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Buy Coromandel International; target of Rs 1030: Motilal Oswal

Motilal Oswal is bullish on Coromandel International recommended buy rating on the stock with a target price of Rs 1030 in its research report dated April 08, 2021.

April 09, 2021 / 03:38 PM IST
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Motilal Oswal's research report on Coromandel International

Overall Fertilizer industry volumes grew 8% YoY in FY21 on the back of 19% volume growth in MOP; NPKS and SSP volumes grew 17% each for FY21. Urea, which accounted for 53% of the Fertilizer industry’s volumes, was up by 5% YoY in FY21 (refer to Exhibit 1). CRIN’s overall fertilizer volumes grew 11% YoY in FY21 on the back of 35%/20%/16% volume growth in urea/MOP/SSP. NPKS volumes were up 8%, while DAP volumes came in flat. CRIN leads the market in the NPKS Fertilizer segment and commands market share of 23.1% (FY21). For CRIN, NPKS formed 58% of overall volumes in FY21 – NPKS grew 8% v/s industry sales volume growth of 17%. Thus, CRIN lost 191bp market share in FY21.


We expect a revenue/EBITDA/PAT CAGR of 8%/10%/13% over FY21-23E. We value CRIN at 17x FY23E EPS to arrive at TP of INR1,030. Maintain Buy.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Apr 9, 2021 03:38 pm

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