Rallis India Q1 net jumped two fold

Tata Group Company Rallis India today said its net profit for the first quarter of FY10 jumped two fold to Rs 9.42 crore.

The agro-chemical manufacturer posted a net profit of Rs 4.23 crore in the same period a year ago.

Net sales fell 4.96 per cent at Rs 163.33 crore as against Rs 171.83 crore in the first quarter of FY09.

"The crop protection business being seasonal in nature, first quarter numbers are relatively less significant over other quarters," Rallis India Managing Director and CEO V Shankar told reporters here.

The BSE-listed company has lined up a capital expenditure plan of Rs 200-crore for the current fiscal, which includes building a greenfield factory at Dahej and capacity expansion of its Ankleshwar facility.

"Our Dahej factory is coming on in full swing. We will invest a total of Rs 150-crore in Phase I. Besides, we have taken up capacity expansion of our Ankleshwar unit, which would require another Rs 50-70-crore," Shankar said.

Phase I of Rallis' Dahej factory would be operational by June next year. It has a revenue generation capacity of Rs 500-crore in the next three years, he added.

Rallis plans to introduce new products for its domestic as well as international market and is likely to spend about Rs 20-30-crore in marketing and farmer relations, Shankar said.