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A play on likely outperformance of agro-chemical sector in near term

Rallis' focus on the contract manufacturing business and filling portfolio gaps are a key watch

April 27, 2021 / 10:13 AM IST
A play on likely outperformance of agro-chemical sector in near term

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

In a seasonally weak quarter, Rallis India (CMP: Rs 280; Market Cap: Rs 5,456 crore) posted better volume growth, which helped it offset weak pricing for the key herbicide offering – Metribuzin. Sequentially speaking, even Metribuzin prices have started to improve, and this indicates favourable demand-supply balance now. Further, near-term prospects are supported by a relatively better-placed rural economy, wherein strong cash flows from the last few harvesting seasons and expectations of a normal monsoon this year are positives. However, as...

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