Rallis India plummets as quarterly profit falls
19/01/2023 04:44
** Shares of Rallis India RALL.NS slide as much as 6.8% to
228.80 rupees, their lowest since Dec. 26
** Agri-inputs manufacturer said on Wednesday its
December-quarter standalone net profit fell ~43% Y/Y to 225.5
million rupees ($2.77 million)
** Total income fell 0.17% Y/Y to 6.32 bln rupees
** "During the quarter, exports declined by 6.5%, primarily
due to inventory build-up at the customer end," MD and CEO
Sanjiv Lal said, adding that the quarter witnessed erratic
rainfall in the domestic market and headwinds in international
business
** Stock on track for a fourth consecutive session of losses
** Brokerages neutral on the co, with 6 out of 14 firms on
the co rating it a "hold", 5 firms rating it a "buy" or higher,
and 3 rating it a "sell", their median PT is 243 rupees
** More than 681,000 shares traded, as of 9:51 a.m. IST,
1.1x 30-day average of 619,646 shares
** Stock down 11.6% last year
($1 = 81.3100 Indian rupees)
(Reporting by Manvi Pant in Bengaluru)
((Manvi.Pant@thomsonreuters.com;))