Rallis India gains on strong Q4 earnings

Fourth quarter net profit surged 50% to Rs 32 crore compared with Rs 21.2 crore in the same quarter last fiscal

Shares of Rallis India were up over 2% at Rs 198 on the Bombay Stock Exchange after the company reported 50% growth in consolidated net profit at Rs 32 crore for the quarter ended March 31, 2016 compared to Rs 21.2 crore in the same quarter last fiscal on the back of lower raw material costs.

Raw material costs for the fourth quarter decreased to Rs 106.8 crore compared with Rs 129.3 crore in the same quarter ended March 31, 2015.

Net sales for the fourth quarter were up nearly 9% at Rs 342 crore compared with Rs 314.8 crore in the same quarter ended March 31, 2015.

The stock opened at Rs 202 and touched a high of Rs 203. At 12:45pm, over 396,000 shares were traded on both the stock exchanges.