Lower Rabi subsidy rates impacting H2 margins
The government reduced NBS rates for H2 FY24, which will lower subsidy realization and compress margins, especially for non-integrated players.
COROMANDEL / Q2-FY24 / risks
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Coromandel International · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
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Weak reservoir levels in southern India
Reservoir levels in southern markets are at 64% of long-period average, which could constrain Rabi demand despite forecast of normal northeast monsoon.
Sustained price pressure from Chinese dumping in agrochemicals
Chinese dumping of agrochemicals at low prices continues to pressure margins in the crop protection business, with no clear timeline for normalization.