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Revenue
₹5,693 Cr
verified against source
Revenue YoY
-1%
reported change
EBITDA
₹709 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Coromandel reported a steady Q1 FY24 with consolidated revenue of INR 5,758 crore (down 1% YoY) and EBITDA of INR 709 crore (up 3.5% YoY). PAT was INR 494 crore, marginally lower YoY. The nutrient business saw volume growth of 2% in phosphate fertilizers, with market share improving to 15.6%. Crop protection faced headwinds from delayed monsoons and high channel inventory, though exports grew 17%. Management guided for manufacturing EBITDA of INR 5,500-6,000 per ton for the full year, supported by raw material cost moderation and plant efficiencies. Key growth initiatives include Nano DAP launch in H2, drone subsidiary Dhaksha, and specialty chemicals/CDMO expansion. Risks include sustained high rock phosphate prices compressing spreads and delayed monsoon impact on Kharif consumption.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year manufacturing EBITDA for NPK and DAP to be in the range of INR 5,500-6,000 per ton, considering raw material prices, subsidy, and operational efficiencies.
- The Nano DAP plant in Karnataka will be commercialized in October 2023, with initial capacity of 4 million bottles per annum. The product will target northern states with high DAP usage.
- The company plans to introduce specialty chemical products in the second quarter by leveraging existing assets and technical capabilities.
- Management expects CDMO contracts to conclude and contribute within 18 months, with discussions ongoing with Japanese and European innovators.
Risks flagged
- While sulphuric acid prices have fallen, rock phosphate prices remain elevated, potentially compressing spreads for manufactured DAP and NPK if the lag in correction persists.
- The delayed onset of monsoons led to high channel inventory buildup, and uneven rainfall in some regions could affect fertilizer offtake in Q2.
- The government's NBS rates for H1 were set lower in line with raw material moderation; any further reduction or delay in subsidy payments could impact cash flows and margins.
- High channel inventories and pricing pressure in the domestic crop protection market affected Q1 performance, and recovery depends on monsoon progression and demand pickup.
Key quotes
- When you look at it on an annualized basis, I think we will be in the range of INR 5,500-INR 6,000, as we had indicated earlier.
- Close to 50% of current use of DAP can be replaced with Nano DAP.
- The eventual destination is what you just described, but, you'll appreciate, I mean, the customers would like us to graduate step by step.
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