New Delhi: Tata group firm Rallis India on Wednesday reported a 43 percent decline in its December quarter net profit at Rs 22.55 crore. The company's net profit stood at Rs 39.55 crore in the year-ago period, it said in a regulatory filing.
Revenue from operations marginally rose to Rs 630.39 crore during the October-December period compared to Rs 628.08 crore in the same period of the previous fiscal. (Also Read: Central Bank of India Q3 profit rises 64% to Rs 458 crore)
"Our third quarter revenues witnessed 0.3 percent growth over last year. This has been in the backdrop of erratic rainfall in the domestic market and headwinds in international business. (Also Read: SBI raises Rs 9,718 cr in second tranche of infra bonds)
During the quarter, our domestic crop protection business grew by 7.7 percent, crop nutrition business by 22 percent," Rallis India Managing Director and CEO Sanjiv Lal said.
Exports declined by 6.5 percent, primarily due to inventory build-up at the customer end, he added.
"Our long-term focus continues to be investing in growth through new product introduction, expanding our retail footprint, and investing in flexible multipurpose manufacturing plants for our new product pipeline," Lal added.
On Wednesday, shares of the company settled 2.66 percent down at Rs 245.50 apiece on the BSE.
