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.
