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Revenue
₹3,913 Cr
verified against source
Revenue YoY
-28%
reported change
EBITDA
₹273 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Coromandel's Q4 FY24 consolidated revenue declined 28% YoY to INR 3,996 crore, driven by lower subsidy rates and raw material prices, though EBITDA rose 34% to INR 273 crore with margin expansion of 320 bps to 6.8%. The fertilizer business faced weak demand due to below-normal monsoon in key markets, but the crop protection segment posted 20% volume growth. Management guided for FY25 fertilizer EBITDA per ton of INR 4,500-5,000, supported by improved NBS rates and operational efficiencies. Key growth initiatives include debottlenecking to add 3.5 lakh tons capacity, backward integration with a new phosphoric acid plant (CapEx INR 1,030 crore), and scaling Nano DAP and drone businesses. Risks include persistent margin pressure in crop protection due to global inventory overhang and potential government policy changes on subsidy.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects EBITDA per ton in the range of INR 4,500-5,000 for FY25, driven by improved NBS rates and operational efficiencies.
- Total capital expenditure for FY25 is estimated between INR 1,200 crore and INR 1,500 crore across multiple businesses.
- Plans to debottleneck granulated capacity at Kakinada and Vizag, adding 3.5 lakh tons.
- The Nano DAP plant at Kakinada with 1 crore bottle capacity is awaiting regulatory approvals and expected to start production in June 2024.
Risks flagged
- Global inventory overhang continues to pressure margins in the crop protection business despite volume growth.
- Potential shift to direct benefit transfer (DBT) for fertilizers could impact pricing flexibility and margins.
- Below-normal monsoon in key markets has historically impacted volumes; any deviation from normal rainfall could affect sales.
Key quotes
- The margins for next year, we are expecting in the range of about INR 4,500-5,000 per ton in terms of EBITDA.
- Our aim in terms of improving the EBITDA margins are not by increasing prices, but by improving our operational efficiencies, bringing the value-added products.
- Dhaksha's order book stands at around INR 250 crore, and the company plans to service the same in the first half of the year.
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