Technology

For 2QFY2017, Rallis India (Rallis) reported a yoy growth of 20.8% in sales to
Rs540cr (vs. Rs447cr in 2QFY2016). On the operating front, the gross margin
came in at 38.9% (vs. 52.4% in 2QFY2016), which along with sales growth aided
the OPM to come in at 17.7% (V/s 19.2% in 2QFY2016). Aided by sales growth,
a good operating performance and surge in other income (Rs12cr vs. Rs5cr in
2QFY2016), the Adj. Net profit grew by 31.0% yoy to Rs67cr (vs. Rs51cr in
2QFY2016). We maintain our Neutral view on the stock.

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