Rallis India Q1 results: Net profit falls 10% to Rs 82 crore

1 week ago 8

NEW DELHI: Tata group firm Rallis India Ltd on Wednesday reported a 10 per cent decline in its consolidated net profit to Rs 82.34 crore for the first quarter ended June 30.

Its net profit stood at Rs 91.87 crore in the year-ago period.

The total income, however, rose to Rs 747.50 crore in the first quarter of this fiscal from Rs 674.45 crore in the year-ago period, according to a regulatory filing.

Sanjiv Lal, Managing Director and CEO, Rallis India, said, “India has witnessed an erratic monsoon this year, but with its revival, we can expect the agricultural activities to pick up the pace".

"Q1 witnessed the second wave of COVID-19 that impacted our business to some extent and we continued to navigate our business with the principal focus firmly being on employee safety."

Despite these challenges, he said, the company has registered a 31.2 per cent revenue growth for the domestic crop care segment and a 3.1 per cent increase in revenue from seed business in Q1.

"Going forward, we will continue to focus on leveraging opportunities by making investments in new product introduction, manufacturing, R&D and automation," Lal said.

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