We maintain BUY with a revised TP of Rs 220/sh (18x Sept'20 EPS). Rallis India reported a decent 2Q result, Sales/EBITDA/PAT grew by 11.2/0.7/10.1% YoY to Rs 6.53bn/Rs 1.23bn/Rs 852mn respectively. Gross margins expanded by 209bps YoY to 41.9% on account of liquidation of cheaper RM inventory from 1QFY19 entailing into gross margin expansion. Below normal SW monsoon (9% below LPA), commodity prices lower than MSPs, persistent raw material inflation in the near term are expected to take a toll on domestic crop protection companies.