Fertilizer Off-take Grows by 15%YoY in September
According to National Fertilizer Development Center (NFDC), total fertilizer off-take increased by 15.03%YoY in September 2018. Further, on MoM basis, off-take increased by 20.61% in September. On the production side, Urea’s production was recorded 4.08% below previous month’s production. However, DAP’s production was recorded on higher side as compared to previous month. Urea inventory recorded a decline of 12.31% over August 2018 to reach the level of 115k MT. Going forward we expect Urea off-take to remain on the higher side due to ongoing Rabi season, leading to a decline in inventory in the coming months. Our top pick within the sector is FFBL.
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