Rallis India reports Q1 FY24 PAT at Rs. 63 Cr

Rallis India reports Q1 FY24 PAT at Rs. 63 Cr

Sentiments for the domestic market are positive with the recent uptick in monsoons

  • By ICN Bureau | July 17, 2023

Rallis India Limited, a TATA Enterprise and a leading player in the Indian agri inputs industry, recorded revenue of Rs. 782 crore for the quarter ending June 30, 2023 compared to Rs. 863 crore during the corresponding quarter previous year. Profit before tax (before exceptional items) was at Rs. 85 crore as compared to previous year of Rs. 91 crore and the Profit after tax (after exceptional items) was Rs. 63 crore, as compared to Rs. 67 crore of previous year.

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 crore vis-a-vis Rs. 863 crore 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”.

Key Developments

Successful New Products Launches:

  • 3 Insecticides viz. Gateway SC (Chlorantraniliprole 18.5% SC), Gateway GR (Chlorantraniliprole 0.4% GR) and Boris super (Pyriproxyfen 8% + Diafenthiuron 30% SE)
  • 1 Water Soluble Fertilizer product - AQUAFERT Tomato Grade under Crop Nutrition
  • 4 new products - 9279 (Maize), 9339 (Maize), 8375 (Paddy), Bigex (Cotton) under Seeds

* Future-ready multi-purpose formulation plant at Dahej has commenced trial batches production. A new plant at Akola inaugurated for Pendi CS

* Cotton hybrid, Diggaz, has received a good response from the North Indian cotton belt with 4 lakh packets expected liquidation vs 1.5 lakh packets of PY

* “Agaz-e-Kharif" campaign was launched to educate farmers of Punjab and Haryana about its key products and creating demand for them

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