').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Chambal Fertilisers Reports 26% Slump In Q3 Profits On Weak Demand
(Reuters) - India's Chambal Fertilisers and Chemicals Ltd reported a near 26% slump in quarterly profit on Tuesday after a weak demand due to erratic monsoon led to a pile-up of unsold stock.
Topics
Chambal Fertilisers | monsoons | Chambal Fertilisers & Chemicals
(Reuters) - India's Chambal Fertilisers and Chemicals Ltd reported a near 26% slump in quarterly profit on Tuesday after a weak demand due to erratic monsoon led to a pile-up of unsold stock.
The agro-products manufacturer's consolidated net profit fell to 3.24 billion rupees ($39.18 million) for the three months ended Dec. 31, from 4.35 billion rupees a year earlier.
The company, like its peers, has been hit by the extended monsoon that led to crop damage and the need for lower levels of pest control.
Total expenses rose 84% to 78.24 billion rupees, mainly as inventory costs skyrocketed to 20.16 billion rupees from 2.33 billion rupees a year earlier.
The company's revenue from operations fell 75% to 82.96 billion rupees during the quarter.
The fertiliser maker's shares, which dropped 21% in 2022, fell as much as 3.4% to 284.25 rupees, lowest in over one month, after the results were reported.
($1 = 82.6930 Indian rupees)
(Reporting by Kashish Tandon; Editing by Sohini Goswami)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Tue, February 07 2023. 16:15 IST
RECENT NEWS
Stablecoin The Future Of Currency?
The payments system is undergoing a quiet but consequential shift. What was once the exclusive preserve of central banks... Read more
BoE Loosens Capital Rules
The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more
Monzo Looks For US Banking License
Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more
Crypto Firms Push Into US Banking
America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more
Parallel Banking: Stablecoins Are Now Global
Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more
JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity
JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more