Performance for the 6 months ended Sep'16

For the 6 months ended Sep'16, consolidated net sales was up by 15% to Rs 998.82 crore OPM was higher by 100 bps to 18% resulting in a 22% increase in OP to Rs 179.39 crore. Other income was up by 28% to Rs 5.71 crore. Interest cost was lower by 50% to Rs 3.44 crore and depreciation was lower by 3% to Rs 23.45 crore, thus resulting in a PBT before EO of Rs 158.21 crore. There was an EO income of Rs 158.39 crore for the 6 months ended Sep'16 as compared to Nil for 6 months ended Sep'15. EO comprises of profit on assignment of leasehold rights to a plot of land in MIDC area, Navi Mumbai to Ikea India Pvt ltd. The profit is net of costs including a premium levied under the repealed urban land act. After paying total tax of Rs 75.88 crore, PAT before MI stood at Rs 93.17 crore. After providing MI of Rs 5.53 crore, consolidated PAT for the 6 months ended Sep'16 stood at Rs 240.91 crore, up by 175% YoY.

Commenting on the performance and developments Mr. Shankar MD and CEO of Rallis India said "I am happy to report an improved performance on the back of a normal monsoon during the Kharif season. While the distribution was not particularly even, with long dry spells coupled with floods in some areas, the cropping acreages has been up in most crops. Yields are expected to be better and estimates point towards a record Kharif production. Our broad portfolio of solutions and robust farmer relationship has been instrumental in driving our revenue growth during the quarter. Despite market challenges and pricing pressure our quality of operations stood ground driven by our strong brands and field activities".

During the quarter we introduced Epic (fungicide with WDG formulation for the management of sheath blight and sheath rot in Paddy) and Quest a speciality insecticide for the management of White flies in cotton) which have received encouraging responses from farmers. Our performance in the international business was also buoyed by the improving situation in key markets such as Brazil and strong demand for herbicides.

Our focus on working capital and costs continued reflecting the improved quality of operations as well as higher cash generation and lower finance costs. I do expect with improved reservoir water level and good farmer sentiments we would have a better Rabi season. "

Consolidated performance for 12 months ended March 2016

For the 12 months ended Mar'16, consolidated net sales were down by 11% to Rs 1627.87 crore. OPM was lower by 110 bps to 14.1%, further reducing OP by 17% to Rs 230.17 crore. Other income was up by 228% to Rs 13.66 crore. Interest costs were up by 34% to Rs 13.55 crore and depreciation was lower by 10% to Rs 44.59 crore. Thus, PBT stood at Rs 185.69 crore, down by 16% YoY. After providing total tax of Rs 38.96 crore, PAT stood at Rs 146.73 crore. After providing MI of Rs 3.70 crore, consolidated PAT for 12 months ended Mar'16 stood at Rs 143.03 crore, down by 9% YoY.