Technology

For 1QFY2018 Rallis India (Rallis) reported a yoy de-growth of 1.0% in sales to `446cr (v/s. `450cr in 1QFY2017). The performance of Rallis was impacted during the quarter on the back of transition to GST and high channel inventory. On the operating front, the OPM came in at 15.6% (v/s. 16.7% in 1QFY2017). Owing to lower sales growth the Adjusted Net profit de-grew by 8.1% yoy to `45cr (v/s. `49cr in 1QFY2017). We maintain our Neutral view on the stock.

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