MUMBAI, 24 January 2024: Rallis India Limited, a TATA Enterprise and leading player in the Agri inputs industry, today reported its financial results for the quarter ended December 31, 2023.
Despite challenging external conditions:
Revenue of ₹598 crore for the quarter, down slightly from ₹630 crore in the previous year.
Profit after tax (after exceptional items) improved to ₹24 crore, compared to ₹22 crore in the previous year.
Domestic business maintained momentum with 7% volume growth.
Managing Director & CEO, Sanjiv Lal, highlighted:
Focus on optimizing working capital and margin improvement continues.
Global market demand remains cautious due to El Nino conditions and inventory overhang.
Long-term strategy remains focused on refreshing product portfolio, widening market reach, increasing manufacturing capacities, and digitalization.
Key developments:
Launched 3 new crop care products and 4 new seed products.
Commercial dispatches from new manufacturing facilities for an active ingredient and a formulation.
Construction of an integrated R&D facility to begin.
Expansion of Pendimethalin capacity planned.
Silver award in "ICAI Sustainability Reporting Awards FY23" for BRSR reporting.
Rallis India's performance demonstrates resilience amidst challenges in the global agro-chemical market. The company's emphasis on domestic growth, margin improvement, and strategic investments positions it well for future success.
