Rallis India is trading higher by 3% at Rs 224 on NSE after reporting a strong 35% year on year (yoy) growth in consolidated net profit at Rs 42 crore the quarter ended June 2014 (Q1). The company engaged in agrochemicals business had profit of Rs 33 crore in the same quarter last year.
The company’s revenue during the quarter under review grew 14% to Rs 465 crore from Rs 409 crore in the corresponding quarter last year.
On standalone basis, net profit has more than doubled to Rs 13 crore in the first quarter of current fiscal as against Rs 6 crore in previous year quarter.
“The onset of monsoon was delayed and thereafter did not progress well, leading to rainfall deficiencies in most parts of the country. As a result the crop sowing is trailing severely in comparison to the field activity sometime last year,” Rallis India said in a release.
The stock opened at Rs 224 and hit a high of Rs 226 on NSE. A combined 630,000 shares changed hands on the counter so far on NSE and BSE.
The company’s revenue during the quarter under review grew 14% to Rs 465 crore from Rs 409 crore in the corresponding quarter last year.
On standalone basis, net profit has more than doubled to Rs 13 crore in the first quarter of current fiscal as against Rs 6 crore in previous year quarter.
“The onset of monsoon was delayed and thereafter did not progress well, leading to rainfall deficiencies in most parts of the country. As a result the crop sowing is trailing severely in comparison to the field activity sometime last year,” Rallis India said in a release.
The stock opened at Rs 224 and hit a high of Rs 226 on NSE. A combined 630,000 shares changed hands on the counter so far on NSE and BSE.