Rallis India, for Q1FY23, reported a 18% (YoY) decline in net profit at Rs.67 crore on a 16% rise in net revenue at Rs.863 crore.

The growth in revenue was driven mainly by a 11.6% price growth and 5% volume growth but what dented the bottomline were the cost headwinds and challenges of delayed monsoon and crop shifts in seeds business.

The company says that the revival of monsoon in July augurs well for the company.

The market has obviously given these numbers a thumbs down, the stock price going down over 2.5% to an intraday low at Rs.203; exactly a month ago, on 20th June, the stock had hit a new 52-week low at Rs.182.55.