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Revenue
₹7,033 Cr
verified against source
Revenue YoY
-30.7%
reported change
EBITDA
₹1,059 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 Q2 FY24 consolidated revenue of INR 7,033 crore, down ~31% YoY due to lower subsidy rates, but EBITDA remained flat at INR 1,059 crore and PAT grew 2% to INR 755 crore. EBITDA margin expanded ~470bps to 15.1% driven by stable raw material costs and backward integration benefits. Nutrient sales volume declined 7% to 11.6 lakh MT, while crop protection exports grew 29%. Management guided for full-year NPK EBITDA per ton of ~INR 5,000, supported by backward integration and potential MRP hikes. Key risks include lower Rabi subsidy rates, weak reservoir levels in southern India, and sustained price pressure from Chinese dumping in agrochemicals.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects full-year EBITDA per ton for NPK fertilizers to be around INR 5,000, supported by backward integration and potential MRP increases.
- The Nano DAP plant at Kakinada is expected to be commissioned in Q3 FY24, pending regulatory approvals, with capacity of 1 crore bottles per year.
- The company plans to invest INR 1,000 crore in three multipurpose plants for crop protection, with first plant at Dahej under evaluation.
Risks flagged
- The government reduced NBS rates for H2 FY24, which will lower subsidy realization and compress margins, especially for non-integrated players.
- Reservoir levels in southern markets are at 64% of long-period average, which could constrain Rabi demand despite forecast of normal northeast monsoon.
- Chinese dumping of agrochemicals at low prices continues to pressure margins in the crop protection business, with no clear timeline for normalization.
Key quotes
- Given the backward integration that we have, we expect the margins to be positive.
- We have started in a very small way during the last quarter, token invoicing and shipments are happening to some of the specialty chemicals customers already.
- The government has been considering and getting supplementary credits for disbursement of subsidy. So we hope they will be able to get it through.
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