 "Rallis India's arm Metahelix forms JV in Indonesia for seeds business")
Rallis India, a subsidiary of Tata Chemicals, on Monday posted a 2 per cent decline in consolidated profit after tax (after exceptional items) to Rs 83 crore during the September 2020 quarter.
The company's profit after tax stood at Rs 85 crore during the corresponding period of 2019-20, Rallis India said in a statement.
The firm's consolidated revenue fell 3 per cent during July-September 2020 to Rs 725 crore, compared with Rs 749 crore in the year-ago period.
Rallis IndiaManaging Director and CEO Sanjiv Lal said, "Gradual return to normalcy and a good monsoon season have led to a favourable momentum for agricultural activities."
He added that even though we are now in the unlock phase, the company continues to prioritise the safety and well-being of its employees. "We have registered an 8 per cent revenue growth during the second quarter for domestic crop care business and a 29 per cent revenue growth in seeds."
Product-specific challenges in the international business resulted in a contraction of 29 per cent year-on-year, he said.
"Strong operating discipline resulted in improved cash from operating activities. Despite COVID-19 challenges, our capex (capital expenditure) programme and focus on new product introduction remain on course," he added.
In the first half of the financial year, the company witnessed a 21 per cent growth in profit after tax (after exceptional items)at Rs 175 crore, compared with Rs 145 crore.
Rallis India recorded a 1 per cent growth in its consolidated revenues during the first half of 2020-21 to Rs 1,388 crore, compared with Rs 1,372 crore.
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