Rallis, a Tata Group entity, today posted 58.9% increase in its net profit for Q1 FY12 at Rs 23.12 crore mainly on the back of contribution by its newly-acquired subsidiary Metahelix Life Science.
Its net profit for the period April-June last year was Rs 14.55 crore.
The company reported a 46.54% rise in its revenues for the quarter at Rs 297.51 as against Rs 203.02 crore in the year-ago period.
"We are satisfied with the performance as we have recorded the highest ever revenues in a single quarter. The achievements of the newly acquired Metahelix is also reflecting in our consolidated results. Hence, the Q1 consolidated results cannot be a direct reflection of Rallis' performance in the quarter as compared to Q1 FY11," the company's Managing Director and CEO V Shankar told reporters here.
The company had acquired Metahelix, an ag-biotech company focusing on developing technologies for crop improvement, in December last year. Metahelix has contributed nearly 24% of the revenues, as per the standalone results of the company.
"The robust performance in all our business segments including crop protection and seeds is satisfactory. The crop protection business recorded healthy growth in both revenues and profits," he said.
The satisfactory progress of the monsoon in July have enabled the sowings and crop acreages to improve in cotton, groundnut, pulses etc, he said.