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Prabhudas Lilladher Report
Fertilizer sales grew 2% in November driven by 8%/9% growth in Urea/nitrogen phosphorous potassium sulphur (NPKS).
Diammonium phosphate (DAP)/ single super phosphate (SSP) placements were down 15%/18% YoY.
Sale of domestically manufactured fertilisers are flat YoY while that of imported fertilisers are up 11% YoY driven by Urea (up 23%) and NPK (up 123%) respectively.
While underlying demand is likely to be resilient, growth rates are expected to remain subdued due to high base.
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