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ICICI Direct Report
Rallis India Ltd. is a leading agrochemical company with a presence across the agri input value chain and a strong and healthy pipeline of sustainable products.
Q1 FY22 revenue was ahead of our estimates while profit after tax came in lower than expected owing to lower gross margins and higher operating cost.
Reported revenue growth of 11.7% YoY to Rs 740.5 crore, led by domestic crop care business (up 32% YoY).
Gross margins declined 90 basis points YoY to ~38.8% while Ebitda margin contracted 300 bps YoY to 16.4%, due to higher operating cost such as employee and other expenses.
Rallis India's Ebitda was down 5.3% YoY to Rs 121.5 crore.
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