Rallis India Q3 results: Net profit up 20% at Rs 46 cr

Rallis India, a subsidiary of Tata Chemicals, on Monday announced a 20.23 per cent growth in consolidated net profit for the quarter ending December 31, 2020, at Rs 45.64 crore compared to the same period of the previous financial year.

The company's net profit in the third quarter of the last fiscal stood at Rs 37.96 crore, Rallis India said in a regulatory filing.

Total income of the company for the quarter under review went up by 6.33 per cent to Rs 578.11 crore compared to Rs 543.68 crore in the corresponding quarter of the previous financial year.

"During the current crop season, our business has witnessed a favourable demand resulting in an overall growth of 7 per cent. In the domestic market, growth in Rabi's sowing area was supportive and our domestic crop care business grew by 15 per cent and seeds business by 38 per cent albeit on a smaller base," Rallis India Managing Director and CEO Sanjiv Lal said.

Export demand also witnessed a revival, as the revenue shortfall compared to the previous year narrowed in the third quarter, he said, adding that "all our capex projects are progressing satisfactorily and are on schedule."

"As the world witnesses a new strain of the COVID-19 virus, employee safety continues to be our priority," Lal added.