Rallis India Ltd Research Report - 25^th Jan 2017

For 3QFY2017, Rallis India (Rallis) reported a yoy growth of 6.5% in sales to
₹326cr (v/s ₹306cr in 3QFY2016). On the operating front, the OPM came in at
11.4% (v/s 11.0% in 3QFY2016). Aided by sales growth, a good operating
performance and surge in other income (₹8cr v/s ₹3cr in 3QFY2016), the
Adjusted Net profit grew by 30.2% yoy to ₹25cr (v/s ₹19cr in 3QFY2016). We
maintain our Neutral view on the stock.