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Prabhudas Lilladher Report
Rallis India Ltd. reported disappointing results driven by 8% decline in International business (our estimate- 18%) and pricing pressure led margin contraction in crop care business (down 315 basis points @8.1%).
Higher fuel cost driven 142 bps increase in other expenses and shortfall in Merchandise Exports from India Scheme benefits, further pulled down Ebitda margins.
Demand environment stands healthy in domestic and steady in international business hence Rallis India's Q1 performance is only a temporary blip, in our view.
Further, 10 new product launches/six registrations within domestic/international business in Q1 is commendable.
Pressure on gross margin is expected to ease Q2 onwards, as lower Metribuzin price will be in the base Q2 FY22 onwards.
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