Motilal Oswal's research report on Coromandel International
Coromandel International (CRIN) reported a weak operating performance (EBITDA down 54% YoY) led by lower margins in the Nutrients and Allied business (EBIT contribution: 71% in 3QFY24), which declined 64% YoY. This was due to a decline in subsidy rates (while MRP rates were stable), an increase in raw material prices, and a weak cropping season. The crop protection business (EBIT contribution: 29%) remained subdued, with an EBIT growth of 4% YoY. Factoring in the weak 3QFY24 performance, we cut our FY24E earnings by 13% while maintaining the earnings for FY25E/26E. Reiterate BUY.
Outlook
Factoring in the weak 3QFY24 performance, we cut our FY24E earnings by 13% while maintaining the earnings for FY25E/26E. Reiterate BUY.
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