Agri-chemicals firm Rallis India today said its consolidated net profit has increased 71.4 per cent to Rs 19.3 crore for the quarter ended March 31, 2014.
The Tata group firm company had posted a net profit of Rs 11.26 crore in the same period last year, Rallis India said in a statement.
Rallis India's revenues grew 16.3 per cent to Rs 331.46 crore in the said quarter from Rs 284.89 crore in the year-ago period.
The company board has recommended a final dividend of Rs 1.40 per share (Total Rs 2.40 per share).
"The quarter performance was driven by both increase in volumes as well as value improvements due to price adjustments necessitated by the cost increases through the year," Rallis said in a statement.
The margin improvement also reflected the gains from operating efficiencies, better cash management, tighter working capital control and lower interest costs, it added.
For the financial year ended March 31, 2014, net profit grew 71.4 per cent to Rs 152 crore, revenue rose 19.7 per cent at a new high at Rs 1,746 crore.
"I am pleased that the company has scaled a new milestone of Rs 1,800 crore in gross revenues. While this has been a good monsoon year overall, the rainfall conditions through the agricultural seasons have not been conducive throughout," Rallis India Managing Director and CEO V Shankar said.
On the non-pesticides portfolio (NPP), Shankar said the focus on new initiatives continued and the NPP portfolio contributing to over 30 per cent of the revenues.
"The company continued investments in strengthening its key brands (Mega Brands) and development of new solutions. The Innovation Turnover Index for the year stood at 15 per cent," he said.
