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Results
20-Jan-22
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Analysis
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Rallis India
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RM availability and costs continues to be challenging
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Rallis
India consolidated net sales increased 10.10% to Rs 628.08 crore in Q3FY22
compared to Q3FY21. Operating profit margin has jumped from 10.54% to 10.73%,
leading to 12.11% rise in operating profit to Rs 67.40 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 54.69% to 58.30%. Purchase of finished
goods cost rose from 5.06% to 5.10%. Employee cost decreased from 9.86% to
9.02%. Other expenses fell from 19.38% to 17.81%.
Other
income fell 28.14% to Rs 5.49 crore. PBIDT rose 7.57% to Rs 72.89 crore.
Provision for interest rose 77.22% to Rs 1.4 crore. PBDT rose 6.75% to Rs 71.49
crore. Provision for depreciation rose 66.85% to Rs 18.42 crore. Profit before
EO was down 5.11% to Rs 53.07 crore. The company reported nil EO items during
the quarter compared to EO income of Rs 6.12 crore in corresponding previous
year quarter comprising profit on sale of flats. PBT after EO was down 14% to
Rs 53.07 crore. Provision for tax was expense of Rs 13.51 crore, compared to Rs
16.41 crore. Effective tax rate was
25.46% compared to 26.45%. Net profit attributable to owners of the company
decreased 13.32% to Rs 39.56 crore.
Promoters’
stake was 50.09% as of 31 December 2021 compared to 50.09% as of 31 December
2020. .
Performance for six months ended September 2021Net sales of Rallis India have increased 7.06% to Rs 2096.39 crore. Operating
profit margin has declined from 15.58% to 13.21%, leading to 9.26% decline in
operating profit to Rs 276.90 crore. Raw material cost as a % of total sales
(net of stock adjustments) increased from 54.40% to 55.74%. Purchase of
finished goods cost fell from 5.61% to 5.56%. Employee cost increased from
8.29% to 8.85%. Other expenses rose from 15.62% to 16.51%.
Other income fell 38.44% to Rs 19.97 crore. PBIDT fell 12.07% to
Rs 296.87 crore. Provision for interest fell 14.42% to Rs 3.56 crore. PBDT fell
12.04% to Rs 293.31 crore. Provision for depreciation rose 10.92% to Rs 54.65
crore. Profit before EO down 16.02% to Rs 238.66 crore. The company reported
nil EO items during the period compared to EO income of Rs 7.77 crore in
corresponding previous year period comprising profit on sale of flats. PBT
after EO was down 14% to Rs 53.07 crore. Provision for tax was expense of Rs
60.31 crore compared to Rs 71.49 crore.
Effective tax rate was 25.27% compared to 24.49%. Net profit
attributable to owners of the company decreased 19.08% to Rs 178.39 crore.
Promoters’ stake was 50.09% as of 31 December 2021 compared to
50.09% as of 31 December 2020. .
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. PBIDT rose
23.72% to Rs 363.34 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 75.61 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.
PBDT rose 24.53% to Rs 358.13 crore. Provision for
depreciation rose 4.16% to Rs 64.07 crore. Fixed assets increased to
Rs 599.63 crore as of 31 March 2021 from Rs 472.72 crore as of 31 March
2020. Intangible assets stood at Rs 195.82 crore.
Profit before tax grew 30.07% to Rs 294.06 crore. Share
of profit/loss were nil in both the periods. Extraordinary items
were decreased 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%.
Minority interest was nil in both the periods. 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.
Announcing the results,
Mr. Sanjiv Lal, Managing Director and CEO, Rallis India said,
“The
erratic monsoon season this year has not favoured agri input companies as
excessive rainfall continued into Q3 in the southern states. Despite these
challenges, our domestic crop care business grew at 9.4%, and exports by 19%
during the quarter. The seeds industry continued to face headwinds due to restrictions
for sale of paddy and maize hybrids in some states.
Supply
chain challenges continued into Q3 with availability being a challenge for
certain intermediates as well as steep inflation in prices. We are focussed on
minimising the disruptions to our production as much as possible and calibrated
price corrections have helped in partially neutralizing the RM cost inflation.
On
a longer term basis, our capex plans, new product introduction plans and demand
generation investments remain on course as we do believe that normalcy will be
restored progressively.
While
positioning ourselves so, we are also consistently prioritising the safety and
well-being of all our employees and other stakeholders.”
Key developments during
the quarter
§ Raw material availability and costs
continue to be challenging
§ Ankleshwar debottlenecking project for
two key active ingredients completed and commissioned
§ MPP project progressing well
§ Formulation Plant at Dahej, CZ - Phase
1 completed. Commercial production started
§ Successful launch of a new microbial
biopesticide, a potash rich organic manure, and a new maize hybrid
§ Focus continued on supply chain amidst
availability and logistic challenges and high international freight rates
§ Select commodity prices are good and
export demand for crop protection is good. Overall Rabi sown area in India
remains stable.
The
scrip is currently trading at Rs 294
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Rallis India: Consolidated Results
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2112
(03)
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2012
(03)
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Var (%)
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2112
(09)
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2012
(09)
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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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628.08
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570.47
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10
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2096.39
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1958.18
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7
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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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10.7%
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10.5%
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13.2%
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15.6%
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13.3%
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11.5%
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Operating
Profits
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67.40
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60.12
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12
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276.90
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305.17
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-9
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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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5.49
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7.64
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-28
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19.97
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32.44
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-38
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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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72.89
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67.76
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8
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296.87
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337.61
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-12
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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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1.40
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0.79
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77
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3.56
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4.16
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-14
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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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71.49
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66.97
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7
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293.31
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333.45
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-12
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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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18.42
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11.04
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67
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54.65
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49.27
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11
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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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53.07
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55.93
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-5
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238.66
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284.18
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-16
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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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6.12
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0.00
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7.77
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-9.45
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-11.42
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-17
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PBT after EO
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53.07
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62.05
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-14
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238.66
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291.95
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-18
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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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13.51
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16.41
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-18
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60.31
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71.49
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-16
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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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39.56
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45.64
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-13
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178.35
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220.46
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-19
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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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-0.04
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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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39.56
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45.64
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-13
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178.39
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220.46
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-19
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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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#
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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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