Company records Profit after tax (after exceptional items) of Rs 63 Crores in Q1 FY24 as compared to Rs 67 Crore of previous year.
Rallis India Limited, a TATA Enterprise and a leading player in the Indian agri inputs industry announced its financial results for the quarter ended June 30, 2023.
The Company recorded revenue of Rs 782 crores for the quarter ending June 30, 2023 vs Rs 863 Cr over PY. Profit before tax (before exceptional items) was at Rs 85 Crore as compared to PY of Rs 91 Crore and the Profit after tax (after exceptional items) was Rs 63 Crores, as compared to Rs 67 Crore of PY. During the quarter Company repaid Rs 25 Crore of working capital loan.
Announcing the results, Sanjiv Lal, Managing Director & CEO, Rallis India, said, “Crop Care Business has been affected by high market inventories, steep price drops and delayed onset of monsoon. Although our revenues for Q1 FY24 were lower at Rs 782 Crores vis-a-vis Rs 863 Cr of Q1 FY23, margins were largely maintained through better product mix and dynamic pricing actions. On the capex front, we are happy to announce that product trials on MPP commenced towards the end of Q1.
We remain cautious about the international market demand recovery during the second half of the year once the inventory situation gradually eases out. Sentiments for the domestic market are positive with the recent uptick in monsoons. We are also closely monitoring the impact of imminent El Nino conditions on the Indian market and farmers.
Notwithstanding the near-term challenges, the company’s long-term strategy remains unchanged, focused on increasing manufacturing capacities, product portfolio expansion and widening market reach”.
