Rallis India surged 5.17% to Rs 227.70 after the company reported 25.9% rise in net profit to Rs 71.05 crore on a 30.7% rise in revenue to Rs 951.18 crore in the quarter ending 30 September 2022 as compared with the same period last year.
The Tata Group company said that margins impacted by competitive intensity and input cost inflation. On the segmental front, Crop Care segment recorded revenue growth of 18% YoY while the Seeds segment revenue was up by 12% YoY for the quarter.EBITDA increased by 34% to Rs 118 crore in Q2 FY23 from Rs 88 crore in Q2 FY22.
Profit before tax in Q2 FY23 stood at Rs 95.41 crore, up by 24.7% as against Rs 76.49 crore in Q2 FY22.
Sanjiv Lal, managing director, and CEO, Rallis India said, Our Q2 revenues grew 31% over last year on the back of 31% growth in the Crop Care business and 12% growth in Seeds. Within our Crop Care, exports grew by 67% and the domestic formulation business grew by 13% growth.
Despite the uneven distribution of monsoon, domestic business leveraged our geographic and portfolio diversity to achieve growth. While margins were satisfactory in the domestic business, international business margins were lower compared to Q2 of the previous financial year. Going forward, we continue to remain focused on our long-term growth plans of new product introduction and capital investment.
Rallis India is a subsidiary of Tata Chemicals and a part of the US$ 100+ billion Tata Group. It is one of India's leading Agro Sciences Companies, with the most comprehensive portfolio of products/solutions for Indian farmers. It has marketing alliances with several multinational agrochemical companies.
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