Rallis India Q1 net profit drops by 74%

Rallis India today posted 74 per cent fall in consolidated net profit to Rs 45.25 crore in the first quarter of 2017-18.

The company had clocked a net profit of Rs 174.11 crore in the year-ago period on account of sale of land of Navi Mumbai for Rs 158 crore, it said in a BSE filing.

Rallis India said its net income remained flat at Rs 467.56 crore on a consolidated basis during the April-June quarter of the current fiscal, as against Rs 469.61 crore in the year-ago. Expenses stood at Rs 406.22 crore, slightly lower than Rs 407.22 crore in the same quarter last year. Commenting on the performance, the company's Managing Director and CEO V Shankar said its seed business has registered commendable performance during the quarter, while the crop protection segment witnessed destocking by dealers ahead of GST implementing and down-trading by farmers.

Rallis India, one of the leading agro-chemicals firm, said it has signed a pact to sell its entire 13.68 per cent stake in Advinus Therapeutics to Eurofins Pharma Services. This has been accounted in the quarter business.

In a separate filing, the company said the board has approved merger of its subsidiary Zero Waste Agro- Organics Ltd with itself after necessary approvals.