Tata Group company Rallis India Ltd on Wednesday (October 25) reported a 13.9% year-on-year (YoY) growth in net profit at ₹82 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, Rallis India posted a net profit of ₹72 crore, the company said in a regulatory filing.

In the quarter, total revenue stood at ₹832 crore during the period under review, up 12.5% against ₹951 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA rose 13.7 percent to ₹133 crore in the second quarter of this fiscal over ₹117 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 16% in the reporting quarter as compared to 12.3% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Sanjiv Lal, managing director and CEO of Rallis India, said the company's revenue has been affected by weak export demand, falling prices, and erratic rainfall in the domestic market.

Although the company's revenue for Q2 FY24 was lower at ₹832 crore vs ₹951 crore for Q2 FY23, margins have improved through better product mix and cost optimisation activities across businesses, he said.

Crop care revenue was ₹737 crore vs ₹923 crore the previous year, mainly due to lower exports. The seeds business did well through improved sales and strong performance for our Cotton hybrids in particular. The multi-purpose plant at Dahej has been put to use, Lal added.

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The results came after the close of the market hours. Shares of Rallis India Ltd ended at ₹206.50, down by ₹2.20, or 1.05 percent on the BSE.