Motilal Oswal's research report on Coromandel International
Coromandel International (CRIN) posted 3% YoY EBIT growth in 1QFY24, led by a healthy 11.5% EBIT growth in the Nutrients & Allied business (EBIT contribution: 88%), while the Crop Protection business (EBIT contribution: 12%) registered a ~37% YoY decline in EBIT. Factoring in its 1QFY24 performance, we retain our earnings for FY24E/ FY25E – despite raising our fertilizer EBITDA by 5%/6% – as crop protection EBITDA is cut by 13%/11%. Reiterate BUY.
Outlook
We value the stock at 16x FY25E EPS to arrive at our TP of INR1,185. Reiterate BUY.
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