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Rallis India reported a 3% fall in consolidated net sales for March'15 quarter to Rs 321.89 crore, largely due to lower domestic sales. On a lower base of Mar'14, OPM stood at 13.8% for Mar'15 quarter, up by 120 bps, thus resulted in an OP growth of 6% to Rs 44.40 crore. Other income was lower by 38% to Rs 0.91 crore. Interest costs was up by 15% to Rs 2.54 crore and depreciation was lower by 2% to Rs 13.21 crore. Thus PBT was up by 8% to Rs 29.56 crore. After providing total tax of Rs 8.31 crore, down by 11%, PAT before MI stood at Rs 21.25 crore. After providing MI of Rs 0.07 crore, consolidated PAT for the March 2015 quarter stood at Rs 21.32 crore, up by 10% YoY.
Commenting on the performance and developments Mr Shankar MD and CEO of Rallis India said "I am pleased that we crossed a new milestone of gross sales exceeding Rs 1900 crore for FY15. We faced unfavorable agro climatic conditions through both Kharif and Rabi seasons. The year saw farmer sentiments affected due to impacted crop yields coupled with lower prices of key crops. Crop acreages in Rabi also dropped in Andhra Pradesh, Maharashtra and Gujarat. Our strong brands and effective farmer relationship programs assisted us in upholding business performance. New launches of crop protection products notably Duton, Origin and Hunk have received encouraging responses from farmers. International business also contributed well despite softening in demand in some geographies. New hybrids launched of Corn and Paddy have been received well too. Our flagship Rallis Kisan Kutumba program received further impetus during the year with close contact activities on crop extension and agronomy programmes".
Consolidated Performance for the year ended March 2015
The consolidated net sales increased by 4% to Rs 1821.84 crore. The OPM was up by 20 bps to 15.2% largely due to lower raw material costs and better product mix. OP grew by 6% to Rs 277.14 crore.
The other income was down by 35% to Rs 4.16 crore. The interest cost was down by 20% to Rs 10.13 crore and depreciation was up by 22% to Rs 49.58 crore. PBT thus stood at Rs 221.59 crore, up by 3% YoY. After providing total tax of Rs 61.79 crore, flat on YoY, and MI of Rs 2.58 crore, PAT for Mar'15 stood at Rs 157.22 crore, up by 4% YoY.
The stock was trading at around Rs 221 at BSE.
The promoter holding in the company is at 50.09%.
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