20 Jan , 2022 By : monika singh
NEW DELHI – Shares of chemical manufacturer Rallis India NSE -6.38 % gave up 6.6 per cent in early trade Thursday as the company, a subsidiary of Tata Chemical, posted 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.
The counter dropped to Rs 276.30 against the previous close of Rs 294.65 on the BSE.
According to PTI, the company’s revenue from operations during October-December 2021 jumped 10.1 per cent to Rs 628.08 crore against Rs 570.47 crore in the year-ago period.
Rallis India's total expenses rose 13.3 per cent to Rs 580.50 crore, compared with Rs 522.18 crore a year ago, the PTI report said.
In what was an otherwise strong year for Tata Group stocks, Rallis India fell 2 per cent in 2021 and was the only Tata Group scrip to log negative returns.
However, analysts tracking the stock have a consensus hold rating on Rallis India, with a median target of Rs 304 that still suggests a double-digit upside potential. Two brokerages that have initiated coverage on the stock said the company would see sustainable growth in the medium term but are mixed over target prices.
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