Rallis sales down 3% in third quarter
Rallis India recorded a sales decline of 2.8% to Rs 3,847 million ($62.4 million at the current rate) in its third quarter ended December 31st 2014. Net profit fell 18.2% to Rs 233 million ($3.8 million). The company had earlier highlighted erratic monsoon rainfall that had led to a drought-like spell followed by heavy rains in certain areas. That caused the industry to face inventory and pricing pressures due to the overall shift in the season. The 9.5% growth achieved during the first two quarters helped nine-month sales to rise by 6% to Rs 14,859.8 million ($240.9 million). Net profit went up 2.9% to Rs 1,385.5 million ($22.5 million).