Rallis India’s Total Income Dips in FY 2024 – Share Price Opens 1.03% Lower

On April 22, 2024, Rallis India Limited announced its financial results for the fourth quarter of the financial year ending March 2024.

In Q4 FY 2024, the company reported a total income of ₹442 crore against the total income of ₹527 crore in Q4 FY 2023. The total income of FY 2024 was ₹2,664 crore, which is less than the total income of ₹2,980 crore in FY 2023.

However, Rallis India Limited showed a positive growth in the net profit. The company reported a net profit of ₹148 crore in FY 2024 against a net profit of ₹92 crore in FY 2023. This is a growth of approximately 60.87%.

Commenting on the financial results, the Managing Director and CEO of Rallis India Limited, Dr Gyanendra Shukla, said, “FY24 Profit After Tax (PAT) is ₹148 Cr compared to ₹92 Cr for FY 23. The company reported FY 24 revenue at ₹2648 Cr, lower by 11% over the previous year in the backdrop of continuing challenges in the export demand and low agrochemical prices. Positive low single-digit volume growth in our domestic formulation business. Seeds revenue grew 21% and delivered break-even profit. This was driven by the superior performance of our cotton hybrids, viz. Diggaz and Aatish Express. Our innovation turnover index has also improved to 16% in FY24.”

He further added, “Exports business declined by 35%, and the market continues to be under pressure due to Geopolitical unrest and continuing de-stocking.”

He also stated that on a long-term basis, the company will remain focused on improving its market position through superior product offerings to solve farmer requirements. Rallis India will continue its investment in marketing, manufacturing, and digitisation capabilities to build differentiation.

Key Developments in the Company

• The company has begun the work on the new Rallis Science and Technology Centre (RSTC) to boost innovation capabilities.
• In Q4 FY 2024, the company continued its focus on updating its domestic crop care portfolio and launched 3 new products in the crop nutrition portfolio.
• Rallis India was acknowledged with a significant adoption award for best in class by the Tata Affirmative Action Programme (TAAP).
• The company has been honoured with the Award of Merit at the 1st edition of the CII National Awards for Artificial Intelligence (AI) 2023 for its AI-based crop weather monitoring platform ‘Drishti’.
• Rallis India is recognised as “Kincentric Best Employer” 2023 as one of India`s top 16 companies.

About Rallis India

Rallis India Limited is a subsidiary of Tata Chemicals Limited and a part of the prominent Tata Group. It is one of the leading Agri sciences companies in India.

On April 23, 2024, the share price of Rallis India Limited opened at ₹279.55, ~1.03% lower than the previous close of ₹282.45 on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.