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Rallis India reported a 9% rise in consolidated net sales for Sep 17 quarter at Rs 587.87 crore. OPM was higher by 150 bps to 20.8%, resulting in OP increase of 18% to Rs 122.49 crore. Other income was down by 11% to Rs 3.35 crore. Interest costs was lower by 31% to Rs 0.78 crore and depreciation was higher by 14% to Rs 12.58 crore. After providing total tax of Rs 35.23 crore and loss of MI of Rs 15 lakh, consolidated PAT for the Sep 17 quarter stood at Rs 77.40 crore, up by 16% YoY.
Commenting on the performance, Mr. V Shankar MD and CEO said, "The Southwest Monsoon on cumulative basis was near normal at 95% of long period average, but only 65% of area received normal rainfall. Cropping acreages however were nearly same as last year, except cotton. Our broad based portfolio of solutions and robust farmer relationship has driven our revenue growth during the quarter. A combination of right product mix as well as cost control measures had resulted in healthier quality of operations during the quarter.
Rallis Samrudh Krishi endeavors was rolled out all over the country supported by a slew of digital initiatives. During the quarter, we introduced three new products Cenator (fungicide for the management of sheath blight in Paddy), Pulito (a broad spectrum fungicide on fruits and vegetables) and Odis (a broad spectrum insecticide for the management of sucking pest) which have started to receive encouraging response 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. We also witnessed a positive impact of advancing of some orders to the second quarter.
I do hope with normal forecast for Northeast monsoon and improving reservoir water level, we would have a better Rabi season. "
Performance for H1 ended Sep 17
Net sales for H1 ended Sep 17 stood at Rs 1029.70 crore, up by 4% YoY. OPM was up by 40 bps to 18.6% resulting in a 7% increase in OP to Rs 191.90 crore. Other income was up by 38% to Rs 7.89 crore. Interest cost was lower by 44% to Rs 1.93 crore and depreciation was higher by 3% to Rs 24.04 crore which thus resulted in a 10% increase in PBT before EO to Rs 173.82 crore. There was an EO income of Rs 158.39 crore for H1 ended Sep 16 relating to profit on sale of land entitlement at Taloja as compared to Nil for H1 ended Sep 17. Thus PBT after EO was down by 45% to Rs 173.82 crore. After paying total tax of Rs 51.32 crore and MI of Rs 26, consolidated PAT for the H1 ended Sep 17 stood at Rs 122.76 crore, down by 49% YoY.
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