Rallis India's 6% topline growth was significantly lower than estimates but 230 bps gross margin expansion and 143 bps savings in other expenses led to inline performance of EBITDA and APAT. Subdued topline growth was driven by 1) contraction in domestic B2B sales and 2) mere 5% & 3% growth in international business & seeds business respectively. Despite weak topline growth, outlook on Rallis remains robust as it is on track for a healthy double digit revenue CAGR. Domestic business growth is expected to be...