Rallis sales up 7% in second quarter
Rallis India recorded a sales rise of 6.6% to Rs 6,359.3 million ($103.4 million at the current rate) in its second quarter ended September 30th 2014. Net profit was flat at Rs 728.4 million ($11.8 mllion). The company highlights its “good performance” despite the erratic monsoon rainfall. “The long drought-like spell followed by heavy rains in certain areas did not augur well for the normal cropping pattern affecting yields and farm incomes,” says managing director and chief executive officer V Shankar. The industry faced inventory and pricing pressures due to the uneven rainfall and the overall shift in the season. Riding on the 13.7% growth in the first quarter, six-month sales rose by 9.5% to Rs 11,012.8 million ($179.1 million). Net profit went up 8.6% to Rs 1,152.5 million ($18.7 million).