Agrochemicals company Rallis India announced Q3FY24 results: The Company recorded revenue of Rs 598 crore for Q3FY24 vs Rs 630 crore in Q3FY23. Profit after tax (after exceptional items) was at Rs 24 crore vs Rs 22 crore in Q3FY23. Continued its focus on refreshing its Domestic crop care portfolio and launched 3 new products in Crop Care & 4 in Seeds CSM: Commercial dispatches done for one active ingredient and one formulation from our new MPP and Formulation facilities respectively. Rallis will commence the construction of integrated R&D; facility. Rallis is also planning to further expand capacity of “Pendimethalin" Rallis awarded with Silver award by “ICAI Sustainability Reporting Awards FY23” for BRSR reporting Announcing the results, Sanjiv Lal, Managing Director & CEO, Rallis India, said, “During the Quarter, our Domestic business maintained its momentum despite challenging external conditions, recording volume growth of 7%. However, challenges continued on the export front due to steep price drop and weak demand on account of continuing inventory overhang at industry level. Our focus on optimizing working capital and margin improvement continues. We are closely monitoring Global market demand recovery and remain cautious about El Nino conditions. Global agro-chemical demand is still soft and is expected to recover only next financial year. Meanwhile, the company's long-term strategy remains unchanged and is focused on refreshing the product portfolio, widening of market reach, increasing manufacturing capacities, and digitalization in operations”. Result PDF
Conference Call with Rallis India Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.
Agrochemicals company Rallis India announced Q2FY24 results: The Company recorded revenue of Rs 832 crore for Q2FY24 vs Rs 951 crore over Q2FY23. Profit before tax (before exceptional items) was at Rs 109 crore vs the previous year of Rs 95 crore and the Profit after tax (after exceptional items) was at Rs 82 crore vs Rs 72 crore in Q2FY23. During Q2FY24 Company repaid Rs 75 crore of working capital loan Rallis India continues its focus on refreshing its Domestic crop care portfolio and launched 8 new products in Q2FY24 Multi-purpose plant has commenced production of technical “Difencanozole” and is now being prepared for another new CSM product in Q3FY24 Cotton hybrids, Diggaz and Aatish, have registered significant growth in North India and Maharashtra & South cotton belt respectively Digitial initiatives are progressing well. Rallis launched “Seedsure” a mobile-enabled tool to digitize its hybrid seed production process Announcing the results, Sanjiv Lal, Managing Director & CEO, Rallis India, said, “Our revenue has been affected by weak export demand, falling prices, and erratic rainfall in the domestic market. Although our revenue for Q2 FY24 was lower at Rs 832 crore vs Rs 951 crore for Q2FY23, margins have improved through better product mix and cost optimization activities across businesses. Our Crop care revenue was Rs 737 crore vs Rs 923 crore PY, mainly due to lower exports. The seeds business did well through improved sales and strong performance for our Cotton hybrids in particular. The Multi-Purpose Plant at Dahej has been put to use. Amidst El Nino conditions, we remain cautious about the domestic and international markets. Global Agchem demand continues to remain soft on the back of inventory overhang and lower prices and revival is expected only after Q3FY24. The company's long-term strategy remains unchanged, focused on the expansion of product portfolio, widening of market reach, increasing manufacturing capacities, and digitalisation in operations”. Result PDF