 "Rallis India")
Rallis India, a subsidiary of Tata Chemicals, on Tuesday reported a loss of Rs 69.13 crore during the quarter ending March 31.
The company had reported a loss of Rs 14.13 crore during the corresponding quarter of 2021-22, Rallis India said in a regulatory filing.
Revenue from operations of the company witnessed a growth of 2.97 per cent during the quarter under review at Rs 522.62 crore compared to Rs 507.54 crore in the same period of the previous fiscal.
For the entire fiscal year 2022-23, the company witnessed a 45.68 per cent decline in net profit at Rs 91.94 crore compared to Rs 164.27 crore in FY22.
Revenue from operations of the company grew by 13.94 per cent to Rs 2,966.97 crore in FY23, compared to Rs 2,603.93 crore in 2021-22.
"The company delivered 14 per cent revenue growth over the previous year despite multiple headwinds. Our domestic crop care business grew by 12 per cent and exports by 25 per cent during the year. Exports recorded a revenue of Rs 979 crore in FY23," Rallis India Managing Director and CEO Sanjiv Lal said.
He said, the crop nutrition business of the company grew by 22 per cent, while its seeds business revenue was flat vs last year.
Seeds revenue at Rs 345 crore was impacted mainly due to segmental shifts in paddy and due to supply shortfall in maize, he stated.
"We have recognised provision for slow-moving inventory Rs 52.8 crore and impairment in intangible assets Rs 30.4 crore. Work is underway to stabilise the business and improve its unit economics. The positive response to Diggaz, a cotton brand for North India, is encouraging," Lal said.
For FY24, there are forecasts of the likely onset of El Nino effects and efforts are underway to mitigate its business impact, he said.
"On a longer-term basis, our capex plans, new product introduction plans and demand generation investments remain on course. Our focus on technology and digital transformation projects in our operations will continue," he added.
Shares of Rallis India on Tuesday closed at Rs 199.25, up 0.03 per cent on BSE.
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