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Results
20-Oct-22
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Analysis
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Rallis India
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Good show
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Rallis
India standalone net sales has increased 30.69% to Rs 951.18 crore. Operating profit margin has jumped from
12.09% to 12.36%, leading to 33.69% rise in operating profit to Rs 117.61
crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 55.74% to 57.33%. Purchase of finished goods cost fell from
5.95% to 5.31%. Employee cost decreased
from 8.99% to 7.39%. Other expenses
fell from 16.55% to 16.51%.
Other
income fell 72.23% to Rs 2.08 crore.
PBIDT rose 25.38% to Rs 119.69 crore.
Provision for interest up 82.93% to Rs 2.25 crore.
PBDT
rose 24.63% to Rs 117.44 crore.
Provision for depreciation rose 24.18% to Rs 22.03 crore.
Profit
before tax grew 24.74% to Rs 95.41 crore.
Provision for tax was expense of Rs 24.36 crore, compared to Rs 20.05
crore. Effective tax rate was 25.53%
compared to 26.21%.
Profit
after tax rose 25.89% to Rs 71.05 crore.
Equity
capital stood at Rs 19.45 crore as of 30 September 2022 to Rs 19.45 crore as of
30 September 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 50.09% as of 30 September 2022 ,compared to 50.09% as of 30 September
2021.
Announcing the results,
Mr. Sanjiv Lal, Managing Director, and CEO, Rallis India said, “Our Q2 revenues grew 31%+ over last
year on the back of 31% growth in the Crop Care business and 12% growth in
Seeds. Within our Crop Care, exports grew by 67% and the domestic formulation
business grew by 13% growth. Despite the uneven distribution of monsoon,
domestic business leveraged our geographic and portfolio diversity to achieve
growth. While margins were satisfactory in the domestic business, international
business margins were lower compared to Q2 of the previous financial year.
Going
forward, we continue to remain focused on our long-term growth plans of new
product introduction and capital investment”
For year-to-date (YTD)
results analysis
Net
sales of Rallis India have increased 23.54% to Rs 1,813.96 crore.
Operating
profit margin has declined from 14.27% to 12.69%, leading to 9.87% rise in
operating profit to Rs 230.27 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
54.47% to 57.16%. Purchase of finished
goods cost rose from 5.79% to 7.07%.
Employee cost decreased from 8.77% to 7.34%. Other expenses fell from 15.86% to
15.47%.
Other
income fell 57.84% to Rs 6.1 crore.
PBIDT rose 5.50% to Rs 236.37 crore.
Provision for interest up 81.48% to Rs 3.92 crore.
PBDT
rose 4.76% to Rs 232.45 crore. Provision
for depreciation rose 28.90% to Rs 46.7 crore.
Profit
before tax grew 0.05% to Rs 185.75 crore.
Provision for tax was expense of Rs 47.85 crore, compared to Rs 46.8
crore. Effective tax rate was 25.67%
compared to 25.21%.
Profit
after tax fell 0.24% to Rs 138.52 crore.
Equity
capital stood at Rs 19.45 crore as of 30 September 2022 to Rs 19.45 crore as of
30 September 2021. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 50.09% as of 30 September 2022 ,compared to 50.09% as of 30 September
2021 .
Full year results
analysis
Net
sales of Rallis India have increased 7.18% to Rs 2,603.93 crore. Operating profit margin has declined from
13.29% to 10.53%, leading to 15.12% decline in operating profit to Rs 274.14
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 32.15% to Rs 27.44 crore.
PBIDT fell 17.02% to Rs 301.58 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 53.91 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 17.15% to Rs 296.79 crore.
Provision for depreciation rose 15.98% to Rs 74.31 crore. Fixed assets increased to Rs 619.68 crore as
of 31 March 2022 from Rs 530.03 crore as of 31 March 2021. Intangible assets increased from Rs 265.42
crore to Rs 281.11 crore.
Profit
before EO was down 24.37% to Rs 222.48 crore.
The company reported nil EO items compared to EO income of Rs 9.45
crore. PBT after EO was down 27% to Rs 222.48 crore.
Provision
for tax was expense of Rs 58.21 crore compared to Rs 74.93 crore. Effective tax rate was 26.16% compared to
24.68%.
Profit
after tax fell 28.16% to Rs 164.27 crore.
Promoters’
stake was 50.09% as of 31 March 2022 compared to 50.09% as of 31 March 2021
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Cash
flow from operating activities decreased to Rs 165.86 crore for year ended
March 2022 from Rs 216.24 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 184.99 crore, compared to Rs
168.49 crore during the year ended March 2021.
The
scrip is currently trading at Rs 216
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Rallis India: Standalone Results
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2209
(03)
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2109
(03)
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Var (%)
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2209
(06)
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2109
(06)
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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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951.18
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727.80
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31
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1813.96
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1468.31
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24
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2603.93
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2429.43
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7
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OPM (%)
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12.4%
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12.1%
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12.7%
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14.3%
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10.5%
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13.3%
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Operating
Profits
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117.61
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87.97
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34
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230.27
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209.58
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10
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274.14
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322.99
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-15
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Other Income
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2.08
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7.49
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-72
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6.10
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14.47
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-58
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27.44
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40.44
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-32
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PBDIT
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119.69
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95.46
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25
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236.37
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224.05
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5
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301.58
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363.43
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-17
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Interest
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2.25
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1.23
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83
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3.92
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2.16
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81
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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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117.44
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94.23
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25
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232.45
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221.89
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5
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296.79
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358.22
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-17
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Depreciation
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22.03
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17.74
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24
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46.70
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36.23
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29
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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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95.41
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76.49
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25
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185.75
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185.66
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0
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222.48
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294.15
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-24
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EO
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0.00
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0.00
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0.62
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0.00
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0.00
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9.45
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PBT after EO
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95.41
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76.49
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25
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186.37
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185.66
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0
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222.48
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303.60
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-27
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Tax Expense
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24.36
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20.05
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21
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47.85
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46.80
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2
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58.21
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74.93
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-22
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Net profit
before MI
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71.05
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56.44
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26
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138.52
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138.86
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0
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164.27
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228.67
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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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0
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0
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0
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PAT
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71.05
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56.44
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26
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138.52
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138.86
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0
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164.27
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228.67
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-28
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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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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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