The FINANCIAL — Rallis India, a Tata Enterprise and a leading player in the Indian crop protection industry announced its financial results for the quarter ended June 30, 2015.
During the quarter ending June 30, 2015, Rallis India registered net sales of Rs464 crore (Rs465 crore previous year). Profit after tax (PAT) at Rs. 33 crore (Rs37 crore previous year).
Metahelix, the seeds entity registered a handsome sales growth of 26 percent to scale Rs231 crore.
Commenting on the performance and developments, V Shankar, managing director and CEO, Rallis India said, “The domestic season commenced well in the latter half of June and also now in July with good rainfall in most parts of the country. Sowing of crops picked up well and a positive sentiment has developed amongst farmers across the country, according to Tata Sons Ltd.
Due to adverse climatic conditions and lower crop commodity prices globally, there has been lower requirement of certain products in the international market. This impacted the offtake of some key products and we expect to pick up in the second half of the year.
During the quarter, the company had also introduced two new molecules ‘Panida Grande’ and ‘Mark’ both pre-emergent herbicides in cotton and soybean segment respectively. I am happy that our seeds business is scaling up satisfactorily with smart gain over last year and making its mark in the markets, which reinforces Rallis strategy towards building a non-pesticides portfolio.”
Despite excess rainfall in June, currently India is facing a cumulative deficit in rainfall due to the long dry spell in July; though the situation is seen to be improving due to good rainfall in the last few days. The progress of the monsoon in the rest of July and August will be an important determinant on how the overall kharif season shapes up.
The company continues to make its investments in strengthening its market reach and farmer connect through its flagship programme Rallis Kisan Kutumba. Well poised products of Rallis, driven with customer focus strategy will give good mileage for the rest of year.