Rallis India Limited announced its unaudited results for the second quarter ended September 30, 2004 today. The company achieved significant improvement in sales and profits. For the quarter ended September 30, 2004, the profit after tax was Rs 14.08 crore (loss of Rs 3.12 crore in the corresponding period previous year) and the sale revenue was Rs 170.31 crore (Rs 145.74 crore in the corresponding period previous year). For the half year ended September 30,  2004, the profit after tax was Rs 16.17 crore (loss of Rs 20.77 crore in the corresponding period previous year) and the sale revenue was Rs 280.30 crore (Rs 239.68 crore in the corresponding period previous year).

In line with the strategy to focus on the pesticides product portfolio, Rallis had divested non-core businesses, introduced new products and developed alliances for enriching its portfolio. 

During the first six months of the fiscal year, the sale of pesticides increased by 32.5 per cent over the corresponding period in the previous year. The growth has been due to the strong promotion campaigns which created demand for the company’s products in both the domestic and export markets. 

Apart from the significant increase in the sales volume of pesticides, continued tight working capital management and cost control adopted, contributed to the company’s performance.

The board of Rallis India Ltd at its meeting today also approved the adjustment of the accumulated losses of the company against inter alia the balances of Rs 47 crore in the capital redemption reserve and the share premium account, subject to the approval of the shareholders and the sanction of the Bombay High Court under the provisions of Section 100 of the Companies Act, 1956.