Rallis India seems to be turning around if the results for the third quarter ended December 2001, are any indication. Total income at Rs.281.09 crore (Rs.277.59 crore) was up just about 1 per cent over the previous corresponding quarter but having brought down the operational costs by a good 4 per cent to Rs.257.56 crore (Rs.268.56 crore) enabled it to boost its margins decently. Operating profit shot up by 196 per cent to Rs.18.20 crore (Rs.6.15 crore) while OPM touched 7 per cent from 2 per cent during the year ago period. Other income was a major contributor to growth this quarter at Rs.5.33 crore (Rs.2.88 crore) up 85 per cent from its previous corresponding quarter. Complementing the reduction in operating cost was a saving in interest, which at Rs.2.06 crore (Rs. 13.56 crore) came down 85 per cent over the previous corresponding quarter while depreciation was down 8 per cent to Rs.3.87 crore (Rs.4.20 crore). Reduction in costs improved the before tax profits to Rs. 17.60 crore against a loss of rs.8.73 crore during the year ago period. Having provided for Rs.5.41 crore in taxes it recorded a net profit of Rs.12.19 crore against a loss of Rs.8.73 crore during the previous corresponding quarter. It had an extraordinary expense of Rs.4.91 crore against an income of Rs.0.04 crore last year. Including this, post-tax profits were down to rs.7.28 crore against a loss of Rs.8.69 crore in the previous corresponding quarter. The stock now enjoys a discount a discounting of twice its December quarter annualised earnings.