Rallis and ZWAOPL (Zero Waste Agro Organics Private Limited) are planning to launch GeoGreen, a carbon rich organic soil conditioner that will help restore soil health
Mumbai: Agrochemicals maker Rallis India, part of Tata Group, reported net profit at Rs9.26 crore during the fourth quarter of FY11-12, after an exceptional item of Rs17 crore, reports PTI.
“Overall, 2011-12, was a difficult year for plant protection industry with erratic rainfall and difficult agricultural conditions. Adverse rainfall, low productivity, poor crop economy and reduced acreage put pressure on the net profit,” Rallis India managing director and CEO V Shankar told reporters.
The revenue of the company during the quarter ending 31 March 2012 was Rs205.73 crore.
The company’s net profit stood at Rs100.69 crore during FY11-12 and its revenue for the year was Rs1,245.24 crore.
The company has said that the figures this year are not comparable with corresponding period of the previous year as Metahelix Life Science became its subsidiary in December 2010.
Meanwhile, the company entered into an agreement to acquire majority 51% in Maharashtra-based organic manure and soil conditioners manufacturing company Zero Waste Agro Organics Private Limited (ZWAOPL) for Rs29 crore in an all cash deal, Mr Shankar said.
Rallis will have exclusive sales and marketing arrangements with ZWAOPL for domestic and international markets.
With this acquisition, Rallis has strengthened its product portfolio with organic manure and soil conditioner products.
“We expect that the revenue from the business will exceed Rs100 crore in five years. The technology fits well with our strategy and supports sustainable agriculture,” he added.
Rallis and ZWAOPL are planning to launch GeoGreen, a carbon rich organic soil conditioner that will help restore soil health.
In late afternoon trade, Rallis was trading at around Rs125.05 per share on the Bombay Stock Exchange, 2.80% down from the previous close.
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