Rallis India reported a net profit of Rs 82 crore for the quarter ended September 2023, an increase of 13.8 per cent over same period last year’s Rs 72 crore on lower expenses. The company’s revenues for the quarter fell 12.5 per cent to Rs 832 crore over corresponding last year’s Rs 951 crore on weak exports and falling prices.

Announcing the results, Sanjiv Lal, Managing Director & CEO, Rallis India, said, “Our revenue has been affected by weak exports demand, falling prices and erratic rainfall in domestic market. Although our revenue for Q2 FY24 was lower at Rs 832 crore versus Rs 951 crore of Q2 FY23, margins have improved through better product mix and cost optimisation activities across businesses. Our Crop care revenue was Rs 737 crore versus Rs 923 crore in the previous year, mainly due to lower exports. The seeds business did well through improved sales and strong performance for our cotton hybrids in particular.”

“Amidst El Nino conditions, we remain cautious about the domestic and international markets. Global agrochem demand continues to remain soft on the back of inventory overhang and lower prices and revival is expected only after Q3 FY24. The company’s long-term strategy remains unchanged, focused on expansion of product portfolio, widening of market reach, increasing manufacturing capacities and digitalisation in operations,” Lal said.

Rallis India continues its focus on refreshing its domestic crop care portfolio and launched 8 new products during the quarter. The company’s multi-purpose plant has commenced production of technical “Difencanozole”. Cotton hybrids, Diggaz and Aatish, have registered significant growth in North India and Maharashtra & South cotton belt respectively.

For the first half of current fiscal, Rallis posted a net profit of Rs 145 crore over same period last year’s 139 crore. Revenues for the first half fell to Rs 1614 crore from same period last year’s Rs 1814 crore.

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