Rallis India shares tumble over 6% after Q2 earnings

Shares of agrochemicals firm Rallis India on Wednesday tumbled over 6 per cent after the company reported a 32.53 per cent decline in consolidated profit after tax (after exceptional items) during the quarter ending September 30.

The stock declined 6.10 per cent to Rs 285.15 on BSE.

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On NSE, it tumbled 6.28 per cent to Rs 285.

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 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.

At 12.45 PM on Wednesday. the share price of Rallis India Limited was at 281.50 after falling for 22.60 (7.43 per cent) at intraday's trade.