CRIN reported a robust operating performance, with EBIDTA growing 42% YoY due to better per tonne margin in the Fertilizer business. This was achieved on the back of backward integration, control on fixed costs, inventory gain, and better outsourcing of raw materials, despite an inflationary cost scenario. Factoring in its 1QFY23 performance, we have raised our FY23/FY24 earnings estimate by 14%/7%, led by higher EBIDTA/MT in the Fertilizer business. We value the stock at 18x FY24E EPS to ...
COROMANDEL INTERNATIONAL (IN), a company active in the Speciality Chemicals industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date March 22, 2022, the closing price was INR 830.80 and its potential...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
COROMANDEL INTERNATIONAL: Margin to remain under pressure in the near term (CRIN IN, Mkt Cap USD3.5b, CMP INR877, TP INR1040, 19% Upside, Buy) In this note we have analyzed acreages across key states for CRIN, its volume performance in 1QFY22, and the trend in key raw materials. Key insights are highlighted below: Acreages across key states for CRIN have declined CRIN's key markets are Andhra Pradesh, Telangana, Maharashtra, Karnataka, West Bengal, and Odisha. These six states account...
Two Directors at Coromandel International Ltd sold 3,254 shares at between 755.755INR and 759.000INR. The significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's direc...
Coromandel International: Higher manufacturing volumes support margins, for another quarter (CRIN IN, Mkt Cap USD2.6b, CMP INR632, TP INR736, 16% Upside, Buy) 3QFY20 revenues grew 8% driven by higher manufacturing volumes (+33% YoY), which in turn led to 42% YoY growth in EBITDA. PAT grew 71% YoY on the back of the lower tax rate and interest cost. While revenue was in line during the quarter, beat of 14%/18% in EBITDA/PAT, led to increase in earnings estimates by 9%/8% for FY20/FY21. ...
(CRIN IN, Mkt Cap USD2.4b, CMP INR572, TP INR677, 18% Upside, Buy) Higher manufacturing sales drive margins for yet another quarter Based on data released by the Ministry of Fertilizers, Coromandel International's (CRIN) overall volumes grew 5% YoY in 3QFY20. While trading volumes declined 47% YoY, fertilizer manufacturing volumes, which command higher margins, grew 34% YoY. Thus, we estimate 130bp EBITDA margin expansion for CRIN in 3QFY20 (24% EBITDA growth). In 2QFY20 too, CRIN witnes...
COROMANDEL INTERNATIONAL: Sunshine after the rain (CRIN IN, Mkt Cap USD1.7b, CMP INR406, TP INR524, 29% Upside, Buy) Manufacturing DAP sales increase led by lower phos acid prices According to the Ministry of Fertilizers’ data, Coromandel International’s (CRIN) fertilizer manufacturing volumes grew 8% YoY, whereas trading volumes were down 62% YoY in 2QFY20. Consequently, the company’s overall volumes declined 14% YoY, despite above-average rainfall. Manufactured fertilizers entail higher ...
COROMANDEL INTERNATIONAL: Softening RM prices provide a breather; Plant closure and mancozeb prices dent crop protection margins (CRIN IN, Mkt Cap USD1.6b, CMP INR382, TP INR475, 24% Upside, Buy) Operating performance in line, but sales/PAT below estimate: Revenue declined 16% YoY to INR21.3b (our estimate: INR23.1b) in 1QFY20. EBITDA margin expanded 70bp YoY to 9.2% (our estimate: 8.1%). EBITDA declined 9% YoY to INR1,953m (our estimate: INR1,872m). Consequently, adj. PAT was down 31% Yo...
COROMANDEL INTERNATIONAL: Challenging quarter for volumes and margins; Silver-lining in market share gains across states (CRIN IN, Mkt Cap USD1.8b, CMP INR432, TP INR571, 32% Upside, Buy) In-line revenues; marginal beat on EBITDA/PAT: CRIN’s revenue increased 11.5% YoY to INR30,495m (est. INR30,645m) in 3QFY19. EBITDA margin contracted 200bp YoY to 10% (est. 9.3%). EBITDA declined 7.2% YoY to INR3,039m (est. INR2,855m). EBIT margin contracted by 210bp to 9.2% in Nutrient and other allied ...
Coromandel International: Phos acid cost, supply tightness to exert margin pressure; Captive capacity expansion of phos acid to work in company’s favor (CRIN IN, Mkt Cap USD1.7b, CMP INR408, TP INR501, 23% Upside, Buy) Coromandel International (CRIN) incurs a major raw material (RM) cost in the form of phosphoric acid (38-40% of RM cost, based on our assumption). Consequently, the 30% YoY spike in the price of phosphoric acid in FY19YTD is likely to have exerted pressure on its margins in 1...
Coromandel International: In line on most fronts; expect sustained momentum; But high RM costs may pose margin headwinds (crin IN, Mkt Cap USD1.6b, CMP INR395, TP INR557, 41% Upside, Buy) Largely in-line performance, but margins contract: CRIN’s revenue increased 36.3% YoY to INR50,083m (our estimate: INR48,099m) in 2QFY19. EBITDA grew 16% YoY to INR6,663m (our estimate: INR6,309m), with the margin contracting 230bp YoY to 13.3% (our estimate: 13.1%). Adj. PAT increased 8.6% YoY to INR3,7...
COROMANDEL INTERNATIONAL: Well on track for a healthy season; Expect 7% volume growth in FY19 (CRIN IN, Mkt Cap USD1.6b, CMP INR400, TP INR557, 39% Upside, Buy) On track to achieve full-year volume estimate: CRIN's volumes declined 7.1% YoY in 1QFY19. However, revenue grew 11.8% YoY, primarily on account of multiple price hikes taken over the past few months (Di Ammonium Phosphate (DAP) price increased ~25% to INR26,600/MT). Moreover, the Ministry of Fertilizers' data reveal a strong trac...
Coromandel International: Multiple factors at play in nourishing the operating performance; Rising share of unique grades bodes well (CRIN IN, Mkt Cap USD1.8b, CMP INR424, TP INR557, 31% Upside, Buy) In-line revenue; higher-than-anticipated interest cost contains PAT: CRIN's revenue increased 11.8% YoY to INR25,285m (est. of INR25,563m) in 1QFY19. EBITDA grew 26.3% YoY to INR2,139m (est. INR2,019m), with the margin expanding 100bp YoY to 8.5% (est. of 7.9%). Adj. PAT of INR902m (+24.2% Yo...
Coromandel International: Favorable crop dynamics to fertilize growth; Shift in crop mix likely to boost consumption in FY19 (CRIN IN, Mkt Cap USD2.4b, CMP INR461, TP INR557, 21% Upside, Buy) Coromandel International (CRIN) manufactures and trades in farm inputs in India. The company operates in two segments: (1) Nutrient and Other Allied Business and (2) Crop Protection. It offers phosphatic fertilizers, crop protection products, specialty nutrients (such as bentonite sulphur, water solubl...
Q2FY18 results highlights Coromandel Q2FY18 revenues increased by 3.6% yoy to Rs36.4bn (est. Rs33.6bn). Fertiliser business revenues remained flat with lower subsidy rates, while pesticides business posted ~11% growth yoy Q2FY18 EBITDA increased significantly by 47.7% yoy to Rs5.6bn (est.Rs4.37bn) led by favourable raw material price and foreign exchange gains. EBITDA margins expanded by 465bp to 15.6% Lower interest costs (down 29.5% yoy) and stable depreciation charge led to steeper growt...
​Coromandel International: Strong performance; better monsoon to aid growth(CRIN IN, Mkt Cap USD1.1b, CMP INR449, TP INR523, 16% Upside, Buy)Exhibits recovery in PAT: CRIN reported overall revenue of INR22.7b (est. of INR22.2b) in 1QFY18, as against INR20.6b in 1QFY17, marking growth of 10.6%. EBITDA margin expanded significantly by 320bp YoY in 1QFY18 to 7.5% (est. of 4.6%) on account of gross margin expansion of 240bp YoY. EBITDA increased 94% YoY to INR1,715m (est. of INR1,025m). Consequent...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Two Directors at Coromandel International Ltd sold 6,500 shares at 0.000INR. The significance rating of the trade was 53/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
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