Rallis India –Neutral- Angel Securities
Rallis India declared its 1QFY2011 results, with revenue growth of 22% to Rs203 crore, which was ahead of our estimate of Rs193cr. However, EBITDA margins at 11.6% were below our estimates of 13%, hence overall profit came in at lower than the estimate.
Total reported PAT for the quarter came in at Rs14.8 crore against Rs9 crore (1QFY2010), growth of 57.5% y-o-y. We currently have a NEUTRAL rating on the stock, which would be revised post the management meet.
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