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Prabhudas Lilladher Report
Rallis India Ltd. in its first ever pre-quarterly conference call highlighted that-
domestic crop care and seeds segment will likely post stable performance in Q1 FY23, placements have progressed as per plan and liquidation will take place in subsequent quarters;
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delayed monsoons do have an impact in terms of placements and liquidation, while some crop shift patterns are visible in cotton and paddy crops;
exports will likely grow better than other segments (lower base of last year down 8% YoY to aid growth);
pressure on margins likely to persist in near term, however, remains confident to maintain absolute Ebitda;
price hikes taken to the tune of 4-5% as compared to March 2022 levels to mitigate inflated raw material cost; and
Rallis India's capex plans are on schedule.
We expect revenue/profit after tax compound annual growth rate of 10%/4% over FY22-24E (versus 8%/3% over FY11-22).
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