Rallis India Q3 - Inline Quarter: Prabhudas Lilladher
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 Q3 - Inline Quarter: Prabhudas Lilladher

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Prabhudas Lilladher Report

Rallis India reported inline set of results driven by 19% growth in domestic business. Cropcare segment grew 5% (volume growth of 10%) driven by 15% growth in domestic business. International business dragged cropcare segment with 17% decline in realisations, due to sharp decline in Metribuzin price and drop in CRAMS business volumes. Ex-off metribuzin and PEKK, demand is resilient in international business.

Domestic business is on a strong footing in both crop protection and seeds with healthy demand, new launches (1 in CP, 2 in crop nutrition) and faster collection. Rallis has completed capex for 3 molecules in Q3, while other 2 molecules will be completed by April 21. The management also plans to invest Rs 1.2 billion in MPP, to be operationalised by H2 2022.

Management’s strategy of capacity expansion driven growth continues and we maintain our positive bias from a long term point of view.

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