Sharda Cropchem reports net loss of Rs 88.6399 Cr in Q1 FY 2023-24  

The company has reported total income of Rs 663.7688 crores during the period ended June 30, 2023, as compared to Rs.844.7811 crores during the period ended June 30, 2022.

Agrochemical company, Sharda Cropchem Limited has reported Consolidated financial results for the period ended June 30, 2023.The company has reported total income of Rs 663.7688 crores during the period ended June 30, 2023 as compared to Rs 1488.8669 crores during the period ended March 31, 2023. The company has posted net profit / (loss) of Rs 88.6399 crores for the period ended June 30, 2023 as against net profit / (loss) of Rs 198.8348 crores for the period ended March 31, 2023.

The company has reported total income of Rs. 663.7688 crores during the period ended June 30, 2023 as compared to Rs.844.7811 crores during the period ended June 30, 2022.The company has posted net profit / (loss) of Rs 88.6399 crores for the period ended June 30, 2023 as against net profit / (loss) of Rs 22.6399 crores for the period ended June 30, 2022.

The company mentioned that raw material and finished goods sales price have reduced substantially. This has led to a stock revaluation as per Accounting Policy and has impacted the gross profit and profitability to the tune of Rs 71 crore.

The company’s revenue during the quarter declined 22.7 per cent year-on-year (YoY) to Rs 638 crore due to lower sales in Europe and the North American Free Trade Agreement (NAFTA) Region. The company said lower volumes in Europe and LATAM regions were on account of high inflation, ongoing recession and adverse weather conditions. It experienced significant decrease in product price realizations, especially in the US.

The company has reported total income of