MUMBAI, 22 July 2020: Mumbai based leading agri inputs player, Rallis India Limited, a TATA Enterprise have posted an 53 percent increase in profit after tax (PAT) at 92 crore for the first quarter ended 30 June 2020, as compared to INR 60 crore recorded during the last Q1 period..
During the Q1 period, company’s consolidated revenue was also up by 6 percent to INR 663 crore, as compared to INR 623 crore recorded during the same quarter last fiscal year.
Profit before tax (before exceptional items) was at INR 120 crore, a growth of 38 percent over last Q1 period at INR 87 crore, the company said in a statement.
Announcing the results, Sanjiv Lal, Managing Director and CEO, Rallis India said, “With timely arrival of the monsoons and positive farmer sentiment, agricultural activity has picked up well. With the ongoing pandemic situation, we are taking all the safety measures at the organisation level as per government guidelines.
"We have registered a 13.5 percent revenue growth during Q1 for domestic crop care business on account of robust demand and a 3 percent revenue growth in seeds sales over the previous year despite the challenges faced. Going forward, we expect the domestic demand to remain buoyant for crop care products and exports to gradually pick up as well.”
During the quarter, the company launched 4 new hybrids that includes two maize, one bajra and one chilli.
The company said that it has strong focus on ensuring availability of products at the retail end - raw material sourcing, production, logistic, dependence on multiple vendors/service providers for packing/processing/production.
Collection focused initiatives have supported strong performance on collections in both seeds and crop care, recording the highest ever in Q1.
Capex program, generally on course, although delayed due to Covid lockdown effect. Metribuzin 500 MTPA commissioned in July, although production is likely to be low due to market softness. New Formulation plant is expected to be commissioned in phases in December 2020 and March 2021, the company statement said.
