Rallis India net profit down 10.8% in Q1 FY 2015-16 on global drought conditions

Rallis India reported a net profit of Rs. 33 crore for the first quarter of the 2015-16 fiscal ended June 30.2015, down 10.8 per cent from the Rs. 37 crore it recorded during the corresponding period last fiscal.

Metahelix, the seeds entity, registered a handsome sales growth of 26 percent to scale Rs. 231 crores.

The Tata Group enterprise pegged net sales at Rs. 464 crore for the quarter that ended in June as against Rs. 465 crore recorded at the same time last year, according to a company statement released.

Rallis India introduced two new molecules – Panida Grande and Mark – that are herbicides for cotton and soyabean respectively, during the quarter.

Commenting on the performance and developments, Mr. V Shankar, Managing Director and CEO, Rallis India said, "The domestic season commenced well in the latter half of June and also now in July with good rainfall in most parts of the country. Sowing of crops picked up well and a positive sentiment has developed amongst farmers across the country."

"Due to adverse climatic conditions and lower crop commodity prices globally, there has been lower requirement of certain products in the international market. This impacted off take of some key products and we expect pick up in the second half of the year," he added.