Rallis India Ltd., a crop protection chemicals manufacturer based in India announced its results for the first quarter ended June 30, 2021.
Q1 Results- QoQ
The company’s net profit grew 914% to Rs 82.34 crores ($11.1 million) for the period ended June 30, 2021 as against net profit of Rs 8.12 crores ($1.1 million) for the previous quarter.
Net sales increased 56% to Rs 747.5 crores ($100.5 million) during the period ended June 30, 2021 as compared to Rs 479.27 crores ($297.7 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit declined 10.4% to Rs 82.34 crores ($11.1 million) for the period ended June 30, 2021 as against net profit of Rs 91.87 crores ($12.3 million) for the prior-year quarter.
Net sales grew 11% to Rs 747.5 crores ($100.5 million) during the period ended June 30, 2021 as compared to Rs 674.45 crores ($90.6 million) during the prior-year quarter.
Mr. Sanjiv Lal, Managing Director and CEO, Rallis India said, “India has witnessed an erratic monsoon this year, but with its revival, we can expect the agricultural activities to pick up pace. Q1 witnessed the second wave of COVID-19 that impacted our business to some extent and we continued to navigate our business with the principal focus firmly being on employee safety.
In spite of these challenges, the Company has registered a 31.2% revenue growth for the domestic crop care segment and a 3.1% increase in revenue from our seeds business in Q1. Going forward, we will continue to focus on leveraging opportunities by making investments in new product introduction, manufacturing, R&D and automation.”
Key Developments – Q1
- High focus on safety amidst the second wave of COVID-19
- Vaccination drive conducted for operating team members; over 86% of our permanent staff and 48% of our contract staff vaccinated with at least 1 dose
- Successful launch of 3 new crop protection products, 1 crop nutrition product and 6 in seeds category
- Focus continued on supply chain and logistics amid lockdown limitations and high international freight rates
- Formulation plant to get commissioned in Q2 FY22
- Migration of packaging in line with new brand architecture underway