|
Rallis India reported a 9% increase in consolidated net sales for June 19 quarter at Rs 623.24 crore. While international business reported strong growth, domestic business was lower. OPM was higher by 70 bps to 15.2%, thus resulting in a further 14% rise in OP to Rs 94.78 crore. Other income was up by 63% to Rs 7.98 crore due to Ind AS adjustments on export incentives as other income compared to other operating income in earlier accounting standard. Interest costs was up by 74% to Rs 1.57 crore and depreciation was higher by 23% to Rs 14.25 crore. PBT stood at Rs 86.94 crore. After providing total tax of Rs 19.37 crore and loss of MI of Rs 19 lakh, consolidated PAT for the June 19 quarter stood at Rs 67.76 crore, up by 24% YoY.
Performance for 12 months ended Mar 19
Net sales for 12 months ended Mar 19 stood at Rs 1983.96 crore, up by 11% YoY. OPM was lower by 200 bps to 12.8% resulting in fall in the OP by 4% to Rs 253.14 crore. Other income was up by 133% to Rs 30.65 crore. Interest cost was higher by 22% to Rs 5.25 crore and depreciation was flat and stood at Rs 46.08 crore which thus resulted in a 2% increase in PBT to Rs 232.46 crore. There was an EO expense of Rs 12.20 crore comprising of one-time charge of Rs 7.2 crore on account of retirement benefits and Rs 5 crore contributions to electoral fund compared to Nil for FY 18. Thus PBT after EO stood at Rs 220.26 crore down by 3% YoY. After paying total tax of Rs 65.48 crore and MI of Rs 60 lakh, consolidated PAT for the 12 months ended Mar 19 stood at Rs 155.38 crore, down by 7% YoY.
Announcing the results, Mr. Sanjiv Lal, Managing Director and CEO, said,
Although the monsoon was delayed and impacted sowings, revamped channel policies and improved price realisation yielded a satisfactory performance both in agrochemicals and seeds in the domestic market. There has also been strong growth in our international crop protection chemical business and this momentum is expected to continue. Our capacity expansion at Dahej is on track. Raw material availability and cost pressures were witnessed in Q1.Meanwhile, Rallis remains focused on navigating this scenario with enhanced focus on supply chain effectiveness and executing on its growth plans"
Other updates
The revamped trade policy has been well accepted by the channel partners in the domestic market, both crop protection (CP) chemicals and seeds.
International CP chemical business grew by 12%, chiefly driven by Acephate and Metribuzin
Poised to launch 2 formulations in the domestic market
Completed first stage capacity expansion of Metribuzin 500 MT in June 2019;commercial production underway
|