. Net profit was down by 16.7% to Rs 893 million.
The company says that farm productivity was impacted despite
increased acreages for wheat and rice because of erratic
monsoon rainfall.
Rallis India’s results (Rs million)
Qtr ended
December 31st
2010 ($ million) 1 % change 2011 ($ million) 1
Sales 2,680.5 (52.5) +18.6 3,178.6 (62.3)
Net profit
Nine months
336.9 (6.6) –77.3 76.6 (1.5)
Sales 8,272.1 (162.1) +25.7 10,395.1 (203.6)
Net profit
1 at the current rate.
1,072.3 (21.0) –16.7 893.0 (17.5)
Cheminova’s 2011 revenues up
10%
Cheminova has recorded revenues of just under DKK 5,800
million ($1,010 million at the current rate) in 2011, reveal
unaudited preliminary figures. That translates into an increase of
10.4% on the previous year (Agrow No 613, pp 4-5). Earnings
before interest and tax (EBIT) touched DKK 320 million ($56
million), while the EBITDA margin was around 8.5%.
The results are in line with its previously forecast revenues of
DKK 5,800 million, an EBITDA margin of 8-10% and EBIT in
the range of DKK 300-400 million ($52-70 million – Agrow
No 628, p 5). The only deviation was in the cash flow from
operating activities of approximately DKK 180 million ($31
million), which is lower than the expectation of over DKK 336
million ($59 million).
The company highlights problems such as a serious drought
in Texas, considerable difficulties experienced by German
subsidiary Stähler, and negative currency effects. But earnings
received a boost from positive developments in Latin America
towards the end of the year. Higher receivables negatively
affected the cash flow from operating activities. Cheminova’s
results for 2011 and guidance for 2012 are due to be issued on
March 14th.
Excel Crop Care up 8% in Q3
Indian agrochemical company Excel Crop Care (Mumbai) was
able to stem the decline suffered in the first two quarters of its
current fiscal year by recording an 8.4% rise in revenues to Rs
1,669.8 million ($32.7 million at the current rate) in its third
quarter ended December 31st 2011. The company was forced
to suspend production and sales of the insecticide/acaricide,
endosulfan, by an Indian Supreme Court ruling in May (Agrow
No 616, p 23). The active ingredient normally accounted for
a third of sales and the loss of the endosulfan business is
adversely impacting performance, the company says. After a
Court order in September allowing the export of existing stock of
the active ingredient (Agrow No 626, p 23), Excel was able to
export 737 tonnes, worth Rs 203.2 million ($4 million), in its
third quarter.
Net profit, however, fell by 85.4% to Rs 10.9 million
($200,000). Excel continues to maintain a provision of Rs 163
million ($3.2 million) for inventory items related to endosulfan.
Nine-month sales were down 14.3% to Rs 5,182.2 million
($101.5 million), while net profit dropped by almost two-thirds
to Rs 157 million ($3.1 million).
Excel will export 416 kilolitres of formulated product, worth
about Rs 7,200 million ($141 million), in the current quarter
following a Court ruling in December allowing the export of
existing stock of endosulfan formulations held by manufacturers
(Agrow No 631, p 19). To the extent export orders are received
in future, the remaining stock of formulations will be exported,
the company says.
6 www.agrow.com ©Informa UK Ltd 2012