Rallis down 14% in fourth quarter
Rallis India recorded a sales decline of 13.7% to Rs 2,057.3 million ($38.2 million at the current rate) in its fourth quarter ended March 31st 2011. Quarterly net profit halved (-51.8%) to Rs 92.6 million ($1.7 million). Full-year revenues, however, were up by 16.8% Rs 12,452.4 million ($231.5 million). Sales were boosted by the acquisition of the Indian agricultural biotechnology company, Metahelix Life Sciences, in December 2010 ( Agrow No 606, p 5). That led to an increase of almost a half in the first quarter of the fiscal year ( Agrow No 622, p 10). Rallis has increased its stake in Metahelix from 53.5% acquired in 2010 to 75.6% as on March 31st. Net profit for the year declined, however, by 20.4% to Rs 1,006.9 million ($18.7 million).