Rallis India is a leading agrochemical company with a presence across agri input value chain and a strong, 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 overall revenue followed by international crop care of 30% and the rest from the seeds business.
OutlookWe revise the rating downward from HOLD to RE.DUCE on the back of input cost inflation pressure. We value Rallis India at 19x P/E FY24E EPS to arrive at a revised target price of Rs 235 per share (earlier Rs 305 per share).
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