Rallis India falls as quarterly profit drops, seeds business declines

Rallis India

20/10/2021 06:22

** Shares of agri chemicals and molecules maker  RALL.NS 
fall as much as 6.2% to 285 rupees, lowest since Oct. 5 
    ** Co said on Tuesday Sept-qtr consol net profit fell to
564.9 mln rupees ($7.53 mln), compared with 829.5 mln rupees a
year earlier
    ** Consol rev from ops 7.28 bln rupees, compared with last
year's 7.25 bln rupees 
    ** Co says https://bit.ly/3DU3Guw seeds business declined by
65%, due to changes in cropping patterns and "proliferation of
spurious cotton seeds" 
    ** Says raw material situation "continues to be tough" and
that focus is on minimising disruptions to production 
    ** However, co says it expects good cumulative rainfall in
the cropping season of Kharif (June-Oct) to aid the upcoming
Rabi agricultural season (Nov onwards)
    ** About 1 mln shares traded by 0511 GMT vs. the 30-day avg
of 785,468 shares
    ** RALL stock up about 8.1% this year, as of last close
    
($1 = 75.0630 Indian rupees)

 (Reporting by Vishwadha Chander in Bengaluru)
 ((Vishwadha.Chander@thomsonreuters.com))