For 2QFY2018 Rallis India (Rallis) reported a yoy growth of 9.1% in sales to `588cr (v/s. `539cr in 2QFY2017). The performance of Rallis was impacted during the quarter on the back of transition to GST and high channel inventory. On the operating front, the OPM came in at 20.8% (v/s. 17.8% in 2QFY2017). Owing to lower sales growth the Adjusted Net profit grew by 16.1% yoy to `77cr (v/s. `67cr in 2QFY2017). We recommend Sell.

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