Crop chemicals major Rallis India reported a net profit of ₹33 crore for the first quarter of the 2015-16 fiscal, down 10.8 per cent from the ₹37 crore it recorded during the corresponding period last fiscal.
The Tata Group enterprise pegged net sales at ₹464 crore for the quarter that ended in June as against ₹465 crore recorded at the same time last year, according to a company statement released on Friday.
“Metahelix, the seeds entity, registered a handsome sales growth of 26 per cent to scale ₹231 crore,” the statement added. Rallis India introduced two new molecules – Panida Grande and Mark – that are herbicides for cotton and soyabean respectively, during the quarter.
V Shankar, Managing Director and CEO, Rallis India, told BusinessLine that adverse climatic conditions like the drought in Brazil and lower commodity prices globally had impacted offtake of certain products, but sales were expected to pick up by the second quarter.
On the domestic market, Shankar said, “Positive rainfall in June was beneficial but July began with a dry spell for the first two weeks. Rainfall has picked up again and farmers in various regions are re-sowing tracts. Rain through August will determine how the Kharif season shapes up.”