We maintain BUY with a TP of Rs 271/sh (23x FY20E EPS). Rallis India reported strong results for 1QFY19. Consolidated revenues stood at Rs 5.73bn (+29.7% YoY), the performance was largely driven by strong volume growth and marginal price hike. As the seeds business is largely Kharif focused, subsidiary revenues (Metahelix) grew by 11.3% YoY to Rs 2.20bn.