Companies AGROW | No 633 | February 8th 2012 United Phosphorus posts 63% Q3 <strong>sales</strong> spurt United Phosphorus recorded an increase of 63.1% in agrochemical <strong>sales</strong> 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 <strong>sales</strong> of Rs 18,717 million ($367 million), which grew by 57.4%. Domestic <strong>sales</strong> accounted for a fifth of total revenues. Profit after tax on all <strong>sales</strong> was up by 62.8% to Rs 1,340 million ($26 million). Nine-month agrochemical <strong>sales</strong> grew by 43.7% to Rs 48,268 million ($946 million). Agrochemicals accounted for some 89% of total <strong>sales</strong> of Rs 54,148 million ($1,061 million), which grew by 43.7%. Profit after tax on all <strong>sales</strong> was up by 9.2% to Rs 3,725 million ($73 million). Domestic <strong>sales</strong> accounted for 27% of total nine-month revenues. North America made up 21%, Europe for 15% <strong>and</strong> the rest of the world accounted for the remaining 37%. United Phosphorus recorded an agrochemical <strong>sales</strong> increase of 9% to Rs 52,080 million ($1,020 million) in the financial year ended March 31st 2011 (<strong>Agrow</strong> No 616, p 3). Rallis’ Q3 <strong>sales</strong> up 19% Rallis India recorded an 18.6% increase in revenues to Rs 3,178.6 million ($62.3 million at the current rate) in its third quarter ended December 31st 2011. Sales were boosted by the acquisition of the Indian agricultural biotechnology company, Metahelix Life Sciences, in December 2010 (<strong>Agrow</strong> No 606, p 5). Hence, they are not comparable with the results of the previous year, the company says. Net profit for the quarter, however, fell by over 77% to Rs 76.6 million. Profit calculations included a non-recurring charge of Rs 242.4 million on account of costs relating to the shutdown of its manufacturing facility at Turbhe <strong>and</strong> a net foreign exchange loss of Rs 82.1 million. Nine-month revenues rose by over a quarter to Rs 10,395.1 million. Net profit was down by 16.7% to Rs 893 million. The company says that farm productivity was impacted despite increased acreages for wheat <strong>and</strong> rice because of erratic monsoon rainfall. Rallis India’s results (Rs million) Qtr ended December 31st 2010 ($ 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 (<strong>Agrow</strong> No 613, pp 4-5). Earnings before interest <strong>and</strong> 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% <strong>and</strong> EBIT in the range of DKK 300-400 million ($52-70 million – <strong>Agrow</strong> 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, <strong>and</strong> 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 <strong>and</strong> 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 <strong>and</strong> <strong>sales</strong> of the insecticide/acaricide, endosulfan, by an Indian Supreme Court ruling in May (<strong>Agrow</strong> No 616, p 23). The active ingredient normally accounted for a third of <strong>sales</strong> <strong>and</strong> 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 (<strong>Agrow</strong> 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 <strong>sales</strong> 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 (<strong>Agrow</strong> 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
AGROW | No 633 | February 8th 2012 Companies ©Informa UK Ltd 2012 www.agrow.com 7
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