Rallis India Q3 net up 55% at Rs 24 cr

Tata Group firm Rallis India today reported a 55 per cent rise in net profit at Rs 24.06 crore for the quarter ended December 31.

The company had reported a net profit of Rs 15.57 crore in the same quarter last year.

However, net sales gone down to Rs 202.87 crore from Rs 207.63 crore in the same quarter corresponding fiscal.

"Slow demand in global market resulted in lower net sales of the company. However, our domestic demand has shown little improvement. We believe domestic sales will increase significantly by this year end," Rallies India Executive VP (Finance and Legal) D K Sunder told reporters here.

The company has also enhanced profitability with EBITDA margin of 22 per cent during the period a rise of 58 per cent from last year's figure of Rs 26 crore, he said.

Rallis India's proposed Dahej facility is scheduled to commence by July 2010.

"The Hazira facility will expand our production capacity. The company going to invest Rs 150 crore in its first phase of expansion plan by second quarter of next financial year," Sunder said.

Rallis India is known for its manufacturing capabilities in crop protection chemicals and various types of chemistries with ability to develop new processes and formulations of new products.