Rallis Q3 net sales up 7pc
Rallis India Limited, a leading player in the Indian crop protection industry, announced the financial results for the quarter and nine months ended 3]st December, 2012.
Consolidated Q3 Performance:
Net sales registered a growth of 7pc at Rs. 339.81 Crs as compared to Rs. 317.65 Crs during Q3 of the previous year. Net profit (after minority interest) for the Q3 FY13 was Rs. 22.03 Crs (Rs. 7.66 Crs for Q3 PY).
Profit before Tax (bei) for the quarter was Rs. 32.88 Crs as against previous quarter profit of Rs. 36.65 Crs.
Consolidated Nine Months (April - December) Performance:
Net sales registered a growth of 12pc at Rs. 1161.44 Crs as compared to Rs. 1041.36 Crs during the same period in previous year. Net profit (after minority interest) for the Nine months ended 31st December, 2012 was Rs. 107.76 Crs (Rs. 89.30 Crs for the same period in previous year).
Profit before Tax (bei) for the nine months ended 31st December, 2012 was Rs. 154.01 Crs as against the same period in previous year profit of Rs. 158.65 Crs.
During the quarter ended 31 December 2012, the Company has acquired / subscribed to shares comprising 22.81pc of the equity shares of Zero Waste Agro Organics Private Limited (ZWAOPL).
Rallis has certain rights under the Shareholder Agreement which requires ZWAOPL to be treated as a subsidiary of the Company and hence it is consolidated.
The results for the quarter and nine months ended 31 December 2012 are not materially affected as a consequence of this acquisition.
Pursuant to Share Purchase Agreement dated 9th December, 2010 the Company has acquired additional stake of equity shares in Metahelix Life Sciences Limited (Meta helix) during the quarter ended 31st December 2012, consequently the shareholding of the Company in Metahelix has increased from 75.64pc to 77.02pc as at 31st December 2012.
Commenting on the performance, V Shankar, Managing Director and CEO, Rallis India, said, "I am pleased that we have registered a 12pc growth in revenues so far this year despite rather difficult environment both for agriculture and markets."
"Our focus and activities around farmer relationships and Brands have helped us to strengthen our market position."