Zuari Agro Q2 net plunges 86 percent on fall in sales

New Delhi, Oct 30 (IANS) Zuari Agro Chemicals (ZACL) on Friday reported an 86 percent drop in net profit for the second quarter at Rs.3.12 crore, owing to a decline in sales, as against Rs.21.95 crore in the same period a year ago.

Zuari Agro’s net sales during quarter in question increased to Rs.1,327.17 crore from Rs.1,555.30 crore in the corresponding period last year, the company said in a stock exchange filing.

During the last quarter, ZACL invested Rs.16.69 crore in the equity of MCA Phosphates – a joint venture firm with Japan’s Mitsubishi Corporation, the statement said.

The Zuari stock closed on Friday at Rs.157.80 a share, which was 2 points, or 1.25 percent, lower than its previous close on the Bombay Stock Exchange.

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