Visit http://indiaer.blogspot.com/ for complete detailsRallis India
Rallis India reported its 2QFY2011 results. The company reported top-line growth 14.7%
yoy to `368cr, which was 10% below our expectation of `407cr. EBITDA margins came in
at 24.3%, 190bp higher than our estimate of 22.4%. Reported PAT came in at `58.7cr, as
against our estimate of `58.4cr. Overall, the results were broadly in line with our
estimates.
At the CMP of `1,456, the stock is trading at 20x and 15x its FY2011E and FY2012E
earning estimate, respectively. Currently, we remain Neutral on the stock.
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