Rallis India shares tumble nearly 9% after Q3 earnings

Shares of Rallis India on Thursday tumbled nearly 9 per cent after the company reported a 43 per cent decline in its December quarter net profit.

The stock declined 8.82 per cent to settle at ₹223.85 apiece on the BSE. During the day, it tanked 9.55 per cent to ₹222.05.

On the NSE, it tumbled 8.83 per cent to end at ₹223.80 per share.

Tata group firm Rallis India on Wednesday reported a 43 per cent decline in its December quarter net profit at ₹22.55 crore.

Read also: Rallis India Q3 net drops 43% to ₹22.55 crore on muted revenue growth, higher expenses

The company’s net profit stood at ₹39.55 crore in the year-ago period, it said in a regulatory filing.

Revenue from operations marginally rose to ₹630.39 crore during the October-December period compared to ₹628.08 crore in the same period of the previous fiscal.

“Our third quarter revenues witnessed 0.3 per cent growth over last year. This has been in the backdrop of erratic rainfall in the domestic market and headwinds in international business. During the quarter, our domestic crop protection business grew by 7.7 per cent, crop nutrition business by 22 per cent,” Rallis India Managing Director and CEO Sanjiv Lal said.

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