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Results
21-Jul-21
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Analysis
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Rallis India
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Sales up 12%, NP down 10%
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Rallis India
Sales up 12%, NP down
10%
Rallis
India consolidated net sales increased 11.74% to Rs 740.51 crore in Q1FY22
compared to Q1FY21. Operating profit margin has slumped from 19.36% to 16.41%,
leading to 5.28% decline in operating profit to Rs 121.52 crore. Raw material cost as a % of total sales (net
of stock adjustments) decreased from 54.93% to 53.23%. Purchase of finished goods cost rose from
3.70% to 5.63%. Employee cost increased
from 7.73% to 8.56%. Other expenses
rose from 13.47% to 15.20%. Other income fell 40.51% to Rs 6.99 crore. Provision for interest fell 52.79% to Rs 0.93
crore.
Provision
for depreciation rose 3.18% to Rs 18.49 crore. Profit before tax shrink 9.21%
to Rs 109.09 crore. Share of profit/loss were nil in both the periods.
Provision for tax was expense of Rs 26.75 crore, compared to Rs 28.28 crore.
Effective tax rate was 24.52% compared to 23.54%.
Net
profit attributable to owners of the company decreased 10.37% to Rs 82.34
crore.
Full year results
analysis
Net
sales (including other operating income) of Rallis India has increased 7.89% to
Rs 2429.44 crore. Operating profit margin has jumped from 11.52% to 13.29%,
leading to 24.49% rise in operating profit to Rs 322.89 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 56.11% to 56.34%. Purchase of finished goods cost fell from
6.18% to 5.47%. Employee cost decreased
from 8.76% to 8.65%. Other expenses
fell from 17.61% to 16.62%.
Other
income rose 17.83% to Rs 40.45 crore.
Provision for interest fell 14.73% to Rs 5.21 crore. Loan funds declined from Rs 90.29 crore as of
31 March 2020 to Rs 71.83 crore as of 31 March 2021. Inventories rose to Rs 763.20 crore as of 31
March 2021 from Rs 699.20 crore as of 31 March 2020. Sundry debtors were lower at Rs 406.28 crore
as of 31 March 2021 compared to Rs 450.59 crore as of 31 March 2020. Cash and bank balance rose to Rs 55.13 crore
as of 31 March 2021 from Rs 48.65 crore as of 31 March 2020. Investments declined from Rs 302.47 crore as
of 31 March 2020 to Rs 283.48 crore as of 31 March 2021.
Provision
for depreciation rose 4.16% to Rs 64.07 crore.
Fixed assets increased to Rs 530.03 crore as of 31 March 2021 from Rs
472.72 crore as of 31 March 2020.
Intangible assets increased from Rs 195.82 crore to Rs 265.42
crore.
Profit
before tax grew 30.07% to Rs 294.06 crore.
Share of profit/loss were nil in both the periods. Extraordinary items comprising profit on sale
on flats decreased 17% to Rs 9.45 crore.
Provision for tax was expense of Rs 74.93 crore, compared to Rs 53.8
crore. Effective tax rate was 24.69%
compared to 22.65%.
Net
profit attributable to owners of the company increased 23.66% to Rs 228.58
crore.
Promoters’
stake was 50.09% as of 31 March 2021 ,compared to 50.09% as of 31 March 2020
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Cash
flow from operating activities decreased to Rs 216.78 crore for year ended
March 2021 from Rs 336.84 crore for year ended March 2020. Cash flow used in acquiring fixed assets
during the year ended March 2021 stood at Rs 168.49 crore, compared to Rs 78.60
crore during the year ended March 2020.
Announcing the results,
Mr. Sanjiv Lal, Managing Director and CEO, Rallis India said,
“India
has witnessed an erratic monsoon this year, but with its revival, we can expect
the agricultural activities to pick up pace. Q1 witnessed the second wave of
COVID-19 that impacted our business to some extent and we continued to navigate
our business with the principal focus firmly being on employee safety. In spite
of these challenges, the Company has registered a 31.2% revenue growth for the
domestic crop care segment and a 3.1% increase in revenue from our seeds
business in Q1. Going forward, we will continue to focus on leveraging
opportunities by making investments in new product introduction, manufacturing,
R&D and automation.”
Key developments during
the quarter
§ Successful launch of 3 new crop
protection products, 1 crop nutrition product and 6 in seeds category
§ Focus continued on supply chain and
logistics amid lockdown limitations and high international freight rates
§ Formulation plant to get commissioned
in Q2 FY22
§ Migration of packaging in line with
new brand architecture underway
The
scrip is currently trading at Rs 327
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Rallis India: Consolidated Results
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2106
(03)
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2006
(03)
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Var (%)
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2103
(12)
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2003
(12)
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Var (%)
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Net Sales
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740.51
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662.70
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12
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2429.44
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2251.82
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8
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OPM (%)
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16.4%
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19.4%
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13.3%
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11.5%
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Operating
Profits
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121.52
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128.29
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-5
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322.89
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259.36
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24
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Other Income
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6.99
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11.75
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-41
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40.45
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34.33
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18
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PBDIT
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128.51
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140.04
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-8
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363.34
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293.69
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24
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Interest
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0.93
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1.97
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-53
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5.21
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6.11
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-15
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PBDT
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127.58
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138.07
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-8
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358.13
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287.58
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25
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Depreciation
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18.49
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17.92
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3
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64.07
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61.51
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4
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PBT before EO
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109.09
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120.15
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-9
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294.06
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226.07
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30
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EO
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0.00
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0.00
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-9.45
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-11.42
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0
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PBT after EO
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109.09
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120.15
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-9
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303.51
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237.49
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28
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Tax Expense
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26.75
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28.28
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-5
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74.93
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53.80
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39
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Net profit
before MI
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82.34
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91.87
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-10
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228.58
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183.69
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24
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MI
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0
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0
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0
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-1.16
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PAT
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82.34
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91.84
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-10
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228.58
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184.85
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24
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EPS* (Rs.)
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#
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#
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11.4
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9.0
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*Annualised on Equity
Share Capital Rs 19.45 crore; Face value Rs 1
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EO:
Extraordinary items, Var.(%) exceeding 999 is restricted to 999
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EPS is
calculated after excluding EO and relevant tax
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PL: Profit to
Loss; LP: Loss to Profit
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Figures in Rs
crore
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Source:
Capitaline Database
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