Buy Rallis India; target of Rs 400: ICICI Direct
ICICI Direct is bullish on Rallis India has recommended buy rating on the stock with a target price of Rs 400 in its research report dated July 23, 2021.
July 28, 2021 / 10:08 AM IST
ICICI Direct's research report on Rallis India
Rallis India is a leading agrochemical company with a presence across the agri input value chain and a strong and healthy pipeline of sustainable products. The company has a diversified portfolio, supported by a strong channel network of more than 6,700 dealers and 79,000 retailers In terms of revenue contribution, domestic crop care constitutes 54% of the overall revenue followed by international crop care of 30% and rest from seeds business
We retain BUY rating on the back of better growth outlook from both domestic and international crop care business We value Rallis India at 25x P/E FY23E EPS to arrive at a revised target price of Rs 400 per share (earlier Rs 350 per share)
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