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Rallis India Ltd. is a leading agrochemical company with a presence across agri input value chain and a strong, healthy pipeline of sustainable products.
Q3 FY22 numbers were largely in line with our estimates across all parameters. Revenues increased 10.1% to Rs 628.1 crore, led by 19% growth in the international market.
Rallis India’s gross margins expanded 170 basis points YoY to ~40.2% while Ebitda margin improved 20 bps YoY to 10.7%, due to higher employee and other expenses.
Ebitda was up 12.1% YoY to Rs 67.4 crore. Profit after tax fell 3.8% YoY to Rs 39.6 crore owing to higher depreciation and lower other income.
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