On a consolidated basis, Rallis India reported 2.25% decline in net profit to Rs 82.95 crore on 3% fall in revenue from operations to Rs 725 crore in Q2 September 2020 over Q2 September 2019.
Profit before tax (PBT) rose 4.6% to Rs 109.75 crore in Q2 September 2020 over Q2 September 2019. Total tax expense rose 33% to Rs 26.8 crore in Q2 September 2020 over Q2 September 2019. The result was announced during market hours today, 19 October 2020.
The company said it witnessed a moderate quarter-ending with 3% decrease in revenues YoY, despite strong domestic performance. Crop care segment grew by 8% YoY and seeds by 29%. However, international revenues were under pressure, recording a decline of 29%. EBITDA margins were stable.
Announcing the results, Sanjiv Lal, MD and CEO, Rallis India said, "Gradual return to normalcy and a good monsoon season have led to a favourable momentum for agricultural activities. Even though we are now in the Unlock phase, we continue to prioritise the safety and wellbeing of our employees. We have registered an 8% revenue growth during Q2 for domestic crop care business and a 29% revenue growth in seeds. Product specific challenges in the international business resulted in 29% YoY de-growth during Q2. Strong operating discipline resulted in improved cash from operating activities. Despite covid challenges, our capex program and focus on new product introduction remain on course."
Shares of Rallis India fell 0.7% to Rs 270.5 on BSE. Rallis India is a subsidiary of Tata Chemicals and a part of Tata Group. It is one of India's leading agro sciences companies.
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