Shares of Rallis India slumped over 2 percent on April 26 as the company reported poor earnings results for the March quarter in the fiscal year ended 2023.
Rallis India, a subsidiary of Tata Chemicals, reported a loss of Rs 69.13 crore during the quarter ended March 31. The company had realised a loss of Rs 14.13 crore during the corresponding period in 2022.
At 11.05 am, the stock price of Rallis India was around Rs 194.55 apiece, down 2.4 percent from the previous close on the BSE.
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For the entire fiscal year 2022-23, the company had posted a 45.68 percent decline in net profit at Rs 91.94 crore compared to Rs 164.27 in the fiscal year 2022.
EBITDA stands negative at Rs 60.72 crore in March 2023, down a whopping 1405.81 percent from Rs 4.65 crore in March 2022.
Poor results in the March quarter and for the entire year soured sentiments among investors, which drag down the share price of the company.
Rallis India provides crop care solutions, including formulations for crop protection and nutrition, according to its official website. It also manufactures and markets a range of agri-inputs, which include pesticides, fungicides, insecticides, seeds, and plant growth nutrients. The product portfolio under each category covers a broad spectrum of crop-related requirements.
Rallis India's stock price has fallen more than 7 percent in the last three years, while it has given a negative return of nearly 20 percent in the past year. Additionally, the stock has also fallen nearly 9 percent in the last three months.
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