Agrochemicals Company Rallis India announced Q1FY24 results: Revenue of Rs 782 crore for Q1FY24 vs Rs 863 crore over Q1FY23 Profit before tax (before exceptional items) was at Rs 85 crore as compared to Q1FY23 of Rs 91 crore Profit after tax (after exceptional items) was Rs 63 crore, as compared to Rs 67 crore in Q1FY23 During Q1FY24, the company repaid Rs 25 crore of working capital loan Announcing the results, Sanjiv Lal, Managing Director & CEO, Rallis India, said, “Crop Care Business has been affected by high market inventories, steep price drops and delayed onset of monsoon. Although our revenues for Q1FY24 were lower at Rs 782 crore vis-a-vis Rs 863 crore of Q1FY23, margins were largely maintained through better product mix and dynamic pricing actions. On the capex front, we are happy to announce that product trials on MPP commenced towards the end of Q1FY24. We remain cautious about the international market demand recovery during the second half of the year once the inventory situation gradually eases out. Sentiments for the domestic market are positive with the recent uptick in monsoons. We are also closely monitoring the impact of imminent El Nino conditions on the Indian market and farmers. Notwithstanding the near-term challenges, the company's long-term strategy remains unchanged, focused on increasing manufacturing capacities, product portfolio expansion and widening market reach.” Result PDF
Agrochemicals company Rallis India announced Q4FY23 & FY23 results: Q4FY23: Revenues of Rs 523 crore for Q4FY23, an increase of 3% over Q4FY22 of Rs 508 crore Loss after tax (after exceptional items) was (Rs 69) crore for Q4FY23, as compared to loss after tax (after exceptional items) of (Rs 14) crore in Q4FY22 FY23: Revenues of Rs 2,967 crore for FY23, an increase of 14% over FY22 of Rs 2,604 crore Profit after tax (after exceptional items) was Rs 92 crore in FY23, as compared to FY22 profit after tax (after exceptional items) of Rs 164 crore Announcing the results, Sanjiv Lal, Managing Director, and CEO, Rallis India, said, “The Company delivered 14% revenue growth over the previous year despite multiple headwinds. Our domestic crop care business grew by 12% and exports by 25% during the year. Exports recorded a revenue of Rs 979 crore in FY23. The Crop Nutrition business grew by 22%. Our seeds business revenue was flat vs last year. Seeds revenue at Rs 345 crore was impacted mainly due to segmental shifts in Paddy and due to supply shortfall in Maize. We have recognised provision for slowmoving/non-moving inventory Rs 52.8 crore and impairment in intangible assets Rs 30.4 crore. Work is underway to stabilise the business and improve its unit economics. The positive response to Diggaz, a cotton brand for North India, is encouraging. For FY24, there are forecasts of the likely onset of El Nino effects and efforts are underway to mitigate its business impact. On a longer-term basis, our capex plans, new product introduction plans and demand generation investments remain on course. Our focus on Technology & Digital Transformation projects in our operations will continue. This year marks the 75th Anniversary of Rallis’ incorporation. We want to thank all our stakeholders for supporting us in this journey. We have themed the milestone as 'Rooted in Values. Seeding Growth' and as we continue Serving Farmers through Science.” Result PDF