 "Rallis India dips on disappointing Q4 results")
Rallis India dipped 6% to Rs 235 on BSE in early morning trade after the company reported 10% year-on-year (YoY) drop in its consolidated net profit at Rs 31 crore for the quarter ended March 2017 (Q4FY17), due to higher depreciation and raw material cost. The agrochemicals company had profit of Rs 34.5 crore in year ago quarter.
Revenues during the quarter under review too declined 1% to Rs 367 crore against Rs 371 crore in the corresponding quarter of previous fiscal.
“The below normal northeast monsoon severely affected the key southern states with 30 reservoirs in the regions below 40% storage levels. Overall Rabi cropping acreages are up 5%, except paddy which is down I2%,” said V Shankar, managing director and CEO, Rallis India.
“The forecast for normal monsoon augurs well for the coming Kharif season. International business has performed in line with expectations. The company has been qualified for couple of new businesses in contract manufacturing,” added V Shankar.
Meanwhile, the board recommended a final dividend of Rs 2.50 per share and a one-time special dividend of Rs 1.25 per share.
At 10:46 am; the stock was down 2.7% at Rs 244 on BSE as compared to 0.51% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 399,549 shares changed hands on BSE and NSE so far.
Revenues during the quarter under review too declined 1% to Rs 367 crore against Rs 371 crore in the corresponding quarter of previous fiscal.
“The below normal northeast monsoon severely affected the key southern states with 30 reservoirs in the regions below 40% storage levels. Overall Rabi cropping acreages are up 5%, except paddy which is down I2%,” said V Shankar, managing director and CEO, Rallis India.
“The forecast for normal monsoon augurs well for the coming Kharif season. International business has performed in line with expectations. The company has been qualified for couple of new businesses in contract manufacturing,” added V Shankar.
Meanwhile, the board recommended a final dividend of Rs 2.50 per share and a one-time special dividend of Rs 1.25 per share.
At 10:46 am; the stock was down 2.7% at Rs 244 on BSE as compared to 0.51% rise in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 399,549 shares changed hands on BSE and NSE so far.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%