ICICI Securities says Rallis India top-line and EBITDA mostly in line with estimates, however bottom line beat due to lower than anticipated depreciation. Rallis India revenue for the quarter was up by 6.9% YoY to Rs 570.5 cr against estimates of Rs 580 cr. As the segmental details are still awaited, but expectations are that there has been clear demand revival in the international business for key molecules, which should have supported the growth for the quarter.
 
Rallis India operating margins for the quarter remained at 10.5% almost in line with estimates, leading to EBITDA growth of 7.9% YoY to Rs 60 cr against estimates of 61 cr. There has been sustainability in Rallis India gross margins, which depicts that inventory situation of metribuzin seems getting normal and thereby the realisations. Along with that, ICICI Securities believe positive delta for price increase of some molecules should also have supported gross margins to a certain extent for the quarter.
 

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Adjusting the exceptional item to the tune of Rs 6.1 cr related to profit on sale of flats, Rallis India PAT was up by 7.9% YoY to Rs 41 cr against estimates of Rs 37.7 cr. Beat is on account lower than anticipated depreciation

 

Religare Broking says that the markets plunged sharply lower and lost nearly one and a half percent amid weak global cues. Initially, the benchmark opened marginally in the red tracking unsupportive global markets which further deteriorated as the session progressed. However, recovery in select index majors recouped losses in the middle but not for long. Consequently, the Nifty ended around the day’s low at 14,281 levels. On the sector front, except consumer durable, all the other indices ended in the red wherein metals, healthcare and auto were the top losers. In line with the benchmark, the broader market indices too ended lower in the range of 2-2.3%. 

The news of fresh Covid cases in China has spooked the markets across the globe including India as participants are worried about global economic recovery. At the same time, we’re seeing a noticeable rise in volatility on the domestic front too, thanks to the prevailing earnings season. Amid all, we reiterate our positive yet cautious view and suggest focusing more on stock selection and risk management. On the index front, Nifty has critical support at 14100.