RALLIS INDIA LTD - QTRLY RESULTS - Q3 FY 2012 - Q/E DEC,2011 - LACKLUSTRE RESULTS THIS QTR

Rallis India Limited

NSE Symbol        RALLIS

RALLIS INDIA  has declared lack luster consolidated Results for the Q3 FY 2012 ending Dec,2011 compared to previous 2 quarters and proportionately to FY 11 total.

Net Sales stands at Rs.317.86 cr in Q3 FY 12 – down by -26.09% from Q2 FY 11, the previous qtr, up by 9.01% from Q2 FY 12; and proportionately (Q3 FY 12 x4  vs FY 11 total) up by 19.31% from FY 2011.

Total Expenditure stands at Rs.285.21 cr in Q3 FY 12, down by  -18.35% from Q2 FY 12 (mainly due to raw materials being less by -22%); up by  9.92% fromQ1 FY 12 and proportionately up by  25.11% from FY 11 total.

Profit from Operations therefore stands at Rs.39.86 cr, less by -55.80% from Q2 FY 12; up by  4.78% from Q1 FY 12 and proportionately down by -12.2% from FY 11 total.

Exceptional items expense in  Q3 FY 12 is Rs.24.24 Cr. Other Income has come down sharply where as interest expense has gone up sharply during the quarter – which are costs relating to the shut down of Turbhe Manufacturing operations in Navi Mumbai. There is also  a net forex loss of Rs 8.21 crore.

Profit before tax  stands at Rs.12.41 Cr – less by -85.67% from Q2 FY 12; less by -64.96% from Q1 FY 12; and proportionately less by -73.09% from FY 11 total.

Net Profit  for Q3 FY 12 stands at Rs.6.71 Cr – down by  -88.24% from Q2 FY 12; down by  -75.73% from Q1 FY 12; and proportionately down by  -78.77% from FY 11 total.

Consolidated NPT stands at Rs.7.66 cr – compared to Rs.    58.52 cr in Q2 FY 12 (down by -86.91%); Rs.23.12 Cr in Q1 FY 12 (down by -66.87%); and proportionately to Rs.126.04 in FY 11 total (down by -75.69%).

Basic EPS on a Face Value of Rs.1 stands at Rs.0.39 in Q3 FY 12; Rs.3.01 in Q2 FY 12; Rs.1.19 in Q1 FY 12; and  on a FV of Rs.10  Rs.64.81 in FY 11 total. We will need to wait for Q4 results before judging its current year performance. 

Rallis is the premier agricultural products company of India – and is heavily dependent on variety of factors affecting Agriculture in India. Yet, it turns out good performances, is expanding its operations and reducing uncertainties.

On a FV of Rs.1, Current Market price is Rs.126.55.

OTHER DETAILS ON PERFORMANCE

Comparison with Q3 FY 11

Ø  77.26 per cent DOWN in NPT at Rs 7.66 crore for Q3 FY 12 –mainly due to  following shut down of manufacturing operations at Turbhe, forex loss and erratic Monsoon – against Rs.33.69 Cr in Q3 FY 11.

Ø  "While acreages during rabi increased for paddy and wheat, the productivity was impacted on account of deficient North East monsoon. Its timing and distribution affected farming activity," Rallis India MD and CEO V Shankar said.

Ø  However, the company revenue for the quarter grew by 18.6 per cent to Rs 317.86 crore compared to Rs 268.05 crore in the corresponding quarter of 2010-11.

Ø  On Pulses programme of Rallis : Rallis which entered Maharashtra is  covering 50,000 acres in 3 districts and want to expand further. Under this programme, the company encourages farmers to grow pulses by providing them technology and quality seeds and buys the crop from them. "We are also getting inquiries from states like Madhya Pradesh and may soon move there,"the company says.

Ø  On Dahej manufacturing unit in Gujarat :- It is ramping up quite well and its two lines are already in operations crossing 75 per cent capacity utilisation. "We are also exploring contract manufacturing opportunities with global companies for our Dahej plant," he added.

RESULTS TABLE

RALLIS INDIA	Q3FY12	Q2FY12	%DIF1	Q1FY12	%DIF2	FY11	%DIF3
Net SaleS	31786	43,006.00	-26.09	29,159.00	9.01	106,570.00	19.31
Other Oprtng Income	721	943	-23.54	592	21.79	2,773.00	4
Increase in SIT/WIP	732	347	110.95	-3,887.00	-118.83	-4,172.00	-170.18
Raw Materials	17611	22,633.00	-22.19	16,246.00	8.40	58,563.00	20.29
Traded goods	534	3,256.00	-83.60	4,281.00	-87.53	8,970.00	-76.19
Employees Cost	2355	2,201.00	7.00	2,397.00	-1.75	7,288.00	29.25
Depreciation	723	728	-0.69	544	32.90	1,748.00	65.45
Other Expenditure	6566	5,765.00	13.89	6,366.00	3.14	18,787.00	39.8
Total Expenditure	28521	34,930.00	-18.35	25,947.00	9.92	91,184.00	25.11
Profit from Operations	3986	9,019.00	-55.80	3,804.00	4.78	18,159.00	-12.2
Other Income	31	30	3.33	21	47.62	540	-77.04
Interest	352	391	-9.97	283	24.38	251	460.96
Exceptional items	2424	-		-		-
Profitbefore tax	1241	8,658.00	-85.67	3,542.00	-64.96	18,448.00	-73.09
Tax Expense	570	2,951.00	-80.68	777	-26.64	5,805.00	-60.72
Net Profit	671	5,707.00	-88.24	2,765.00	-75.73	12,643.00	-78.77
Minority Interest	-95	-145	-34.48	453	-120.97	39	-1074.36
Consolidated NPT	766	5,852.00	-86.91	2,312.00	-66.87	12,604.00	-75.69
Face Value (in Rs.)	1	1	0.00	1	0.00	10	-60
Paid-up Equity	1945	1,945.00	0.00	1,945.00	0.00	1,945.00	300
Reserves	-	-		-		48,547.00
Basic EPS	0.39	3.01	-87.04	1.19	-67.23	64.81	-97.59
Public Holding (%)	48.96	49.18	-0.45	49.34	-0.77	49.34	296.92

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