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Prabhudas Lilladher Report
Rallis India Ltd. in their pre-quarterly conference call highlighted that -
domestic crop care business likely to post subdued performance primarily led by tepid demand due to disproportionate rainfall resulting into lower pest infestation and miss in sprays;
exports at a better-off position led by improved demand scenario globally supported by better product and price mix, however have cautious outlook due to drought in U.S. and European markets;
herbicides continues to outperform (to post double digit growth in Q2) as compared to insecticides and fungicides category;
launched three new 9(3) molecules in H1 FY23 as against guidance of four product launches in FY23E, additionally launched five new 9(4) molecules in H1 FY23;
crop nutrition business to post double digit revenue growth, aided by better product mix;
high cost inventory to exert pressure in near term, however remains confident to maintain absolute Ebitda led by recent price hikes.
We expect revenue/profit after tax compound annual growth rate of 13%/18% over FY22-25E (versus 8%/3% over FY11-22).
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