Apr 05, 2012, 02.15 PM IST

Agri sector results preview for Mar FY12: P Lilladher

Prabhudas Lilladher has come with its quarterly earning estimates on agri products & chemicals sector for March 2012.

Source: Moneycontrol.com

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Prabhudas Lilladher has come with its quarterly earning estimates on agri products & chemicals sector for March 2012. In India, fertilizer sales volume has shown growth of mere 0.3% YoY on account of 3.5% YoY decline in non-urea fertilizers volume during Apr11-Feb12. Non-urea (manufactured) fertilizers, excluding Single super phosphate (SSP), de-grew by 8.7% YoY and the imported/traded non-urea fertilizers dropped by 5.6% YoY during the sameperiod.

On the other hand, urea sales volume, which has partially offset the decline of non-urea fertilisers, grew by 4.1% YoY during Apr11-Feb12 v/s 7.1% during FY11. SSP has shown tremendous growth of 37.1% YoY during Apr11-Feb12.

In India, we believe that agri inputs players could show sustainable steady growth on the back of government�s focus on rising agricultural productivity. Hence, we are positive on agri inputs like fertilizers, seeds, crop protection and industry.

We expect that growth of agri output (like rice, sugar etc.) players would depend on commodity cycle. Further, government�s focus on higher MSP on farm produce to incentivize farmers and final commodity price control on the back of inflationary scenario is expected to add pressure on the profitability of domestic agri output players.

Summary Financials - Quarterly (Rs mn)
	Q4FY12E	Q4FY11	YoY gr. (%)	Q3FY12	QoQ gr. (%)
Tata Chemicals
Sales	32,378	26,577	21.8	38,099	-15
PAT	2,025	1,731	17	2,170	-6.7

Coromandel Inter
Sales	17,791	11,746	51.5	25,501	-30.2
PAT	686	393	74.6	1,555	-55.9

United Phosp
Sales	18,680	18,569	0.6	19,288	-3.2
PAT	1,509	2,306	-34.6	1,137	32.7

Jain Irrigation
Sales	13,442	12,362	8.7	8,330	61.4
PAT	1,104	1,174	-6	724	52.5

Chambal Fert
Sales	12,975	8,451	53.5	18,052	-28.1
PAT	1,077	619	73.9	862	24.9

Rallis India
Sales	2,882	2,518	14.5	3,254	-11.4
PAT	240	192	25	321	-25.2

Deepak Fert
Sales	5,546	4,402	26	6,087	-8.9
PAT	552	495	11.6	651	-15.2

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