Tata Group company Rallis India today reported over 30 per cent growth in net profit at Rs 25.34 crore in the third quarter ended December 31 compared to the same period last year due to good monsoon and higher acreage.
The company's net profit stood at Rs 19.46 crore in the third quarter of 2015-16, the leading agrochemicals company said in a release here.
It recorded a 7.47 per cent growth in revenue at Rs 352.02 crore during Q3 compared to Rs 327.55 crore during the corresponding period last year.
"I am happy to report on improved performance over last year led by higher acreage in most crops. Northeast monsoon (Oct-Dec) was forecast to be normal but ended with 52 per cent departure, severely impacting key southern states. This affected sowing of paddy and coarse cereals.
"Yields are expected to be better and estimates point toward a record production. Our broad based portfolio of solutions and robust former relationship have been instrumental in driving our revenue growth during the quarter," Rallis Managing Director and CEO V Shankar said.
He said, despite market challenges and pricing pressure the company's quality of operations stood ground driven by strong brands and field activities.
"The recent set of products launched have received encouraging response from farmers. Our performance in the international business continues to be better than last year due to improving situation in key markets such as Brazil and strong demand for herbicides. With rabi acreages up, we look forward to a good season (of winter crops)," he added.
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