PAT Margin improved by 60 bps under challenging conditions
Bengaluru, 23 January 2024: Rallis India Limited, a TATA Enterprise and a leading player in the Agri inputs industry announced its financial results for the quarter ended December 31, 2023
Key Highlights – Q3 FY24
The Company recorded revenue of ₹598 Cr for the quarter ending December 31, 2023, vs ₹630 Cr over PY. Profit after tax (after exceptional items) was at ₹24 Cr vs ₹22 Cr of PY.
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 product portfolio, widening of market reach, increasing manufacturing capacities and digitalization in operations”.
Key Developments
- 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
