Rallis profit down marginally at Rs 58.52 cr in July-September

MUMBAI: Pesticides manufacturer Rallis India today reported a marginal decline in net profit at Rs 58.52 crore for the quarter ended September 30, 2011.

The Tata Group company had reported a profit after tax (PAT) of Rs 58.58 crore in the year-ago period.

The net sales rose by 18 per cent to Rs 430.06 crore during the quarter under review compared to Rs 363.12 crore in the same quarter of the previous fiscal, it said in a filing to the BSE.

The company also announced it has increased its stake in agricultural biotechnology company, Metahelix to 72.98 per cent from 60.21 per cent.

Rallis had acquired a majority stake in Metahelix in December last year.

Metahelix is involved in crop genetics and plant biotechnology to develop hybrid seeds in rice, maize, cotton and millets. The seeds produced by the company are marketed by its subsidiary, Dhaanya Seeds.

Rallis India, a subsidiary of Tata Chemicals, produces crop protection chemicals and other agro-chemical products.

Shares of the company today closed marginally down at Rs 172.30 apiece on the BSE.