Rallis India - Comprehensive Beat In Q4; Strong Outlook For FY22: ICICI Direct
A farm worker sprays cotton plants with pesticides on the farm of Jarnail Singh in Jajjal village, Punjab, India. (Photographer Prashanth Vishwanathan/Bloomberg)

Rallis India - Comprehensive Beat In Q4; Strong Outlook For FY22: ICICI Direct


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ICICI Direct Report

Rallis India Ltd. Q4 FY21 revenues grew 36% YoY to Rs 471.3 crore (our estimate Rs 377.6 crore) amid 73% growth in international business (52% of revenues in Q4) to Rs 245 crore led by volume growth.

The domestic business grew 11% YoY to Rs 226 crore. Crop protection business increased 38% to 445 crore and seeds business grew 8% to Rs 26 crore.

Ebitda margins were at 3.8% (our estimate: 2.4%) versus down 2.8% in Q4 FY20 mainly due to operational leverage.

Ebitda profit was at Rs 17.7 crore (our estimate Rs 9 crore) against Ebitda loss of Rs 9.8 crore.

Click on the attachment to read the full report:

ICICI Direct Rallis India Q4FY21 Result Review.pdf


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