Rallis India

20 Oct 2022 , 07:04 AM

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 .  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  

Rallis India: Standalone Results
	2209    (03)	2109    (03)	Var (%)	2209    (06)	2109    (06)	Var (%)	2203    (12)	2103    (12)	Var (%)
Net Sales	951.18	727.80	31	1813.96	1468.31	24	2603.93	2429.43	7
OPM (%)	12.4%	12.1%		12.7%	14.3%		10.5%	13.3%
Operating Profits	117.61	87.97	34	230.27	209.58	10	274.14	322.99	-15
Other Income	2.08	7.49	-72	6.10	14.47	-58	27.44	40.44	-32
PBDIT	119.69	95.46	25	236.37	224.05	5	301.58	363.43	-17
Interest	2.25	1.23	83	3.92	2.16	81	4.79	5.21	-8
PBDT	117.44	94.23	25	232.45	221.89	5	296.79	358.22	-17
Depreciation	22.03	17.74	24	46.70	36.23	29	74.31	64.07	16
PBT before EO	95.41	76.49	25	185.75	185.66	0	222.48	294.15	-24
EO	0.00	0.00		0.62	0.00		0.00	9.45
PBT after EO	95.41	76.49	25	186.37	185.66	0	222.48	303.60	-27
Tax Expense	24.36	20.05	21	47.85	46.80	2	58.21	74.93	-22
Net profit before MI	71.05	56.44	26	138.52	138.86	0	164.27	228.67	-28
MI	0	0		0	0		0	0
PAT	71.05	56.44	26	138.52	138.86	0	164.27	228.67	-28
EPS* (Rs.)							8.4	11.4
*Annualised on Equity Share Capital Rs 19.45 crore; Face value Rs 1
EO: Extraordinary items, Var.(%) exceeding 999 is restricted to 999
EPS is calculated after excluding EO and relevant tax
PL: Profit to Loss; LP: Loss to Profit
Figures in Rs crore
Source: Capitaline Database

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