Rallis India's shares fell by 6 per cent today after the firm reported over 32 per cent decline in net profit for the quarter ended September. Stock of Rallis India touched an intraday low of Rs 285.15, slipping 6.11 per cent against previous close of Rs 303.70 on the Bombay Stock Exchange (BSE).
The stock opened with a loss of 5.17 per cent at Rs 288.
Total 0.43 lakh shares of the Tata Group firm changed hands amounting to turnover of Rs 1.24 crore. Market cap of the agro products company fell to Rs 5,612 crore.
The share hit 52-week high of Rs 362 on June 18, 2021 and 52-week low of Rs 232.40 on November 3, 2020.
The stock lost 9.97 per cent in the last 2 days. Rallis India's shares are trading lower than 5 day, 20 day, 50 day, 100 day, and 200 day moving averages.
The share has gained 9.8 per cent in one year and has risen by 2.33 per cent since the beginning of this year.
Rallis India reported a 32.53 per cent fall in consolidated profit after tax (after exceptional items) during the quarter ending September 30 to Rs 56 crore mainly due to erratic monsoon season.
Profit for the corresponding quarter of the previous fiscal stood at Rs 83 crore.
The company logged a modest growth of 0.4 per cent in revenue in Q2 at Rs 728 crore compared to Rs 725 crore in the corresponding period of 2020-21.
The company's managing director and CEO Sanjiv Lal said, "The erratic monsoon season this year was not favourable to agri input companies in the last quarter. In this backdrop, our domestic crop care business grew by 3 per cent, but the seeds business declined by 65 per cent."
"The drop in the seeds business was due to the changes in cropping patterns witnessed across the country as well as the proliferation of spurious cotton seeds. The overall good cumulative rainfall witnessed in Kharif also augurs well for the upcoming Rabi agricultural season," he added further.
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