Rallis India stocks rally post Q1FY24 result

Tata Enterprises-led Rallis India Limited has announced its financial results for the quarter ended June 30, 2023.

Key Highlights – Q1 FY24 

The Company recorded revenue of Rs 782 crore for the quarter ending June 30, 2023 vs Rs 863 crore over PY. 

Profit before tax (before exceptional items) was at Rs 85 crore as compared to PY of Rs 91 crore and the Profit after tax (after exceptional items) was Rs 63 crore, as compared to Rs 67 crore of PY. 

During the quarter Company repaid Rs 25 crore of working capital loan.

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 Q1 FY24 were lower at Rs 782 crore vis-a-vis Rs 863 crore of Q1 FY23, 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 Q1.

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”.

During late afternoon session, shares of Rallis India were trading higher by 1.42% at Rs 214.45 per share on the BSE.

Source: Media Reports