Rallis India Q1 profit dips to Rs 63 crore

New Delhi: Agri input firm Rallis India Ltd on Saturday reported a marginal fall in net profit at Rs 63 crore in the June 2023 quarter on lower income.

Its net profit stood at Rs 67 crore in the year-ago period. Total income fell to Rs 765 crore in the April-June quarter of this financial year from Rs 867 crore in the corresponding period of the previous year, Rallis India said in a regulatory filing.

Rallis India is a subsidiary of Tata Chemicals and a part of the USD 128-billion Tata Group. Sanjiv Lal, Managing Director & CEO, Rallis India, said, "Crop care business has been affected by high market inventories, steep price drops and delayed onset of monsoon." Margins were largely maintained through better product mix and dynamic pricing actions, he said. "We remain cautious about the international market demand recovery during the second half of the year once the inventory situation gradually eases out. Sentiments for the domestic market are positive with the recent uptick in monsoons," he said.

Notwithstanding the near-term challenges, Lal said the company's long-term strategy remains unchanged, focused on increasing manufacturing capacities, product portfolio expansion and widening market reach.