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Agri solutions provider Rallis India, a Tata enterprise, on Monday said it narrowed its losses to Rs 21 crores during the March quarter.
The company has reported a loss of Rs 69 crore during the corresponding quarter of the previous financial year, Rallis India said in a regulatory filing.
Revenue from operations of the company declined 16.63 per cent during the quarter under review to Rs 436 crore compared to Rs 523 crore in the same period of the previous year.
However, for the entire FY24, the company's net profit was Rs 148 crore compared to Rs 92 crore in FY23.
Revenue from operations of the company dipped 11.82 per cent to Rs 2,642 crore in FY24, compared to Rs 2,967 crore in the previous fiscal.
"Our net profit in FY24 is Rs 148 crore compared to Rs 92 crore for FY23. We reported revenue at Rs 2,648 crore in FY24, lower by 11 per cent over the previous year in the backdrop of continuing challenges in the exports demand and low agro-chemical prices," Rallis India Managing Director and CEO Gyanendra Shukla said.
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The company's exports business declined 35 per cent and the market continued to be under pressure due to geopolitical unrest and continuing de-stocking, he said.
"On a long-term basis, we remain focused on improving our market position through superior product offerings to solve farmer needs. We will continue our investment behind marketing, manufacturing, and digitisation capabilities to build differentiation," Shukla added.
Shares of the company on Monday closed at Rs 282.70, up 0.55 per cent on the BSE.
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