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Rock phosphate prices may compress margins
View Risks →Coromandel International Limited — Q1 FY24
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).
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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.
कोरोमंडल ने पहली तिमाही में 5,758 करोड़ रुपये की कमाई की, जो पिछले साल से 1% कम है। मुनाफा 494 करोड़ रुपये रहा, जो थोड़ा कम है। खाद व्यवसाय में फॉस्फेट उर्वरकों की बिक्री 2% बढ़ी और बाजार हिस्सेदारी 15.6% हो गई। फसल सुरक्षा उत्पादों पर देरी से मानसून और ज्यादा स्टॉक का असर पड़ा, लेकिन निर्यात 17% बढ़ा। कंपनी ने कच्चे माल की लागत कम होने और कारखानों की दक्षता से प्रति टन 5,500-6,000 रुपये मुनाफा कमाने का लक्ष्य रखा है। नई पहलों में नैनो डीएपी लॉन्च, ड्रोन कंपनी ढाक्षा और स्पेशियलिटी केमिकल्स शामिल हैं। जोखिमों में फॉस्फेट की ऊंची कीमतें और मानसून की देरी से खरीफ फसलों पर असर शामिल है।
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Fertilizer sales volume
8.6 lakh MT
+2% YoY
Phosphate fertilizer sales volume grew 2% YoY to 8.6 lakh MT in Q1.
Market share (NPK & DAP)
15.6%
-2.7pp YoY
Market share in NPK and DAP declined to 15.6% from 18.3% last year.
SSP sales volume
1.8 lakh MT
+13% YoY
SSP sales volume grew 13% YoY to 1.8 lakh MT, with market share up to 16.7%.
Crop protection export growth
17%
+17% YoY
Crop protection export business grew 17% YoY, driven by Latin American markets.
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Guidance and risk preview
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, s...
While sulphuric acid prices have fallen, rock phosphate prices remain elevated, potentially compressing spreads for manufactured DAP and NPK if the...
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