MarketLineIC - Rallis India LTD - Profile - 240721

Rallis India Ltd
Table of Contents
Rallis India Ltd- Financial and Strategic Analysis Review ...........................................2
Company Overview....................................................................................................2
Rallis India Ltd- Key Facts ........................................................................................2
Rallis India Ltd- Business Description.......................................................................2
Rallis India Ltd- Major Products and Services ..........................................................3
Rallis India Ltd- History.............................................................................................4
Rallis India Ltd- Key Competitors .............................................................................6
Rallis India Ltd- Key Employees ...............................................................................6
Rallis India Ltd- Company Statement ........................................................................8
Rallis India Ltd- Locations & Subsidiaries ..............................................................12
Head office ...........................................................................................................12
Other Locations & Subsidiaries ...............................................................................12
Rallis India Ltd, Other locations ..........................................................................12
Rallis India Ltd, Subsidiaries ...................................................................................12
Rallis Chemistry Exports Ltd. ..............................................................................12
Zero Waste Agro Organics Pvt. Ltd.....................................................................12
Summarized Statement.............................................................................................13
Rallis India Ltd, Annual Statements.........................................................................13
Income Statements ...............................................................................................13
Balance Sheet .......................................................................................................13
Cash Flow.............................................................................................................13
Detailed Statement ...................................................................................................13
Rallis India Ltd, Full Annual Statements .................................................................13
Income Statements ...............................................................................................13
Balance Sheet .......................................................................................................14
Cash Flow.............................................................................................................15
Summarized Interim Statement ................................................................................16
Rallis India Ltd, Summarized Interim Statements ...................................................16
Balance Sheet .......................................................................................................16
Cash Flow.............................................................................................................16
Detailed Interim Statement.......................................................................................17
Rallis India Ltd, Detailed Interim Statement............................................................17
Balance Sheet .......................................................................................................17
Cash Flow.............................................................................................................18
Capital Market Ratios...............................................................................................19
Rallis India Ltd, Capital Market Ratios....................................................................19
Interim Ratios ...........................................................................................................19
Rallis India Ltd, Interim Ratios ................................................................................19
Annual Ratios ...........................................................................................................20
Rallis India Ltd, Annual Ratios................................................................................20
Published: 23 Nov 2020 Page 1

Extracted: 24 Jul 2021
Rallis India Ltd
Rallis India Ltd- Financial and Strategic Analysis

Review
Company Overview
Rallis India Ltd (Rallis), a subsidiary of Tata Chemicals, deals with the development,
manufacture and sale of fertilizers, plant growth nutrients, seeds, and other chemicals.
The company offers products such as crop protection and non-pesticide products;
pesticides; seeds; fertilizers; household products; seed treatment chemicals;
fungicides; weedicides; insect ides; cereals; fiber corps; fertilizers; micro nutrients;
and Insecticides. Rallis also engaged in offering services such as contract
manufacturing services. The company operates in various geographical regions
including India, North America, South America, Africa, Australia, and Europe. Rallis
is headquartered in Mumbai, Maharashtra, India.
Rallis India Ltd- Key Facts
Rallis India Ltd- Key Facts

Corporate Phase II,, Dist. Gautam Ticker Symbol,
RALLIS[NSE]
Address Budh Nagar, Exchange
No. of
Telephone 91 22 66652700 1700
Employees
Fax 91 22 66652860 Fiscal Year End March
Revenue (in
URL www.rallis.co.in 328.7765
US$ Million)
Source : GlobalData Research analysis / © GlobalData Research
Rallis India Ltd- Business Description
Rallis India Ltd (Rallis) is an India-based company that manufactures and markets
fertilizers, pesticides, seeds, plant growth nutrients, and other chemicals. It is a
subsidiary of Tata Chemicals.
Rallis business segments are further divided into six divisions: domestic crop
protection, international business, contract manufacturing, seeds, plant growth
nutrients, and agri services.
The company through its domestic crop protection division offers crop protection
products, seed treatment chemicals, and house hold products. Rallis produces 200
million tons of food grain. Rallis produces crop protection products includes
insecticides, fungicides and herbicides.
Rallis' international business division offers pesticides to over 70 countries. The

company's international business division's product portfolio consists of herbicides,
insecticides and fungicides. The key focus areas of this division include addressing
regional registration requirements, product development, alliance partnership in the
field of registration based sales and contract manufacturing.

Rallis India Ltd
The company provides contract manufacturing services in partnership with companies

such as agrochemicals, fine chemicals, specialty chemicals, polymers and
pharmaceutical intermediates.
Rallis through Metahelix, a seeds research company, offers hybrid rice, maize, pearl
millet, sunflower, vegetable products. The company’s seed products include hybrid
BT cotton, hybrid maize, hybrid paddy, hybrid pearl millet (Bajra), mustard, and
wheat.
The company through its plant growth nutrients division involved in providing crop
nutrition products. Its products include gluco beta, ralligold, solubor, tata bahaar, tata
uphaar, and tracel.
Rallis’ agri services division offers GeoGreen, a soil conditioner. It is also involved in
the manufacturing of hand sprayers.
The company operates through two business segments: Agri Inputs, and Others. In
FY2020, the Agri Inputs segment accounted for 98.8% of the company’s total
revenue, and the remaining 1.2% was contributed by others.
Rallis operates under three categories: Products, Services and Others. In FY2020, the
Products category accounted for 99.4% of the company's total revenue, followed by
Services with 0.02%, and Others with 0.6%.
Geographically, the company categorizes its operations into seven geographical

regions: India, Asia (other than India), North America, South America, Africa,
Australia, and Europe. In FY2020, the India accounted for 69.9% of the company’s
total revenue, followed by Asia (other than India) 16.1%, followed by North America
8%, followed by South America 4%, followed by Africa 1.3%, followed by Australia
0.03%, and the remaining 0.7% was contributed by Europe.
Rallis India Ltd- Major Products and Services
Rallis India Ltd- Major Products and Services

Products: Services: Brands:
Crop Protection and Non-Pesticide Providing Contaf

Products Contract Contaf Plus
Pesticides Manufacturing Tata Master
Seeds Services Sultaf
Fertilizers Marketing Ergon
Household Products Fertilizers of Sartaj
Seed Treatment Chemicals Other Panida Grande
Fungicides International Fateh
Weedicides Suppliers Tata Metri
Insect Ides Tata Panida
Cereals Tata Mida
Fiber Corps Sedna

Rallis India Ltd
Maize, Paddy and Cotton Seeds Manik

Fertilizers
Insecticides
Micro Nutrients
Rallis India Ltd- History
Rallis India Ltd- History

Year Event Description
2016 Management Changes In 2016, the company appointed S Nagarajan
as the Chief Executive Officer of Metahelix
Life Sciences Ltd; Padmini Khare Kaicker and
C V Natraj as the Independent Non-Executive
Directors.
2012 Acquisitions/Mergers/Takeovers The company acquired equity stake of 51% in
Zero Waste Agro Organics, an organic manure
and soil conditioners manufacturing company,
in 2012. In the same year, the company
acquired 22.8% interest in Zero Waste Agro
Organics Private Limited.
2010 Contracts/Agreements Rallis entered into a co-operation agreement
with Syngenta, an agribusiness company
based in Switzerland, in 2010. As per the
terms of the agreement, the two companies
agreed to cooperate with each other in relation
to the agrochemical market in India and
potential further countries. In the same year,
the company acquired Metahelix Life
Sciences, a Bangalore based seeds research
company.
2009 Commercial Operation The company commenced construction of a
multipurpose technical manufacturing facility
for a number of crop protection products in
Dahej in 2009.
2006 Divestiture The company completed the transfer of its
Knowledge Services Business, in 2006.
2005 Research and Development In 2005, Rallis transferred its Knowledge
Services Business, including the Research and
Development Centre at Bangalore, India, as a
going concern to Advinus Therapeutics
(Advinus).
2005 New Products/Services The company launched Applaud, an insect
growth regulator, which is used in protecting
paddy crops from the plant hopper in the
coastal belt, in 2005.
2004 Acquisitions/Mergers/Takeovers Sterling Biotech acquired the company's

Rallis India Ltd
gelatin business in 2004.

2000 New Products/Services Rallis set up Farm Management Services
(FMS), to undertake contract farming and help
farmers arrange finance for their inputs and a
fair price for their harvest, in 2000.
2000 Divestiture The company divested its pharmaceutical
business and consolidated its position in
pesticides, fertilizers and seeds in 2000.
1990 Business / Operations Closure The company shut down all its formulation
factories in the pharma division, in 1990.
1990 Stake Sale In 1990, the company shed all its engineering
businesses and sold its share in Boehringer
Mannheim.
1981 Asset Purchase In 1981, the company purchased Indian
Standard Metals, to supplement the
engineering base and three units were set up,
one under Ralliwolf in Ahmednagar and two
within Rallis India.
1981 Corporate Changes/Expansions The company established a pharmaceutical
factory in Ankleshwar with license for five
new drugs, in 1981.
1972 Contracts/Agreements The company established a joint venture with
Rousselot, to manufacture gelatin at Ooty,
which went into production in 1972.
1969 Acquisitions/Mergers/Takeovers In 1969, Fison merged with Rallis and became
Tata Fison, a Rallis company.
1967 Acquisitions/Mergers/Takeovers Rallis took over the marketing of iron dextran,
a pharmaceutical product of another Fison
connection, Martin & Harris, in 1967.
1967 Incorporation/Establishment Searle India was incorporated in 1967, with
Searle and Rallis as equal partners.
1964 New Products/Services In 1964, Rallis promoted Protein Products of
India (PPI) for the manufacture of ossein and
gelatin.
1962 Corporate Changes/Expansions Fisons and TATA became the Chief
shareholders at Rallis in 1962. In the same
year, fertilizers and pesticides became a fully-
fledged division of the company.
1957 Acquisitions/Mergers/Takeovers In 1957, Rallis acquired 100% interest in
Rallifan and acquired the whole of the W.T.
Suren/TCF.
1955 Corporate Changes/Expansions In 1955, Rallis head office was shifted from
Kolkata to Bombay (now Mumbai).
1951 Stock Listings/IPO The company issued its initial public offering
(IPO) in 1951.
1946 Corporate Changes/Expansions In 1946, Rallis entered into the agrochemical

Rallis India Ltd
business.
1931 Business / Operations Closure Rallis India Limited was curtailed in 1931,
following the world currency crisis.
1851 Corporate Changes/Expansions Ralli Brothers' first trading venture in India
started in 1851.
1815 Incorporation/Establishment Rallis India's (Rallis) origin dates back to
1815, when a family of Greek merchants
established a trading business, Ralli Brothers.
Rallis India Ltd- Key Competitors
Atul Ltd
Insecticides (India) Ltd.
PI Industries Ltd
UPL Limited
Sumitomo Chemical Co Ltd
Rallis India Ltd- Key Employees
Rallis India Ltd- Key Employees

Name Job Title Board Level Since Age Biography
Sanjiv Lal Managing Executive 2019
Director Board
Bhaskar Bhat Chairman Non 2015 Mr. Bhaskar Bhat has been
Executive the Chairman at Rallis since
Board 2015. He was appointed as
the Non-Executive, Non-
Independent Director in
2015. Mr. Bhat has
experience in Sales and
Marketing. He started his
career as a Management
trainee at Godrej & Boyce
Manufacturing Co. In 1983,
Mr. Bhat joined the Tata
Watch Project (initiated at
Tata Press Ltd.) and has
been associated with the
Tata Watch Project, which
later became Titan Watches
Ltd., and now Titan
Company Ltd. At Titan, he
has dealt with Sales &
Marketing, Human
Resource, International
Business and various
general managerial
assignments. Mr. Bhat was

Rallis India Ltd
appointed as the Managing

Director at Titan Company
Ltd. in 2002.
C V Natraj Director Non 2016
Executive
Board
Punita Kumar Director Non 2014
Sinha Executive
Board
R Mukundan Director Non 2009 53
Executive
Board
Padmini Khare Director Non 2016
Kaicker Executive
Board
B Yogesh Chief - Sales, Senior
Marketing and Management
Supply Chain-
Seeds Division
Ashwani Kumar Head - Supply Senior
Mahajan Chain Management
Sukhbir Singh Vice President Senior
Malik - Domestic Management
Sales
S. Nagarajan Chief Senior
Operating Management
Officer
Ashish Mehta Chief Senior
Financial Management
Officer
Rajashekhar Head - Senior
Khinnavar Manufacturing Management
Ravindra R Head - Senior
Joshi Technology Management
Transfer
N K Uppal Vice President Senior
- Agri Services Management
Siddheswar Vice President Senior
Mallick - Marketing Management
and Crop
Nutrition
Subhra Jyoti Vice President Senior
Roy - International Management
Business
V Ramanathan Chief - Senior
Technology Management
and

Rallis India Ltd
Innovation-
Seeds Division
Alok Chandra Vice President Senior
- Human Management
Resources and
Corporate
Sustainability
Coomie N Head - Internal Senior
Kapadia Audit Management
Yashaswin Secretary Senior
Sheth Management
S. Vice President Senior
Mallikarjunappa - Research and Management
Development
Rallis India Ltd- Company Statement
A statement by Mr. Bhaskar Bhat, the Chairman at Rallis India, is given below. The
statement has been taken from the company's 2020 annual report.
Dear Shareholders,
It gives me pleasure to present to you the

Rallis India Limited Annual Report 2019-20.
While this was a year of extreme economic

challenges for the world, a situation
aggravated almost beyond measure by the
unprecedented Covid-19 pandemic, your
Company continued to play on its strengths
and posted a stable financial performance.
The macro-economic factors that caused
a slowdown in FY 2019-20 will continue in
FY 2020-21, with the first half of Calendar
Year (CY) 2020 completely dominated by the
pandemic and the consequent lockdowns,
and the US-China trade war still going on, two
years after it began.
China’s crackdown on polluting industries and

safety incidents in chemical parks impacted
supplies of critical inputs, and MNCs have
been redrawing their supply strategies. In this
scenario, India scaled higher to become the
5th largest economy in the world. It aspires
to emerge as a US$ 5 trillion economy by
CY 2024 and become the 3rd largest in the

Rallis India Ltd
world. Although, it now appears that all

national and global growth estimates may
have to be revised in view of the pandemic.
During the year, delayed and unseasonal

rainfall led to a flood-like situation across
the country, adversely impacting the Kharif
season but favourably impacting the Rabi
season with good groundwater levels. The
latest advance estimates for FY 2019-20
for total foodgrain production in India is
estimated at record 295 million tonnes, higher
by 10 million tonnes over the previous year.
Boosting agricultural growth is very important

for India to achieve the US$ 5 trillion goal and
ensuring food security. The Government has
initiated actions, as per recommendations
of various task forces, for doubling farmers’
income by 2022. The Union Budget 2020-21
provides a 16-point action plan for
fundamental development in agriculture and
allied sectors.
Covid-19 developments
The Covid-19 outbreak from China was

declared a pandemic by World Health
Organisation in the last quarter of the
financial year, causing a social and economic
turbulence. We have taken actions to
ensure safety, health and well-being of
the larger Rallis family, our employees and
their respective families. Your Company has
supported the initiatives of various Central
and State Government agencies and has
also manufactured sanitizers to meet the
growing demand. Rallis and Rallites have also
extended their full-fledged support to various
Tata Group initiatives on this front.
Rallites across the country have effectively

adapted to the ‘work from home’ culture in
preparation for the upcoming Kharif season.
Initially, all our units were shut down, but we

resumed operations after the Government of
India declared agriculture to be an essential
service. We have taken necessary precautions

Rallis India Ltd
to protect all our employees.
While the Company management does

foresee certain challenges in its supply chain
activities, this may not have a significant
impact on its operations in the coming
season. The management is well aware of the
fact that the current business environment
may pose challenges in the near term, but
it also provides opportunities in the short,
medium, and long term.
On behalf of the Board and all our

stakeholders, I appreciate the spirit of Rallites
in upholding their social commitments in
these testing times, as always.
Performance review
Consolidated revenue from operations at

` 2,252 crore reflects 13.5% year-on-year
(YoY) growth over the previous year. EBITDA
grew by 7.7% to reach ` 259 crore, and PAT
at ` 184 crore recorded 18.7% YoY growth
over the previous year. Sales spillover of
the delayed Kharif and favourable Rabi
crop season stoked demand and supported
growth. The Company deployed several
market-conducive strategies to expand the
domestic business and foster strong growth
in exports. Our stable performance was also
backed by multiple levers, including dealer
addition and planned capacity expansion.
Future growth agenda

India has come a long way in achieving selfsufficiency in food and is emerging as an
important player in global trade of agricultural
commodities. This is in spite of our relatively
low productivity, compared to the global
benchmark. One of the major reasons for
this low productivity is the gap in adopting
appropriate agriculture technologies,
compared to leading agricultural economies.
Seeds and Crop Protection are important
elements driving agricultural productivity.
This headroom for growth reflects the

potential for Rallis not only in India but also
overseas. Keeping this in mind, Rallis has

Rallis India Ltd
coined its mission of ‘Serving Farmers through

Science’, and our Vision is that ‘We aspire to be
among the top 3 leading enterprises by 2025
in the chosen areas within farm inputs and
chemistry led-businesses’.
The near-term priority of Rallites is

‘Repositioning Rallis for Leadership’ and
our growth strategy has been planned
accordingly. The following elements reflect
our growth agenda, while serving our
customer, the farmer, for many years to come.
• Sustain current business by leveraging

brand and manufacturing strength
• Investment for enhancing capacities and

capabilities in manufacturing and R&D
• Agility across the organisation to enhance

value offering to current and potential
partners
The Board and the Tata Group are fully

supportive of this growth agenda. Rallites are
focussed to ‘synergise, simplify and scale’ and
drive growth across the Company’s business
divisions, consisting of Domestic Crop Care,
Seeds, and International Crop Protection
Business.
The merger of our Metahelix Life Sciences

Limited with the Company, seed business
migration to SAP ECC 6, investment in
research, manufacturing and digital initiatives
such as Sales Force Automation, Dealer
Management System, e-enabled HR Systems
and Laboratory Information Management
Systems, are some of the actions already
initiated during the year.
Going ahead
The Covid-19 pandemic may have an

extended impact, but as I mentioned earlier,
this means opportunities as well as challenges.
The Board, through its engagement with the
management, will guide the Company in
recalibrating its growth strategy to address

Rallis India Ltd
these challenges and to make use of the new

opportunities. On behalf of the Board, we seek
support from each and every stakeholder to
bring prosperity to one and all.
Before I conclude, I wish to thank all my

Board Members, regulatory authorities, our
management and employees and the larger
stakeholder fraternity for their guidance and
support.
Rallis India Ltd- Locations & Subsidiaries
Head office
C 55 A & B
Phase II,, Dist. Gautam Budh Nagar,
Wadala
NAVI MUMBAI
India
400614
91 22 66652700
Other Locations & Subsidiaries
Rallis India Ltd, Other locations
C 55 A & B
Phase II,, Dist. Gautam Budh Nagar,
Wadala
NAVI MUMBAI
India
400614
91 22 66652700
Rallis India Ltd, Subsidiaries
Rallis Chemistry Exports Ltd.
India
Zero Waste Agro Organics Pvt. Ltd.
India

Rallis India Ltd
Summarized Statement
Rallis India Ltd, Annual Statements
Parameter Name Currency 2017 2018 2019 2020 2021
Income Statements
Total Revenue INR 17682.03 18084.63 19839.59 22518.16 24294.35
Gross Profit INR 6267.41 6385.96 6701.35 7162.35 8034.11
Operating Income INR 3798.81 2194.53 2026.69 2241.49 2720.03
Net Income INR 2974.58 1676.12 1553.85 1848.44 2285.66
Diluted Normalized EPS INR 08.96 08.62 08.13 09.13 11.66
Balance Sheet
Total Current Assets INR 9589.42 12410.73 14131.99 16142.35 16554.05
Total Assets INR 17327.11 19985.92 21626.12 24484.78 25886.19
Total Current Liabilities INR 5244.83 7244.44 8142.05 9573.50 9144.68
Total Liabilities INR 6215.47 8080.18 8766.85 10390.25 9978.20
Total Equity INR 11111.64 11905.74 12859.27 14094.53 15908.00
Total Common Shares
INR 194.47 194.47 194.47 194.47 194.47
Outstanding
Cash Flow
Cash from Operating
INR 4076.56 413.85 800.57 3368.41 2167.88
Activities
Cash from Investing
INR -2894.18 887.98 -514.49 -2459.20 -1615.47
Activities
Cash from Financing
INR -796.93 -1041.43 -514.97 -744.13 -674.20
Activities
Net Change in Cash INR 385.45 260.41 -228.89 165.08 -121.79
Detailed Statement
Rallis India Ltd, Full Annual Statements
Parameter Name Currency 2017 2018 2019 2020 2021
Income Statements
Revenue INR 17682.03 18084.63 19839.59 22518.16 24294.35
Cost of Revenue, Total INR 11414.62 11698.67 13138.24 15355.81 16260.24
Selling/ General/
INR 2984.38 3131.77 3492.78 3565.70 3863.33
Admin. Expenses, Total
Depreciation/
INR 474.69 462.30 459.97 614.65 640.66
Amortization
Unusual Expense INR -1583.92 00.00 33.31 -92.90 -28.67

Rallis India Ltd
(Income)
Other Operating
INR 592.66 596.55 687.80 832.95 838.73
Expenses, Total
Total Operating Expense INR 13883.23 15890.10 17812.90 20276.67 21574.32
Gain (Loss) on Sale of
INR -07.42 -00.64 -05.97 00.93 -04.91
Assets
Other, Net INR 47.22 49.99 225.44 198.81 185.05
Net Income Before
INR 3799.46 2270.23 2202.64 2374.92 3035.01
Taxes
Provision for Income
INR 828.76 600.06 654.81 538.04 749.34
Taxes
Net Income After Taxes INR 2970.70 1670.17 1547.84 1836.88 2285.67
Minority Interest INR 03.88 05.95 06.01 11.56 -00.01
Net Income Before
INR 2974.58 1676.12 1553.85 1848.44 2285.66
Extra. Items
Income Available to
INR 2974.58 1676.12 1553.85 1848.44 2285.66
Com Excl ExtraOrd
Income Available to
INR 2974.58 1676.12 1553.85 1848.44 2285.66
Com Incl ExtraOrd
Diluted Net Income INR 2974.58 1676.12 1553.85 1848.44 2285.66
Diluted Weighted
INR 194.47 194.47 194.47 194.47 194.47
Average Shares
Diluted EPS Excluding
INR 15.30 08.62 07.99 09.51 11.75
ExtraOrd Items
DPS - Common Stock
INR 02.50 02.50 02.50 02.50 03.00
Primary Issue
Balance Sheet
Cash INR 51.18 100.03 418.49 69.96 102.68
Cash & Equivalents INR 01.10 189.23 00.01 395.22 00.00
Short Term Investments INR 2220.21 933.53 1072.02 2987.10 3203.33
Cash and Short Term
INR 2272.49 1222.79 1490.52 3452.28 3306.01
Investments
Accounts Receivable -
INR 2247.26 3562.27 3741.01 4116.04 3676.46
Trade, Net
Total Receivables, Net INR 3005.36 4961.43 5232.16 5336.90 5014.83
Total Inventory INR 4170.32 5893.60 6894.66 7090.69 7886.60
Prepaid Expenses INR 24.71 28.66 28.57 99.89 153.58
Other Current Assets,
INR 116.55 304.26 486.09 162.60 193.03
Total
Property/ Plant/
Equipment, Total - INR 4473.53 4874.70 5278.30 6339.34 7756.69
Gross
Accumulated
INR -741.93 -1110.92 -1451.83 -2179.56 -2457.57
Depreciation, Total

Rallis India Ltd
Property/ Plant/
INR 3731.60 3763.78 3826.47 4159.78 5299.12
Equipment, Total - Net
Goodwill, Net INR 1958.23 1958.23 1958.23 1958.23 1958.23
Intangibles, Net INR 412.18 432.03 475.12 566.07 696.06
Long Term Investments INR 248.78 98.38 96.87 46.35 40.05
Note Receivable - Long
INR 905.58 870.68 904.25 1389.56 1127.06
Term
Other Long Term
INR 481.32 452.09 233.20 222.44 211.62
Assets, Total
Accounts Payable INR 3221.05 4961.16 5305.78 6373.42 5960.68
Accrued Expenses INR 91.86 133.28 145.56 132.43 66.40
Notes Payable/ Short
INR 124.89 01.46 529.59 496.18 300.48
Term Debt
Current Port. of LT
INR 21.05 46.10 40.76 172.39 162.26
Debt/ Capital Leases
Other Current liabilities,
INR 1785.99 2102.44 2120.36 2399.09 2654.87
Total
Long Term Debt INR 240.14 196.74 156.84 123.63 77.83
Capital Lease
INR 03.86 02.03 01.17 143.87 215.53
Obligations
Total Long Term Debt INR 243.99 198.78 158.02 267.50 293.37
Total Debt INR 389.92 246.34 728.36 936.07 756.11
Deferred Income Tax INR 498.24 405.26 164.45 284.94 263.81
Minority Interest INR 04.31 11.06 18.42 06.86 06.86
Other Liabilities, Total INR 224.10 220.64 283.92 257.46 269.48
Common Stock, Total INR 194.47 194.47 194.47 194.47 194.47
Additional Paid-In
INR 879.39 879.39 879.39 879.39 879.39
Capital
Retained Earnings
INR 10037.75 10832.89 11786.72 13022.21 14834.83
(Accumulated Deficit)
Other Equity, Total INR 00.04 -01.01 -01.30 -01.54 -00.69
Total Liabilities &
INR 17327.11 19985.92 21626.12 24484.78 25886.19
Shareholders' Equity
Cash Flow
Net Income/ Starting
INR 3799.46 2270.23 2202.64 2374.92 3035.01
Line
Depreciation/ Depletion INR 475.48 463.11 460.78 615.12 640.70
Non-Cash Items INR -65.38 04.94 78.19 -26.46 -159.95
Changes in Working
INR -132.99 -2324.42 -1941.05 404.83 -1347.89
Capital
Capital Expenditures INR -686.24 -577.26 -465.38 -786.02 -1684.88
Other Investing Cash
INR -2207.94 1465.25 -49.11 -1673.18 69.41
Flow Items, Total

Rallis India Ltd
Financing Cash Flow

INR -65.72 -44.97 -53.52 -33.48 -21.40
Items
Total Cash Dividends
INR -583.97 -876.67 -585.35 -587.35 -487.81
Paid
Issuance (Retirement) of
INR -147.24 -119.79 123.90 -123.31 -164.99
Debt, Net
Cash Interest Paid INR 75.05 42.86 52.76 34.72 23.04
Cash Taxes Paid INR 854.91 674.99 709.03 563.62 745.67
Summarized Interim Statement
Rallis India Ltd, Summarized Interim Statements
Sep-2020 (3 Dec-2020 (3 Mar-2021 Jun-2021 (3

Income Statements Currency
Months) Months) (3 Months) Months)
Total Revenue INR 7250.10 5704.70 4712.55 7405.10
Gross Profit INR 2761.80 2197.60 1951.29 2875.90
Operating Income INR 981.00 552.00 45.86 1030.30
Net Income INR 829.50 456.40 81.06 823.40
Diluted Normalized
INR 04.21 02.12 00.36 04.23
EPS
Balance Sheet
Total Current Assets INR 18097.60 00.00 16554.05 00.00
Total Assets INR 26610.30 00.00 25886.19 00.00
Total Current
INR 10148.40 00.00 9144.68 00.00
Liabilities
Total Liabilities INR 11229.60 00.00 9978.20 00.00
Total Equity INR 15380.70 00.00 15908.00 00.00
Total Common
INR 194.50 00.00 194.47 00.00
Shares Outstanding
Cash Flow
Cash from Operating
INR 2792.00 00.00 2167.88 00.00
Activities
Cash from Investing
INR -1932.70 00.00 -1615.47 00.00
Activities
Cash from Financing
INR -893.40 00.00 -674.20 00.00
Activities
Net Change in Cash INR -34.10 00.00 -121.79 00.00

Rallis India Ltd
Detailed Interim Statement
Rallis India Ltd, Detailed Interim Statement
Sep-2020 Dec-2020 Mar-2021 Jun-2021

Income Statements Currency
(3 Months) (3 Months) (3 Months) (3 Months)
Revenue INR 7250.10 5704.70 4712.55 7405.10
Cost of Revenue, Total INR 4488.30 3507.10 2761.26 4529.20
Selling/ General/
INR 543.50 538.30 586.62 598.10
Admin. Expenses, Total
Depreciation/
INR 203.10 110.40 148.00 184.90
Amortization
Unusual Expense
INR -16.50 -61.20 -16.77 00.00
(Income)
Other Operating
INR 1050.70 1058.10 1187.58 1062.60
Expenses, Total
Total Operating
INR 6269.10 5152.70 4666.69 6374.80
Expense
Other, Net INR 130.50 76.40 80.13 69.90
Net Income Before
INR 1097.50 620.50 115.51 1090.90
Taxes
Provision for Income
INR 268.00 164.10 34.44 267.50
Taxes
Net Income After Taxes INR 829.50 456.40 81.07 823.40
Minority Interest INR 00.00 00.00 -00.01 00.00
Net Income Before
INR 829.50 456.40 81.06 823.40
Extra. Items
Income Available to
INR 829.50 456.40 81.06 823.40
Com Excl ExtraOrd
Income Available to
INR 829.50 456.40 81.06 823.40
Com Incl ExtraOrd
Diluted Net Income INR 829.50 456.40 81.06 823.40
Diluted Weighted
INR 194.26 194.21 194.65 194.50
Average Shares
Diluted EPS Excluding
INR 04.27 02.35 00.42 04.23
ExtraOrd Items
DPS - Common Stock
INR 00.00 00.00 03.00 00.00
Primary Issue
Balance Sheet
Cash & Equivalents INR 1026.60 00.00 551.25 00.00
Short Term Investments INR 3695.70 00.00 2878.15 00.00
Cash and Short Term
INR 4722.30 00.00 3429.40 00.00
Investments
Accounts Receivable - INR 5123.50 00.00 4062.85 00.00

Rallis India Ltd
Trade, Net
Total Receivables, Net INR 5123.50 00.00 4062.85 00.00
Total Inventory INR 6939.90 00.00 7631.98 00.00
Other Current Assets,
INR 1311.90 00.00 1429.82 00.00
Total
Property/ Plant/
INR 4522.70 00.00 5299.12 00.00
Equipment, Total - Net
Goodwill, Net INR 1958.20 00.00 1958.23 00.00
Intangibles, Net INR 626.60 00.00 696.06 00.00
Long Term Investments INR 47.70 00.00 41.09 00.00
Note Receivable - Long
INR 975.10 00.00 981.20 00.00
Term
Other Long Term
INR 382.40 00.00 356.45 00.00
Assets, Total
Accounts Payable INR 7578.70 00.00 5960.68 00.00
Notes Payable/ Short
INR 00.10 00.00 300.48 00.00
Term Debt
Current Port. of LT
INR 102.40 00.00 124.46 00.00
Debt/ Capital Leases
Other Current liabilities,
INR 2467.20 00.00 2759.06 00.00
Total
Long Term Debt INR 94.40 00.00 77.83 00.00
Capital Lease
INR 300.00 00.00 215.53 00.00
Obligations
Total Long Term Debt INR 394.40 00.00 293.37 00.00
Total Debt INR 496.90 00.00 718.30 00.00
Deferred Income Tax INR 274.20 00.00 263.81 00.00
Minority Interest INR 06.90 00.00 06.86 00.00
Other Liabilities, Total INR 405.70 00.00 269.48 00.00
Common Stock, Total INR 194.50 00.00 194.47 00.00
Retained Earnings
INR 15186.20 00.00 15713.52 00.00
(Accumulated Deficit)
Total Liabilities &
INR 26610.30 00.00 25886.19 00.00
Shareholders' Equity
Cash Flow
Net Income/ Starting
INR 2299.00 00.00 00.00 00.00
Line
Depreciation/ Depletion INR 382.30 00.00 00.00 00.00
Non-Cash Items INR 14.00 00.00 00.00 00.00
Changes in Working
INR 96.70 00.00 00.00 00.00
Capital
Capital Expenditures INR -619.50 00.00 00.00 00.00
Other Investing Cash INR -1313.20 00.00 00.00 00.00

Rallis India Ltd
Flow Items, Total

Financing Cash Flow
INR -16.60 00.00 00.00 00.00
Items
Total Cash Dividends
INR -486.50 00.00 00.00 00.00
Paid
Issuance (Retirement) of
INR -390.30 00.00 00.00 00.00
Debt, Net
Cash Interest Paid INR 17.00 00.00 00.00 00.00
Cash Taxes Paid INR 239.80 00.00 00.00 00.00
Capital Market Ratios
Rallis India Ltd, Capital Market Ratios
July 22,
Key Ratios
2021
P/E (Price/Earnings) Ratio 28.82
EV/EBITDA (Enterprise Value/Earnings Before Interest, Taxes,
18.85
Depreciation and Amortization)
Enterprise Value/Sales 02.61
Enterprise Value/Operating Profit 23.28
Enterprise Value/Total Assets 02.45
Dividend Yield 00.74
Market Cap 63445.48
Enterprise Value 63333.30
Interim Ratios
Rallis India Ltd, Interim Ratios
September December March June -

Key Ratios Unit/Currency Ratio Type
- 2020 - 2020 - 2021 2021
EPS (Earnings Equity
INR 04.72 04.27 02.35 00.42
per Share) Ratios
Dividend per Equity
INR 00.00 00.00 00.00 03.00
Share Ratios
Book Value per Equity
INR 00.00 79.08 00.00 81.80
Share Ratios
Profitability
Gross Margin % 39.71 38.09 38.52 41.41
Ratios
Operating Profitability
% 16.66 13.53 09.68 00.97
Margin Ratios
Profitability
Net Profit Margin % 13.86 11.44 08.00 01.72
Ratios

Rallis India Ltd
Profitability
Profit Markup % 65.86 61.53 62.66 70.67
Ratios
PBIT Margin
Profitability
(Profit Before % 12.85 20.58 04.90 08.82
Ratios
Interest & Tax)
PBT Margin
Profitability
(Profit Before % 18.13 15.14 10.88 02.45
Ratios
Tax)
Operating Costs
% 83.35 86.47 90.32 99.03 Cost Ratios
(% of Sales)
Administration
Costs (% of % 07.42 07.50 09.44 12.45 Cost Ratios
Sales)
Interest Costs (%
% 00.95 00.89 01.08 01.98 Cost Ratios
of Sales)
Liquidity
Current Ratio Absolute 00.00 01.78 00.00 01.81
Ratios
Liquidity
Quick Ratio Absolute 00.00 01.10 00.00 00.98
Ratios
Debt to Equity Leverage
Absolute 00.00 00.03 00.00 00.05
Ratio Ratios
Net Debt to Leverage
Absolute 00.00 -00.03 00.00 00.01
Equity Ratios
Debt to Capital Leverage
Absolute 00.00 00.03 00.00 00.04
Ratio Ratios
Interest Coverage Leverage
Absolute 1351.59 2314.32 452.56 445.74
Ratio Ratios
Annual Ratios
Rallis India Ltd, Annual Ratios
Ratio Type Key Ratios Unit/Currency 2021 2020 2019 2018 2017
Growth
Sales Growth % 07.89 13.50 09.70 02.28 08.63
Ratios
Growth Operating - -
% 21.35 10.60 98.75
Ratios Income Growth 07.65 42.23
Growth - -
EBITDA Growth % 17.65 14.84 82.08
Ratios 06.40 37.82
Growth Net Income - -
% 23.65 18.96 107.45
Ratios Growth 07.30 43.65
Growth - -
EPS Growth % 27.70 12.29 21.53
Ratios 05.67 03.75
Growth Working Capital
% 12.80 09.66 15.94 18.91 119.83
Ratios Growth

Rallis India Ltd
Equity EPS (Earnings

INR 11.75 09.51 07.99 08.62 15.30
Ratios per Share)
Equity Dividend per
INR 03.00 02.50 02.50 02.50 02.50
Ratios Share
Equity
Dividend Cover Absolute 03.92 03.80 03.20 03.45 06.12
Ratios
Equity Book Value per
INR 81.80 72.48 66.13 61.22 57.14
Ratios Share
Equity Cash Value per
INR 00.00 02.03 00.00 00.97 00.01
Ratios Share
Profitability
Gross Margin % 33.07 31.81 33.78 35.31 35.45
Ratios
Profitability Operating
% 11.20 09.95 10.22 12.13 21.48
Ratios Margin
Profitability Net Profit
% 09.41 08.21 07.83 09.27 16.82
Ratios Margin
Profitability
Profit Markup % 49.41 46.64 51.01 54.59 54.91
Ratios
PBT Margin
Profitability
(Profit Before % 12.49 10.55 11.10 12.55 21.49
Ratios
Tax)
Profitability
Return on Equity % 14.37 13.11 12.08 14.08 26.77
Ratios
Return on
Profitability
Capital % 16.25 15.03 15.03 17.22 31.44
Ratios
Employed
Profitability
Return on Assets % 09.08 08.02 07.47 08.98 18.44
Ratios
Profitability Return on Fixed
% 00.00 00.00 00.00 00.00 00.00
Ratios Assets
Profitability Return on
% 36.71 34.12 33.83 42.48 87.44
Ratios Working Capital
Operating Costs
Cost Ratios % 88.80 90.05 89.78 87.87 78.52
(% of Sales)
Administration
Cost Ratios Costs (% of % 15.90 15.83 17.61 17.32 16.88
Sales)
Liquidity
Current Ratio Absolute 01.81 01.69 01.74 01.71 01.83
Ratios
Liquidity
Quick Ratio Absolute 00.95 00.95 00.89 00.90 01.03
Ratios
Liquidity
Cash Ratio Absolute 00.36 00.36 00.18 00.17 00.43
Ratios
Leverage Debt to Equity
Absolute 00.05 00.07 00.06 00.02 00.04
Ratios Ratio
Leverage Net Debt to Absolute -00.16 - - - -00.17

Rallis India Ltd
Ratios Equity 00.18 00.06 00.08

Leverage Debt to Capital
Absolute 00.03 00.03 00.02 00.02 00.02
Ratios Ratio
Efficiency
Asset Turnover Absolute 00.96 00.98 00.95 00.97 01.10
Ratios
Efficiency Fixed Asset
Absolute 05.14 05.64 05.23 04.83 04.76
Ratios Turnover
Efficiency Inventory
Absolute 02.17 02.20 02.05 02.32 02.71
Ratios Turnover
Efficiency Current Asset
Absolute 01.49 01.49 01.49 01.64 02.11
Ratios Turnover
Capital
Efficiency
Employed Absolute 01.45 01.51 01.47 01.42 01.46
Ratios
Turnover
Efficiency Working Capital
Absolute 03.28 03.43 03.31 03.50 04.07
Ratios Turnover
Efficiency Revenue per
INR 14290794.12 00.00 00.00 00.00 00.00
Ratios Employee
Efficiency Net Income per
INR 1344507.06 00.00 00.00 00.00 00.00
Ratios Employee
Efficiency
Capex to Sales % 06.94 03.49 02.35 03.19 03.88
Ratios
Efficiency
R&D to Sales % 00.00 00.00 00.00 00.00 00.00
Ratios
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Rallis India Ltd

Published: 23 Nov 2020 Page 1

Rallis India Ltd- Financial and Strategic Analysis

Rallis India Ltd- Key Facts

Rallis India Ltd- Key Facts

Rallis India Ltd- Business Description

Rallis' international business division offers pesticides to over 70 countries. The

Published: 23 Nov 2020 Page 2

The company provides contract manufacturing services in partnership with companies

Geographically, the company categorizes its operations into seven geographical

Rallis India Ltd- Major Products and Services

Rallis India Ltd- Major Products and Services

Crop Protection and Non-Pesticide Providing Contaf

Published: 23 Nov 2020 Page 3

Maize, Paddy and Cotton Seeds Manik

Rallis India Ltd- History

Rallis India Ltd- History

Published: 23 Nov 2020 Page 4

gelatin business in 2004.

Published: 23 Nov 2020 Page 5

Rallis India Ltd- Key Competitors

Rallis India Ltd- Key Employees

Rallis India Ltd- Key Employees

Published: 23 Nov 2020 Page 6

appointed as the Managing

Published: 23 Nov 2020 Page 7

Rallis India Ltd- Company Statement

It gives me pleasure to present to you the

While this was a year of extreme economic

China’s crackdown on polluting industries and

Published: 23 Nov 2020 Page 8

world. Although, it now appears that all

During the year, delayed and unseasonal

Boosting agricultural growth is very important

The Covid-19 outbreak from China was

Rallites across the country have effectively

Initially, all our units were shut down, but we

Published: 23 Nov 2020 Page 9

to protect all our employees.

While the Company management does

On behalf of the Board and all our

Consolidated revenue from operations at

Future growth agenda

This headroom for growth reflects the

Published: 23 Nov 2020 Page 10

coined its mission of ‘Serving Farmers through

The near-term priority of Rallites is

• Sustain current business by leveraging

• Investment for enhancing capacities and

• Agility across the organisation to enhance

The Board and the Tata Group are fully

The merger of our Metahelix Life Sciences

The Covid-19 pandemic may have an

Published: 23 Nov 2020 Page 11

these challenges and to make use of the new

Before I conclude, I wish to thank all my

Rallis India Ltd- Locations & Subsidiaries

Other Locations & Subsidiaries

Rallis India Ltd, Other locations

Rallis India Ltd, Subsidiaries

Rallis Chemistry Exports Ltd.

Zero Waste Agro Organics Pvt. Ltd.

Published: 23 Nov 2020 Page 12