Coromandel International Q4 Review - Lower Fertilizer Margin Drags Overall Performance: Motilal Oswal
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Motilal Oswal Report
Coromandel International Ltd. reported a weak performance on the back of margin contraction in fertilizer segment due to higher raw material cost, lower volumes, and maintenance shutdowns.
Price rise in complex fertilizer, on rising phosphoric acid prices (prices have increased by 64% year-on-year and 26% quarter-on-quarter in Q1 FY22), remains a key monitorable going forward.
On the back of margin pressures in the fertilizer segment on higher raw material prices, we have reduced our FY22E/FY23E earnings estimates by 10%/4%.
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