New Delhi, Jan 20 (PTI) Shares of Rallis India settled nearly 6 per cent lower on Thursday after the company reported a 13.3 per cent decline in consolidated net profit for the December 2021 quarter.

On BSE, Rallis India opened at Rs 281, then lost ground and touched an intra-day low of 275.05, down 6.65 per cent over its previous close. The stock finally settled at Rs 277.40, lower by 5.85 per cent over its last close.

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In similar tandem, on NSE, shares of the company opened at Rs 279.85 apiece and ended the day at Rs 277 apiece, down 6.18 per cent.

Rallis India Ltd, a subsidiary of Tata Chemicals, on Wednesday reported a 13.3 per cent fall in its consolidated net profit to Rs 39.56 crore for the third quarter ended December 2021. It had posted a net profit of Rs 45.64 crore in the October-December quarter last fiscal.

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"The erratic monsoon season this year has not favoured agri input companies as excessive rainfall continued into the third quarter in the southern states. Despite these challenges, our domestic crop care business grew at 9.4 per cent, and exports by 19 per cent during the quarter," Rallis India Managing Director and CEO Sanjiv Lal said.

The seeds industry continued to face headwinds due to restrictions for the sale of paddy and maize hybrids in some states, he noted.

Supply chain challenges continued in the third quarter, with availability being a challenge for certain intermediates and steep inflation in prices, Lal said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)