Rallis India dipped 6% to Rs 235 on BSE in early morning trade after the company reported 10% year-on-year (YoY) drop in its consolidated net profit at Rs 31 crore for the quarter ended March 2017 (Q4FY17), due to higher depreciation and raw material cost. The agrochemicals company had profit of Rs 34.5 crore in year ago quarter.
Revenues during the quarter under review too declined 1% to Rs 367 crore against Rs 371 crore in the corresponding quarter of previous fiscal.
“The below normal northeast monsoon severely affected the key southern states with 30 reservoirs in the regions below 40% storage levels. Overall Rabi cropping acreages are up 5%, except paddy which is down I2%,” said V Shankar, managing director and CEO, Rallis India.
“The forecast for normal monsoon augurs well for the coming Kharif season. International business has performed in line with expectations. The company has been qualified for couple of new businesses in contract manufacturing,” added V Shankar.
Meanwhile, the board recommended a final dividend of Rs 2.50 per share and a one-time special dividend of Rs 1.25 per share.
At 10:46 am; the stock was down 2.7% at Rs 244 on BSE as compared to 0.51% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 399,549 shares changed hands on BSE and NSE so far.
Revenues during the quarter under review too declined 1% to Rs 367 crore against Rs 371 crore in the corresponding quarter of previous fiscal.
“The below normal northeast monsoon severely affected the key southern states with 30 reservoirs in the regions below 40% storage levels. Overall Rabi cropping acreages are up 5%, except paddy which is down I2%,” said V Shankar, managing director and CEO, Rallis India.
“The forecast for normal monsoon augurs well for the coming Kharif season. International business has performed in line with expectations. The company has been qualified for couple of new businesses in contract manufacturing,” added V Shankar.
Meanwhile, the board recommended a final dividend of Rs 2.50 per share and a one-time special dividend of Rs 1.25 per share.
At 10:46 am; the stock was down 2.7% at Rs 244 on BSE as compared to 0.51% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 399,549 shares changed hands on BSE and NSE so far.
