Rallis India consolidated Q2 PAT down 32.53 pc at Rs 56 cr

Rallis India, a Tata group company, on Tuesday reported a 32.53 per cent decline in consolidated profit after tax (after exceptional items) during the quarter ending September 30, to Rs 56 crore mainly due to erratic monsoon season.

The PAT for the corresponding quarter of the previous financial year stood at Rs 83 crore, Rallis India said in a statement.

The company recorded a modest growth of 0.4 per cent in revenue during the quarter under review at Rs 728 crore compared to Rs 725 crore in the same period of 2020-21.

"The erratic monsoon season this year was not favourable to agri input companies in the last quarter. In this backdrop, our domestic crop care business grew by 3 per cent, but the seeds business declined by 65 per cent.

"The drop in the seeds business was due to the changes in cropping patterns witnessed across the country as well as the proliferation of spurious cotton seeds. The overall good cumulative rainfall witnessed in Kharif also augurs well for the upcoming Rabi agricultural season," Rallis India Managing Director and CEO Sanjiv Lal said.

Meanwhile, the company's efforts towards dealing with logistic issues helped in exports delivering growth of 22 per cent during the quarter, he said.

"The raw material situation continues to be tough and we are focussed on minimising the disruptions to our production as much as possible. On a longer term basis, our capex plans, new product introduction plans, and demand generation investments remain on course as we do believe that normalcy will be restored progressively," he added.

Shares of the company on Tuesday closed at Rs 303.70, down 4.95 per cent on BSE.

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