This Tata Group agrochemical stock delivered strong Q2FY23 results
The stock rallied 4.32 per cent on October 20
On October 20, the shares of Rallis India Ltd surged 4.32 per cent and closed at Rs 225.85. The stock opened at Rs 221 and made an intraday high and low of Rs 230.5 and Rs 219.4, respectively. The stock is rallying on account of strong Q2FY23 results.
Rallis India Ltd belongs to Tata Group. It is engaged in the business of manufacturing agrochemicals and is present across the value chain of agriculture inputs from seeds to organic plant growth nutrients. The company is a major player in crop protection, operating under three segments- insecticides, fungicides, and herbicides.
Yesterday, the company released its Q2FY23 results. It reported a revenue of Rs 951 crore for the most recent September quarter, an increase of 30.63 per cent on a YoY basis. The Q2FY23 net profit was Rs 71 crore, a YoY improvement of 26.78 per cent.
The company is also involved in the business of providing predictive advisory services, such as pest forecasts, and medium-term weather information to farmers to manage their farms through an initiative called ‘Drishti’.
Regarding the shareholding structure, the promoters own approximately 50.19 per cent of the company’s stake, followed by FIIs with 6.02 per cent, DIIs with 15.16 per cent, the government with 0.41 per cent, and non-institutional investors with the remaining 28.32 per cent.
The company has a market capitalisation of Rs 4392 crore and is trading at a PE multiple of 28.19x. The scrip has a 52-week high and low of Rs 299.25 and Rs 182.55, respectively.