Rallis India’s domestic crop care business grew by 12% in FY23
28 April 2023, Mumbai: Rallis India Limited announced its financial results for the fourth quarter of the financial year ending March 2023.
Announcing the results, Mr Sanjiv Lal, Managing Director, and CEO of Rallis India, said, “The Company delivered 14% revenue growth over the previous year despite multiple headwinds. Our domestic crop care business grew by 12% and exports by 25% during the year. Exports recorded a revenue of ₹ 979 Cr in FY23. The Crop Nutrition business grew by 22%. Our seeds business revenue was flat vs last year. Seeds revenue at ₹ 345 Cr was impacted mainly due to segmental shifts in Paddy and due to a supply shortfall in Maize. We have recognized a provision for slow-moving/non-moving inventory ₹ 52.8 Cr and impairment in intangible assets ₹ 30.4 Cr. Work is underway to stabilize the business and improve its unit economics. The positive response to Diggaz, a cotton brand for North India, is encouraging.
For FY24, there are forecasts of the likely onset of El Nino effects and efforts are underway to mitigate its business impact. On a longer-term basis, our capex plans, new product introduction plans, and demand generation investments remain on course. Our focus on Technology & Digital Transformation projects in our operations will continue.
This year marks the 75th Anniversary of Rallis’ incorporation. We want to thank all our stakeholders for supporting us in this journey. We have themed the milestone as “Rooted in Values. Seeding Growth” and as we continue Serving Farmers through Science.”
Rallis India recorded revenues of ₹ 523 Cr for the quarter ending March 31, 2023, an increase of 3% over PY of ₹ 508 Cr. Loss after tax (after exceptional items) was (₹ 69) Cr, as compared to PY Loss after tax (after exceptional items) of (₹ 14) Cr.
Financial Year 2022-23
The company recorded revenues of ₹ 2967 Cr for the period ended March 31, 2023, an increase of 14% over PY of ₹2604 Cr. Profit after tax (after exceptional items) was ₹ 92 Cr, as compared to PY profit after tax (after exceptional items) of ₹ 164 Cr.
The company launched 17 new products: 4 Insecticides, 3 Fungicides, 3 Herbicides, 3 Crop Nutrition products, and 5 hybrids in the seeds category. Also, a Multi-Purpose Plant is nearing completion and is expected to be ready for commercial production in Q1 FY24. To reduce dependence on imports, alternate Vendor development for key molecules and critical intermediaries is progressing satisfactorily.
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