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%).
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