New Delhi: Tata group firm Rallis India on Wednesday reported a 43 per cent decline in its December quarter net profit at Rs 22.55 crore. The company’s net profit stood at Rs 39.55 crore in the year-ago period, it said in a regulatory filing.
Revenue from operations increased marginally to Rs 630.39 crore during the October-December period as compared to Rs 628.08 crore in the same period last fiscal. ,Also read: Central Bank of India’s third quarter profit up 64% at Rs 458 crore,
“Our third quarter revenue has witnessed a growth of 0.3 per cent over the previous year. This is against the backdrop of erratic rainfall in the domestic market and headwinds in the international business. (Also read: SBI raises Rs 9,718 crore in second tranche of infra bonds,
Sanjeev Lal, Managing Director and CEO, Rallis India, said that during the quarter, our domestic crop protection business grew by 7.7 per cent, crop nutrition business by 22 per cent.
He said exports declined by 6.5 per cent, mainly due to inventory build-up at the customer end.
“Our long-term focus continues to be investing in growth through introducing new products, expanding our retail footprint and investing in flexible multi-purpose manufacturing plants for our new product pipeline,” said Lall.
On Wednesday, the company’s shares closed at Rs 245.50, down 2.66 per cent, on the BSE.