Agri solutions provider Rallis India, a Tata group firm, announced on Monday that it has reduced its losses to Rs 21 crore during the March quarter from loss of Rs 69 crore reported in the corresponding quarter of the previous financial year, according to a regulatory filing by Rallis India.

The company's revenue from operations saw a decline of 16.63 per cent during the quarter under review, amounting to Rs 436 crore, as compared to Rs 523 crore in the same period of the previous year.

However, for the entire FY24, Rallis India witnessed an increase in its net profit, reaching Rs 148 crore compared to Rs 92 crore in FY23. Despite the challenging environment characterized by sluggish exports demand and low agro-chemical prices, the company managed to maintain its profitability.

Gyanendra Shukla, Managing Director and CEO of Rallis India, commented on the performance, stating, "Our net profit in FY24 is Rs 148 crore compared to Rs 92 crore for FY23. We reported revenue at Rs 2,648 crore in FY24, lower by 11 per cent over the previous year in the backdrop of continuing challenges in the exports demand and low agro-chemical prices."

Shukla highlighted the decline in the company's exports business by 35 per cent, attributing it to geopolitical unrest and ongoing de-stocking in the market. Despite these challenges, Rallis India remains committed to enhancing its market position through innovative product offerings tailored to address the needs of farmers.

Looking ahead, Shukla stressed that the company's focus on investment in marketing, manufacturing, and digitization capabilities to drive differentiation and sustainable growth.

On Monday, shares of Rallis India closed at Rs 282.70, registering a modest increase of 0.55 per cent on the BSE.

(With PTI inputs)