Kolkata, Oct 23 (IANS) Rallis India, a Tata Enterprise crop protection company, on Friday posted a decline of 22 percent in its net consolidated profit for the quarter ended September 30 at Rs.57.28 crore as against Rs.73.43 crore in the same period last year.
Its net revenue also registered a decline of 22 percent in the timeframe at Rs.501.70 crore as compared to earnings of Rs.641.94 crore in the same period last fiscal.
The company’s expenses however declined by 21.5 percent at Rs.418.07 crore as against Rs.532.71 crore incurred in the second quarter of the last fiscal.
“We have seen very challenging times in Indian agriculture, with back to back drought years accompanied with low farmer netbacks and tough market conditions. The south-west monsoon commenced well in the latter half of June but July onwards, the season went dry, which impacted kharif crops such as cotton, soyabean, paddy etc,” managing director and CEO V. Shankar said in a statement.