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Zuari Agro Chemicals today 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 per cent to settle at ₹185.05 on BSE today.
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