Subsidy rate uncertainty
NBS rates were sharply revised downward for Rabi season, and raw material prices have risen since August. Management is representing for an interim correction, but it seems unlikely.
COROMANDEL / Q3-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
high
Government margin cap impact
New government guidelines cap PBT margins at 12% for integrated manufacturers. While management sees no immediate impact, the cap could limit upside in high-margin years.
Ennore ammonia gas leak incident
An ammonia gas leak occurred at the Ennore facility in December, leading to plant closure. Safety measures are being taken, but operational disruption and potential liability exist.
Global crop protection headwinds
Elevated inventory, demand slowdown, and declining commodity prices globally continue to pressure the crop protection business, despite volume growth.