Rallis sales up 14% in first quarter
Rallis India recorded a sales rise of 13.7% to Rs 4,653.5 million ($77.4 million at the current rate) in its first quarter ended June 30th 2014. Net profit increased by over a quarter (+27.3%) to Rs 424.1 million ($7.1 million). Profit before tax more than doubled (+111.1%) to Rs 190 million ($3.2 million). The onset of monsoon rainfall was delayed and did not progress well, leading to rainfall deficiencies in most parts of the country, says managing director and chief executive officer V Shankar. Consequently, crop sowings are trailing in comparison with last year, he adds. The progress of rainfall in July and August will be an important determinant on how the overall kharif (summer) season shapes up, Rallis says. The company recorded 19.8% growth in revenues to Rs 17,256.8 million ($287.2 million) in its fiscal year ended March 31st (Agrow No 688, p 4).