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Analyst Meet / AGM
19-Jan-21
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Conference Call
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Rallis India
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Capex implementation impacted due to COVID 19
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Rallis India held a conference call on 19th January 2021 to discuss the results for the quarter ended December 2020 and way forward. Mr. Sanjiv Lal- Managing Director & CEO, Mr. S. Nagarajan- Chief Operating Officer and Mr. Ashish Mehta- Chief Financial Officer of the company addressed the call.
Highlights of the Concall
- Rabi season panned out reasonably well despite the cyclone. The cyclone did result in some disruptions, excess rainfall, some crop damage across certain geographies but the overall market environment probably has been very encouraging and growth has been conducive.
- The company believes that the domestic agrochemical industry is growing in the range of 10-11%.
- The company delivered a top line growth of 7% and operational profitability growth of about 8%. The performance is broadly in line with the company's stated objective of prioritizing growth by introducing new products and widening submission reach.
- The company has been guiding the introduction of at least two new 9(3) molecules in the coming months. It has introduced one product during the first half of FY21 and expects one more follow up in Q4. In addition to that the company also launched two new fertigation products under crop nutrition portfolio with the brand name aquafert and this is addressing the grapes crop as well as vegetables.
- The company has entered into biopesticide segment with the launch of two new products- Ralli-Neem and Ralli-Neem+. This is a new category that the company has entered during Q3.
- The company has launched new 9(4) formulation in Q3- Trot (Thiamethoxam FS) targeted as a seed treatment insecticide for Cotton, Soybean, Chilli, Sorghum, Wheat, Okra, Maize, Sunflower and Groundnut
- The company has also introduced and in licensed products during the year - soyabean herbicide and it has also identified wheat and soybean as segments that it need to strengthen its portfolio.
- International business registered an highest ever sales of all products barring metribuzin and the business momentum continues to remain strong, inquiries for product volumes from customers remains encouraging and the order book for majority of its products remains robust.
- The company is undertaking required investments to enhance product offerings, reducing raw material dependence on China and developing new products offering other domestic business
- Revenue from crop care was at Rs 529 crore registering an overall growth of 5% over previous year with a volume growth of 10% and a price correction of 5%
- International business reported revenues at Rs 184 crore versus Rs 182 crore in Q3FY20.
- Overall Capex implementation impacted due to COVID 19 & monsoons and got delayed by 2-3 months. The formulation plant at Dahej, CZ -Phase 1 expected to be completed by March 21. Capacity Expansion of Metribuzin, Hexaconazole and, Kresoxim Methyl was completed during the quarter. Capacity expansion for Acetamiprid, & Lambda Cyhalothrin is now expected to be completed by April 21. The Board had approved further investments of around Rs.65 crore for expansion of MPP/Pilot Plant, automation etc. in Oct 2020. MPP at Dahej SEZ is progressing as per plan and, Pilot Plant expansion is expected to be completed by Aug 21.
- The company did a capex of Rs 90 crore in 9MFY21 and expect around Rs 40-45 crore capex in Q4FY21.
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