Tata group’s agri-input firm Rallis India has reported a four-fold jump in its consolidated net profit at Rs. 174.20 crore for the quarter ended June 30, 2016. The agri-input company had posted a net profit of Rs. 42.39 crore in the year-ago period.
In a BSE filing, the company posted the total income, which increased to Rs. 469.61 crore during the period from Rs. 438.72 crore in the corresponding period of the previous year.
Rallis India’s net profit rose sharply on account of an exceptional profit of Rs. 158.39 crore during the April-June quarter, comprising sale of leasehold rights of land in Navi Mumbai to Ikea India Pvt Ltd.
In March, the company entered into an agreement with IKEA India to transfer its leasehold right over a land parcel in Mumbai for a consideration of nearly Rs. 214 crore. It is a subsidiary of Tata Chemicals with business presence in the farm essentials vertical. Also, the company is into seeds, agro-chemicals, plant growth nutrients and agri-services.