Hold Rallis India: target of Rs 305: ICICI Direct

ICICI Direct recommended hold rating on Rallis India with a target price of Rs 305 in its research report dated October 21, 2021.

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ICICI Direct’s research report on Rallis India

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

Outlook

We revise our rating from BUY to HOLD on the back of input cost inflation pressure We value Rallis India at 22x P/E FY23E EPS to arrive at a revised target price of Rs 305 per share (earlier Rs 400 per share)

For all recommendations report, click here

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