We maintain BUY with a TP of Rs. 227 (18x Dec-20EPS) Rallis India reported Q3FY19 sales of Rs. 4.17bn growing at a rate of 7.0% YoY. EBITDA and APAT de-grew by 9.4% and 27.0% YoY to Rs 340mn and Rs 183mn respectively. Margins continue to be under pressure (Gross margin/EBITDA margin contraction of 257/299 bps YoY) on account of persistent increase in price of imported technicals.