Motilal Oswal: Coromandel International Performance Driven By Higher Fertiliser Demand On Better Kharif Season
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Motilal Oswal Report
Coromandel International Ltd. reported robust performance, led by higher manufacturing volumes (up 61% YoY), higher crop protection revenue (off a lower base), and operating leverage.
Profit after tax more than quadrupled on higher Ebitda (2.1 times YoY), lower tax rate, and lower interest cost.
Nutrient and Other Allied segment revenues grew 49% YoY (to Rs 28.1 billion), with 240 basis point Ebit margin expansion (to 13.2%); segmental Ebit grew 83% YoY to Rs 3.7 billion.
Coromandel has contracted phosphoric acid to 625 U.S. dollar per metric tonne for Q2 FY21 (versus 607 U.S. dollar per metric tonne in Q1 FY20).
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