Agriculture solutions firm Rallis India on Tuesday reported a decline of 49.62 per cent in its consolidated net profit at Rs 0.68 crore for the quarter ended March of 2019-20.
The Tata group firm had posted a net profit of Rs 1.35 crore in the same period a year ago, the company said in a BSE filing.
The total income marginally increased to Rs 346.29 crore during the period as against Rs 339.69 crore during the quarter ended March 31, 2019. Expenses rose to Rs 369.87 crore from Rs 345.05 crore earlier.
However, for the year ended March 31, 2020, the company reported a rise in its consolidated net profit at 183.69 crore from Rs 154.78 crore at the end of 2018-19.
The company's total income rose to Rs 2,286.15 crore during the period as against Rs 2,014.61 crore at the end of 2018-19 fiscal.
Due to the nationwide COVID-19 lockdown, Rallis India said its operations were disrupted at certain manufacturing facilities and depots of the company, as a result of which goods worth Rs.16.04 crore could not be dispatched to the domestic market.
Further, international shipments were also disrupted due to absence of transportation facilities in the last week of March 2020 resulting in lower shipment of Rs.53.18 crore, it said in the filing.
Sanjiv Lal, Managing Director and CEO of Rallis India said, “Under the current COVID 19 situation, we are focusing on the safety of our employees and operations. Taking view of the situation, we coincided our maintenance related shutdown with the lockdown period."
After completing critical maintenance jobs, the company has resumed operations since April 27 and expect to ramp up production levels gradually with the adoption of safe practices, he said.
"We are thankful to the government in supporting the agri input industry which is declared as an essential industry. As we move forward, we are adapting to the new normal with a consistent focus on product supply, cash position, optimal capex and calibrated fixed cost," he added.