Rallis India share price takes a knock on 43% drop in Q3 profit, exports down 6.5%

The firm’s net profit came in at Rs 22.55 crore, down from Rs 39.55 crore in the year-ago period

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Rallis India’s share price declined more than 4 percent in the morning session on January 19, a day after the company declared announced a fall in Q3 profit.

The Tata group firm on January 18 reported a 43 percent decline in its December quarter net profit at Rs 22.55 crore. Rallis India net profit stood at Rs 39.55 crore in the year-ago period, it said in a regulatory filing.

Revenue from operations grew marginally to Rs 630.39 crore from Rs 628.08 crore in the same period of the previous fiscal.

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“Our third quarter revenues witnessed 0.3 percent growth over last year. This has been in the backdrop of erratic rainfall in the domestic market and headwinds in international business. During the quarter, our domestic crop protection business grew by 7.7 percent, crop nutrition business by 22 per cent,” Rallis India Managing Director and CEO Sanjiv Lal said.

Exports declined by 6.5 percent, primarily due to inventory build-up at the customer end, he added.

At 9.52 am, Rallis India was quoting at Rs 235.80, down Rs 9.70, or 3.95 percent, on BSE. It has touched an intraday high of Rs 236.00 and an intraday low of Rs 229.