The company’s revenue increased by 14 per cent over the previous year.
Agrochemical major, Rallis India announced the financial results of fourth quarter of FY2023. Company has reported revenue of Rs 523 crore in Q4FY23, an increase of 3 per cent over Q4FY22 of Rs 508 crore. The company’s exports recorded a revenue of Rs 979 crore in FY23. The company’s revenue increased by 14 per cent over the previous year. The Crop Nutrition business grew by 22 per cent. Domestic crop care business grew by 12 per cent and exports by 25 per cent during the year.
According to the release by the company, Seed’s revenue at Rs 345 crore was impacted mainly due to segmental shifts in Paddy and due to a supply shortfall in Maize.
- Q4FY23 summary
- Revenues of Rs 523 crore for Q4FY23, an increase of 3 per cent over Q4FY22 of Rs 508 crore
- Loss after tax (after exceptional items) was (Rs 69) crore for Q4FY23, as compared to loss after tax (after exceptional items) of (Rs 14) crore in Q4FY22.
- FY23 summary
- Revenues of Rs 2,967 crore for FY23, an increase of 14 per cent over FY22 of Rs 2,604 crore
- Profit after tax (after exceptional items) was Rs 92 crore in FY23, as compared to FY22 profit after tax (after exceptional items) of Rs 164 crore
Sanjiv Lal, Managing Director, and CEO, of Rallis India, said, “We have recognised a provision for slow moving/non-moving inventory Rs 52.8 crore and impairment in intangible assets Rs 30.4 crore. Work is underway to stabilise the business and improve its unit economics. The positive response to Diggaz, a cotton brand for North India, is encouraging.”
For FY24, there are forecasts of the likely onset of El Nino effects and efforts are underway to mitigate its business impact.
On a longer-term basis, our capex plans, new product introduction plans and demand generation investments remain on course. Our focus on Technology & Digital Transformation projects in our operations will continue.
This year marks the 75th Anniversary of Rallis’ incorporation. We want to thank all our stakeholders for supporting us in this journey. We have themed the milestone as ‘Rooted in Values. Seeding Growth’ and as we continue Serving Farmers through Science.”
