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Motilal Oswal Report
In this note, we have tried to analyze how the kharif season fared for the farmers in terms of farm income across key states and agrochemical and fertilizer companies’ performances in H1 FY21, and how the Rabi season is going currently. Here are the key highlights -
As per the Ministry of Fertilizer, fertilizer sales in H1 FY21 grew 15% YoY to 34 million metric tonne, driven by 28% and 24% volume growth in diammonium phosphate (DAP) and nitrogen phosphorus potassium sulphur (NPKS), respectively.
Urea volumes grew 7% YoY. Industry volumes improved on the back of above-normal monsoon rainfall for the second consecutive year.
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