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Rallis India
Rallis India’s 3QFY2011 results were in line with our estimates. The company reported 31%
yoy top-line growth to `271cr, which was 6.7% ahead of our expectation of `254.4cr.
EBITDA margins came in at 19.1%, 90bp below our estimate of 20%. Adjusted PAT came in
at `33.7cr, marginally ahead of our estimate of `32.1cr. Overall, results were broadly in line
with our estimates. We would revise our estimates post management interaction. At the CMP
of `1,307, the stock is trading at 19.7x and 14.7x its FY2011E and FY2012E earnings
estimates. We maintain our Neutral view on the stock.
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