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Rallis India reported a 20% fall in consolidated net sales for Dec'15 quarter at Rs 310.31 crore, largely due to lower international volumes and realizations. OPM was lower by about 170 bps to 11.3%, thus resulted in an OP de-growth of 30% to Rs 35.17 crore. Other income was down by 7% to Rs 0.81 crore. Interest costs was up by 41% to Rs 3.63 crore and depreciation was up by 11% to Rs 13.98 crore. Thus PBT was down by 49% to Rs 18.36 crore. After taking total tax credit of Rs 0.40 crore, PAT before MI stood at Rs 18.76 crore. After providing negative MI of Rs 1.65 crore, consolidated PAT for the Dec 2015 quarter stood at Rs 20.41 crore, down by 20% YoY.
Commenting on the performance and developments Mr. Shankar MD and CEO of Rallis India said "2015 has been a difficult year for farmers and farming, impacted by climatic turbulence. The quarter saw muted farmer sentiments due to reduced Kharif yields and lower prices of key crops. Deficiency in North East monsoon and lower levels of reservoirs across key Rabi crop growing States also affected the crop acreages and health.
Consequent drop in usage of crop protection solutions have impacted sales of some key Rallis brands for paddy and pulses.
The international business continued to face pressure in the major markets of Brazil and USA. Lower crop commodity prices and higher inventories affected consumption. We look forward to market picking up in first half of 2016-17."
Consolidated performance for 9 months ended Dec 2015
For the 9 months ended Dec'15, consolidated net sales were down by 14% to Rs 1279.59 crore. OPM was lower by 90 bps to 14.7%, further reducing OP by 19% to Rs 188.28 crore. Other income was up by 51% to Rs 4.91 crore. Interest costs were up by 39% to Rs 10.57 crore and depreciation was up by 6% to Rs 38.70 crore. Thus, PBT stood at Rs 143.92 crore, down by 25% YoY. After providing total tax of Rs 29.26 crore, PAT stood at Rs 114.66 crore. After providing MI of Rs 3.88 crore, consolidated PAT for 9 months ended Dec'15 stood at Rs 110.78 crore, down by 18% YoY.
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