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Rallis India reported a 36% increase in consolidated net sales for Mar'21 quarter at Rs 471.26 crore on account of the base effect as the sales were down in Mar'20 quarter as operations of the company were disrupted due to nationwide lockdown to contain the outbreak of COVID- 19. OPM stood at 3.8% compared to negative of 2.8%. OP as a result stood at Rs 17.72 crore compared to loss at operating level of Rs 9.81 crore. Other income was down by 16% to Rs 8.01 crore. Interest costs decreased 4% to Rs 1.05 core while depreciation was higher by 17% to Rs 14.8 crore. PBT before EO stood at Rs 9.88 crore compared to loss at PBT level of Rs 14.08 crore. The company reported EO income of Rs 1.68 crore compared to Rs 11.42 crore in the corresponding previous year period comprising profit on sale of flats.
Tax expense during the quarter was Rs 3.44 crore compared to credit of Rs 3.34 crore. Consolidated PAT for the Mar'21 quarter stood at Rs 8.12 crore compared to Rs 68 lakh in Q4FY20. Further considering MI, Net profit was Rs 8.12 crore compared to Rs 65 lakh.
Performance for year ended Mar'21
Net sales for year ended Mar'21 stood at Rs 2429.44 crore, up by 8% YoY. OPM was higher by 180 bps to 13.3% resulting in rise in the OP by 24% to Rs 322.89 crore. Other income was up by 18% to Rs 40.45 crore. Interest cost was lower by 15% to Rs 5.21 crore and depreciation increased 4% and stood at Rs 64.07 crore which thus resulted in an 30% increase in PBT before EO to Rs 294.06 crore. The company reported EO income of Rs 9.45 crore compared to EO income of Rs 11.42 crore in FY20 comprising profit on sale of flats. PBT after EO rose 28% to Rs 303.51 crore.
After paying total tax of Rs 74.93 crore, consolidated PAT for the year ended Mar'21 stood at Rs 228.58 crore, up by 24% YoY.
Announcing the results, Mr. Sanjiv Lal, Managing Director and CEO, Rallis India said,
"The favourable agricultural activities in the last quarter were supportive of our domestic crop care business which grew by 14% and seeds business by 7%. Exports were robust during the quarter. The ongoing harvest season is expected to support a continued growth in agricultural production aided by normal monsoon forecast. We will continue to keep a close watch on the second wave of COVID-19 to ensure we can sail through the hard times. While positioning ourselves to meet the market requirements, we are also consistently prioritizing the safety and well-being of all our employees and other stakeholders"
Key developments during the quarter
- Continued priority on the safety and health of employees amidst the second wave of COVID-19
- Focus on shipping, logistics, procurement and supply of raw materials
- New product launch: 9(3) formulation product Eevee launched as an insecticide & fungicide combination for vegetables
The scrip is currently trading at Rs 281
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