Dolat Capital: Rallis India Q2 Earnings Below Estimates
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Dolat Capital Report
Rallis India Ltd.’s Q2 FY21 earnings print was below our estimates by 7.1% on sales and 21.2% on Ebitda.
Sales/Ebitda/profit after tax stood at Rs 7.25 billion/1.17 billion/830 million down by 3.2/1.6/3.3% YoY.
We had anticipated fall in sales of international business, however the reported fall was even steeper (down 29% YoY to Rs 1.54 billion) than our expectations.
Domestic business did report a decent growth by 8% YoY to Rs 4.86 billion, with seeds business growing at 29% YoY to Rs 730 million.
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