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Rallis India reported a 7% increase in consolidated net sales for Sep'14 quarter to Rs 641.94 crore, aided by growth in the international operations business. With OPM remaining flat at 19%, OP stood at Rs 121.89 crore, up by 7% YoY. Other income was lower by 69% to Rs 0.77 crore and interest costs was down by 34% to Rs 2.55 crore, resulting PBDT of Rs 120.11 crore, up by 6% YoY. Depreciation was up by 44% to Rs 12.66 crore, and with total tax being up by 11% to Rs 34.61 crore, PAT before MI stood at Rs 72.84 crore with was flat on YoY basis. After providing Minority income of Rs 0.59 crore as compared to Minority Income of Rs 1.96 crore for Sep'13 quarter, PAT for Sep'14 quarter was down by 2% to Rs 73.43 crore.
Commenting on the performance and developments Mr Shankar MD and CEO of Rallis India said "I am pleased that we have recorded good performance across our business segments despite the erratic South West monsoon this Kharif. The long draught like spell followed by heavy rains in certain areas did not augur well for the normal cropping pattern affecting yields and farm incomes. Our strong brands and effective farmer relationship programs drove our market performance along with the new product introductions notably ORIGIN and HUNK in Q2. The industry faced inventory and pricing pressures due to uneven rainfall and the overall shift in the season. We continued with our focus on working capital and placing stocks to align with market requirements. With the revival in activity in the month of September our business performed well across Seeds and Crop protection portfolios. International business continued to contribute well. The reservoir levels are up and we do look forward to a better Rabi season. "
Consolidated Performance for the half year ended Sep 2014
The consolidated net sales for half year ended Sep'14, were up by 9% to Rs 1110.48 crore on y.o.y basis. On a lower base of last year, the OPM was up by 110 bps to 17%, thus OP stood at Rs 188.28 crore, up by 17% YoY.
Other income was down by 30% to Rs 2.39 crore. Interest cost was down by 31% to Rs 5.01 crore and depreciation was up by 68% to Rs 29.76 crore. This resulted in PBT of Rs 155.90 crore, up by 11% YoY. Total tax was up by 20% to Rs 40.65 crore, After providing MI of Rs 4.84 crore, up by 25% y.o.y, the consolidated PAT for half year ended Sep'14, stood at 110.41 crore, up by 8% y.o.y.
Consolidated Performance for the year ended March 2014
The consolidated net sales increased by 20% to Rs 1746.56 crore. The OPM was up by 30 bps to 15% largely due to lower raw material costs and better product mix. OP grew by 22% to Rs 261.28 crore.
The other income was down by 46% to Rs 6.38 crore. The interest cost was down by 32% to Rs 12.60 crore and depreciation was up by 29% to Rs 40.66 crore. PBT thus stood at Rs 214.40 crore, up by 21% YoY. There is a forex loss of about Rs 4.30 crore in FY'13. After providing total tax of Rs 61.73 crore, up by 15% YoY, and MI of Rs 0.80 crore, PAT for Mar'14 stood at Rs 151.87 crore, up by 28% YoY.
The company declared an Interim dividend of Rs 1 per share for FY 2014-15.
The stock was trading at around Rs 210 at BSE.
The promoter holding in the company is at 50.09%.
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