Rallis India reported muted Q1FY17 numbers largely reflecting incorporation of new accounting methodology (IND AS) and proceeds from land sale. The agrochemical segment reported sales growth of 2% YoY while seed business reported growth of 16% YoY • In Q1FY17, total consolidated revenues came in at | 450.0 crore, up 7.6% YoY on revised Q1FY16 numbers (IND AS). Standalone revenues were at | 255 crore, up 1.4% YoY. Revenues of subsidiaries, including Metahelix, were at | 190 crore, up 16.0% YoY • Consolidated EBITDA in Q1FY17 was at | 75.1 crore (EBITDA margins at 16.7%). Consolidated PAT in Q1FY17 was at | 174.2 crore, supported by proceeds from land sale amounting to | 158 crore. Normalised PAT for the quarter was at | 57 crore. ICICI Securities Limited value Rallis at | 240 i.e. 22x P/E (1.0x PEG) on FY18E EPS of | 10.9 and assign a BUY recommendation to the stock. Rallis is a portfolio stock with >20% return ratios in the past, controlled working capital cycle (<60 days) and un-levered balance sheet (debt: equity<0.1).Trendlyne has 16 reports on RALLIS updated in the last year from 6 brokers with an average target of Rs 220. Brokers have a rating for RALLIS 1 downgrade,1 price downgrade,3 price upgrades in past 6 months and 2 downgrades,6 price downgrades in past 1 Year.