Rallis India Q1 net profit surges four-fold at 174.2 crore

Tata group's agri-input firm Rallis India today reported four-fold jump in consolidated net profit at Rs 174.20 crore for the quarter ended June 30, 2016.
The company had posted a net profit of Rs 42.39 crore in the year-ago period.
Total income increased to Rs 469.61 crore during the period from Rs 438.72 crore in the corresponding period of the previous year, Rallis India said in a filing to the BSE.
The company's net profit rose sharply on account of an exceptional profit of Rs 158.39 crore during the April-June quarter, comprising sale of leasehold rights of land in Navi Mumbai to Ikea India Pvt Ltd.

In March, Rallis India entered into an agreement with IKEA India to transfer its leasehold right over a land parcel in Mumbai for a consideration of nearly Rs 214 crore.
Rallis India is a subsidiary of Tata Chemicals with business presence in the farm essentials vertical. It is into seeds, agro-chemicals, plant growth nutrients and agri-services.