Shares of Rallis India were volatile on Monday after the company released its earnings for the quarter ended June.
What Happened: The company’s revenue from operations went down 9% year-over-year to ₹782 crore. The Tata Group company‘s profits for the April-June period stood at ₹63 crore, down 6% from the ₹67 crore profits it booked during the same period last year.
The company’s EBITDA for the quarter stood at ₹110 crore. EBITDA margin came in at 14.1%. The company’s earnings per share stood at ₹3.26.
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Talking about the dampened results, Sanjiv Lal, Managing Director & CEO, Rallis India, said, "Crop Care Business has been affected by high market inventories, steep price drops and delayed onset of monsoon.”
Going forward he added that the company is taking a cautious approach regarding the international market’s demand recovery in the second half of the year, as the inventory situation gradually improves.
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Lal further said, that while sentiments for the domestic market are optimistic due to the recent increase in monsoons, it is crucial to closely monitor the potential impact of the upcoming El Nino conditions on the Indian market and farmers.
Price Action: Rallis India’s share price was up 0.40% to trade at ₹212.30 in the early hours of trading on Monday.
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