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Results
22-Apr-22
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Analysis
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Rallis India
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In the red
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Rallis
India consolidated net sales increased 7.70% to Rs 507.54 crore in Q4FY22
compared to Q4FY21. Operating profit margin (OPM) has turned from positive
3.76% to negative 0.56%, Operating profit for the quarter stood loss of Rs 2.84
crore compared to profit of Rs 17.72 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 62.46% to 69.05%.
Purchase of finished goods cost fell from 5.01% to 0.75%. Employee cost decreased from 9.78% to
9.45%. Other expenses rose from 19.80%
to 21.24%.
Other
income fell 6.49% to Rs 7.49 crore.
PBIDT fell 81.93% to Rs 4.65 crore.
Provision for interest rose 17.14% to Rs 1.23 crore. PBDT fell 86.14% to Rs 3.42 crore. Provision for depreciation rose 32.84% to Rs
19.66 crore. Profit before EO reported loss
of Rs 16.24 crore compared to profit of Rs 9.88 crore. The company reported nil EO items during the
quarter compared to EO income of Rs 1.68 crore comprising
profit on sale of flats. PBT after EO reported loss of Rs 16.24 crore compared
to profit of Rs 11.56 crore.
Provision
for tax was credit of Rs 2.09 crore, compared to debit of Rs 3.44 crore. Net profit was loss of Rs 14.15 crore
compared to profit of Rs 8.12 crore.
Promoters’
stake was 50.09% as of 31 March 2022 compared to 50.09% as of 31 March
2021.
Full year results analysis Net sales of Rallis India have increased 7.18% to Rs 2603.93 crore. Operating profit margin has declined from
13.29% to 10.52%, leading to 15.12% decline in operating profit to Rs 274.06
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 56.34% to 58.67%. Purchase of finished goods cost fell from
5.47% to 4.50%. Employee cost increased
from 8.65% to 8.98%. Other expenses rose from 16.62% to 17.55%.
Other income fell 32.11% to Rs 27.46 crore. PBIDT fell 17.01% to Rs 301.52 crore. Provision for interest fell 8.06% to Rs 4.79
crore. Loan funds rose to Rs 92.74 crore
as of 31 March 2022 from Rs 75.61 crore as of 31 March 2021. Inventories rose to Rs 937.99 crore as of 31
March 2022 from Rs 763.20 crore as of 31 March 2021. Sundry debtors were higher at Rs 445.94 crore
as of 31 March 2022 compared to Rs 406.28 crore as of 31 March 2021. Cash and bank balance rose to Rs 63.20 crore
as of 31 March 2022 from Rs 55.13 crore as of 31 March 2021. Investments declined from Rs 283.48 crore as
of 31 March 2021 to Rs 211.90 crore as of 31 March 2022.
PBDT fell 17.14% to Rs 296.73 crore. Provision for depreciation rose 15.98% to Rs
74.31 crore. Fixed assets increased to
Rs 704.97 crore as of 31 March 2022 from Rs 599.63 crore as of 31 March
2021. Intangible assets stood at Rs
195.82 crore.
Profit before EO down 24.36% to Rs 222.42 crore. The
company reported nil EO items during the year compared to EO income of Rs 9.45
crore comprising profit on sale of flats. PBT after
EO reported was down 27% to Rs 222.42 crore.
Provision for tax was expense of Rs 58.22 crore, compared to Rs
74.93 crore. Effective tax rate was
26.18% compared to 24.69%.
Net profit attributable to owners of the company decreased 28.17%
to Rs 164.20 crore.
Equity capital stood at Rs 19.45 crore as of 31 March 2022 to Rs
19.45 crore as of 31 March 2021. Per
share face Value remained same at Rs 1.00.
Promoters’ stake was 50.09% as of 31 March 2022 ,compared to
50.09% as of 31 March 2021 .
Cash flow from operating activities decreased to Rs 165.82 crore
for year ended March 2022 from Rs 216.78 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 185.01 crore, compared to Rs
168.49 crore during the year ended March 2021.
Announcing the results,
Mr. Sanjiv Lal, Managing Director, and CEO, Rallis India said,
“The
Company delivered a resilient performance in the wake of multiple headwinds
during the year. Our domestic crop
care business grew at 14.0% and exports by 6.2% during the year. Our seeds business
faced challenges and revenue declined by 13%.
Supply
chain challenges continued into Q4 with availability issues for certain
intermediates as well as steep cost inflation. We are focussed on minimising
the disruptions to our production as much as possible. Calibrated price
corrections have helped in partially neutralising the material cost inflation.
On
the positive side, predictions of normal monsoons and robust commodity prices
both locally and globally are expected to have a favourable impact on Indian
agriculture.
Moving
forward we are focused on growth despite the volatile context. On a longer-term
basis, our capex plans, new product introduction plans, and demand generation
investments remain on course as we believe that normalcy will be restored
progressively. While doing this, we are also consistently prioritising the
safety and well-being of all our employees and other stakeholders.”
The
scrip is currently trading at Rs 281
Rallis India: Consolidated Results
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2203
(03)
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2103
(03)
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Var (%)
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2203
(12)
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2103
(12)
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Var (%)
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Net Sales
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507.54
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471.26
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8
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2603.93
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2429.44
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7
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OPM (%)
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-0.6%
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3.8%
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10.5%
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13.3%
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Operating
Profits
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-2.84
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17.72
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-116
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274.06
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322.89
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-15
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Other Income
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7.49
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8.01
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-6
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27.46
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40.45
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-32
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PBDIT
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4.65
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25.73
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-82
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301.52
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363.34
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-17
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Interest
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1.23
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1.05
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17
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4.79
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5.21
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-8
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PBDT
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3.42
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24.68
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-86
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296.73
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358.13
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-17
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Depreciation
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19.66
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14.80
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33
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74.31
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64.07
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16
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PBT before EO
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-16.24
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9.88
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-264
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222.42
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294.06
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-24
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EO
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0.00
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1.68
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0.00
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9.45
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PBT after EO
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-16.24
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11.56
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-240
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222.42
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303.51
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-27
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Tax Expense
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-2.09
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3.44
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-161
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58.22
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74.93
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-22
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Net profit
before MI
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-14.15
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8.12
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-274
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164.20
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228.58
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-28
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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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-14.15
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8.12
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-274
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164.20
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229.74
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-29
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EPS* (Rs.)
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#
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#
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8.4
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11.4
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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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