Rallis India shares were up 1.4 percent up at Rs 213.65 at 9.54 am despite the company reporting a 5-percent dip in its net profit numbers. Rallis India’s net profit fell 5 percent year-on-year to Rs 63 crore in the April-to-June quarter. The company's revenue from operations also declined 9 percent to Rs 782 crore in QIFY24 as compared to the same period a year ago.
Rallis India’s profit numbers were pulled down by its crop care segment, which procured low business on account of delayed monsoons and easing fertiliser costs. “Crop care business has been affected by high market inventories, steep price drops, and delayed onset of monsoon," said Sanjiv Lal, managing director and chief executive officer of Rallis India, when the results were announced.
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The crop care segment manufactures insecticides, pesticides, herbicides, and bio-pesticides. Revenue from the crop care business fell 9 percent year-on-year in Q1FY24, the company said in its analyst call presentation.
The shares have gained almost 10 percent in the last one month.
Rallis India, a subsidiary of Tata Chemicals, is a solutions provider for agri-inputs. It manufactures and markets a range of agri-inputs, which include pesticides, fungicides, insecticides, seeds, and plant growth nutrients.
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