Motilal Oswal: Coromandel International - Higher Gross Margin Results In Q2 Beat On Ebitda 
Granules of fertilizer samples sit on display at a fertilizer plant in Russia. (Photographer Andrey Rudakov/Bloomberg)

Motilal Oswal: Coromandel International - Higher Gross Margin Results In Q2 Beat On Ebitda 

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Motilal Oswal Report

Coromandel International Ltd. reported a robust Ebitda performance, led by expansion in the gross margin, higher crop protection revenue, and margin expansion in the fertilizer and crop protection segments.

Q2 FY21 revenue de-grew 5% YoY to Rs 46.1 billion (versus estimate Rs 45.2 billion).

Overall fertilizer volumes de-grew 2% YoY on lower manufacturing volumes (down 17% YoY), offset by higher trading volumes (up 89% YoY).

Ebitda margins expanded 360 basis point to 18.3% (versus estimate 15.4%), primarily on the back of gross margin expansion (up 600 basis point YoY to 33.5%).

Click on the attachment to read the full report:

Motilal Oswal Coromandel International Q2FY21 Result Update.pdf

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