Rallis India Q3 Profit Up 9%, Revenue Down - Business News

New Delhi, Jan 23 (PTI) Agri-inputs company Rallis India on Tuesday posted a nine per cent increase in its net profit to Rs 24 crore for the third quarter of the 2023-24 fiscal.

Its net profit stood at Rs 22 crore in the year-ago period, according to a regulatory filing.

The company's total revenue declined to Rs 598 crore during the December 2023 quarter of the current fiscal from Rs 630 crore in the same quarter of the previous fiscal.

However, the company's expenses fell to Rs 570 crore against Rs 602 crore in the year-ago period.

Rallis India Managing Director and CEO Sanjiv Lal said, "During the quarter, our domestic business maintained its momentum despite challenging external conditions, recording volume growth of 7 per cent".

However, the challenges continued on the export front due to steep price drops and weak demand on account of continuing inventory overhang at the industry level, he said.

"Our focus on optimising working capital and margin improvement continues," he added.

Lal noted that the company is closely monitoring the global market demand recovery and remains cautious about El Nino conditions.

Global agrochemical demand is still soft and expected to recover only next financial year, he said.

Meanwhile, the company's long-term strategy remains unchanged and is focused on refreshing the product portfolio, widening market reach, increasing manufacturing capacities and digitalisation in operations, he noted.

Rallis India, a subsidiary of Tata Chemicals Ltd, has a comprehensive portfolio of products/solutions for Indian farmers.