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Rallis India reported a 11% increase in consolidated net sales for Sep 18 quarter at Rs 653.81 crore. OPM was lower by 190 bps to 18.9%, thus restricting the OP growth to 1% to Rs 123.37 crore. Other income was up by 165% to Rs 8.89 crore. Interest costs was up by 12% to Rs 0.87 crore and depreciation was lower by 5% to Rs 11.96 crore. After providing total tax of Rs 34.34 crore and loss of MI of Rs 14 lakh, consolidated PAT for the Sep 18 quarter stood at Rs 85.23 crore, up by 10% YoY.
Commenting on the performance and developments, Mr. V Shankar, Managing Director and CEO, Rallis India said, "I am pleased to share our good performance across business segments despite the erratic South-West monsoon this Kharif. Though classified normal at a deficit of 9.4% against Long Period Average, only 68% of area received normal rainfall. Cropping acreages were lower by 2% over last year.
We experienced continuous dry spell in July, followed by cyclone (Cyclone Daye) and deluge in few States. Our close working with farmers through our Rallis Samrudh Krishi® (RSK) providing knowledge, products and information to deliver better value out of crops, delivered robust growth in the domestic space. This despite market challenges, increased raw material prices with pricing pressure and fluctuating commodity prices.
Our performance in the International business was good due to improving situation in key markets such as Brazil and a strong demand for herbicides. I do hope with a normal forecast for Northeast monsoon and improved reservoir water level we have a better Rabi season.
Rallis Samrudh Krishi®(RSK) intends to create value to farmers through close field level working disseminating the right growing practices, products and information. This leads to a better quality crop along with optimized cost and delivering improved yields e-interventions - Drishti. Samadhan & Sampark are key enablers in the execution. Drishti provides Predictive advisory services-accurate pest forecast (critical pest only, where support is a delight factor), Samadhan app gives access to farmers for Customized package of practices, weather forecast, latest update on crop output prices. flash news on agriculture. connect to our expert for problem solving etc. Sampark app gives access to our field force on complete crop practices besides full detail on our portfolio of solutions."
Performance for 6 months ended Sep 18
Net sales for 6 months ended Sep 18 stood at Rs 1226.92 crore, up by 19% YoY. OPM was lower by 160 bps to 16.8% restricting the OP growth to Rs 206.51 crore up by 8%. Other income was up by 75% to Rs 13.80 crore. Interest cost was lower by 8% to Rs 1.77 crore and depreciation was lower by 2% to Rs 23.50 crore which thus resulted in a 12% increase in PBT to Rs 195.04 crore. After paying total tax of Rs 55.37 crore and MI of Rs 14 lakh, consolidated PAT for the 6 months ended Sep 18 stood at Rs 139.97 crore, up by 14% YoY.
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