Coromandel International Limited — Q1 FY25
Coromandel's Q1 FY25 consolidated total income fell 16.6% YoY to INR 4,783 crore, primarily due to lower subsidy rates.
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Evasive
Medium priority
Cost savings from DMP to DMPAT transition and War on Waste initiatives.
Asked by Nirav Jimudia, Anvil Research
Management described benefits qualitatively but did not provide any annual cost savings figure.
no quantified savings givengeneric description of benefits
Read the exchange
Question
So if you can just help us understand how both of these could help us in terms of cost savings on an annual basis, some understanding on the same, ma'am?
Jayashree Satagopan (Former CFO)
So in the DM side, very recently we got the business case approved, and it's a smaller capacity plant which will come up in the next 6-8 months time. This will help us to be little more competitive in the agrochemical space.
Answered
Medium priority
How much of DM requirement will be in-house after new plant?
Asked by Nirav Jimudia, Anvil Research
Management provided a specific percentage (25%) for in-house requirement.
Read the exchange
Question
So, ma'am, based on the plant what we are going to commission over 6-8 months, how much of our requirement from the outside world would come down with the commissioning of this plant?
Jayashree Satagopan (Former CFO)
So for DM side, we are expecting about between 25% of our requirements to be in-house, and depending on how this goes, at a later point, we can look at additional capacities.
Partial answer
High priority
Market size of new products, export opportunities, technical vs formulation mix, backward integration.
Asked by Nirav Jimudia, Anvil Research
Management gave formulation share and new product contribution but did not quantify market size or export potential.
market size not quantifiedexport opportunities not addressed
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Question
If you can just help us understand, because in the annual report, we have written that our capacity across the plants is close to 90,000 tons for technicals. So with these new products coming in, what could be the market size of such products in India? Does it qualify for the export opportunities also?
Jayashree Satagopan (Former CFO) and Raghuram Devarakonda (Executive Director)
When we look into the entire product range... the team had identified all the gaps... 22% of the sales in the domestic formulation today is coming from new products... share of formulation in the overall business, which is around 30%.
Evasive
High priority
Potential increase in NBS rates or retail prices for fertilizers.
Asked by S. Ramesh, Nirmal Bang Institutional Equities
Management did not give a clear view on NBS rates or retail price increases, only said 'wait and watch'.
no commitment on NBS increasedeferred to future
Read the exchange
Question
So if you look at the nutrient business, what is the understanding you have in terms of potential increase in the NBS rates in the second half, or will the industry have to go for an increase in retail prices given the recent increase in the input cost and the, you know, subsidies being frozen at April?
Sankarasubramanian S (CEO)
Currently, the current subsidy which has been announced for Kharif, late after September. To note, there has been a compression in margin in the Kharif... So we need to wait and watch... there is a possibility that, you know, the subsidy will factor in the increase in input cost.
Declined
Medium priority
Quantify reduction in realization in export market.
Asked by S. Ramesh, Nirmal Bang Institutional Equities
Management explicitly declined to provide the number during the call.
deferred to later
Read the exchange
Question
Is it possible to quantify what is the reduction in realization in the export market?
Jayashree Satagopan (Former CFO)
I can come back to you, Ramesh.
Partial answer
Medium priority
Timeline for BMCC JV to become EBITDA and cash positive.
Asked by S. Ramesh, Nirmal Bang Institutional Equities
Management gave a timeline for stabilization but did not explicitly state when EBITDA positive would be achieved.
no specific EBITDA positive timelinesentence incomplete
Read the exchange
Question
In terms of your plan for increasing the profitability of BMCC, what is the timeline you have to see that JV turning EBITDA positive and eventually cash positive, based on the investments you are making?
Sankarasubramanian S (CEO)
Hopefully, we should be able to complete the trial run by end of September... second half, we should be able to stabilize the production... overall for the year, we should be able to reach what we.
Answered
Medium priority
Annual phosphoric acid requirement and import reduction after new capacity.
Asked by Vipul Shah, Sumangal Investment
Management provided specific ranges for phosphoric acid requirement and future import levels.
Read the exchange
Question
So my question is, what is our annual phosphoric acid requirement for manufacturing this 3.5 million ton of NPK fertilizer? Our capacity right now is 0.5, and same for sulfuric acid also.
Sankarasubramanian S (CEO)
It can be anywhere in the range of 5.5-6 lakh tons... net phosphoric acid requirement will be in the range of 4-4.5 lakh tons... once this new capacity... it will be in the range of 200,000-300,000 tons.
Partial answer
High priority
Efforts to reduce profitability pressure in Q2 given lower subsidy.
Asked by Prashant Biyani, Elara Securities
Management described initiatives but did not quantify the expected impact on profitability.
no quantified margin improvementqualitative only
Read the exchange
Question
Ma'am, subsidy for Q2 will also be lower on a YOY basis. So what efforts are we taking to reduce the pressure on profitability in Q2?
Sankarasubramanian S (CEO) and Jayashree Satagopan (Former CFO)
We hope to see improvement in margin coupled with our efficiency improvement, blending of our own rock, which is coming from Senegal... definitely it should be much better than what we witnessed in Q1.
Answered
Medium priority
Revenue from Dhaksha in Q1 and updates on new products.
Asked by Prashant Biyani, Elara Securities
Management provided the exact revenue figure for Dhaksha in Q1.
Read the exchange
Question
Ma'am, how much was the revenue from Dhaksha in Q1? And if you can provide some updates about the new product development and demand and inquiries from various industries.
Jayashree Satagopan (Former CFO)
The turnover for the quarter was INR 17 crore.
Answered
High priority
Price hikes for NPK products after DAP subsidy announcement.
Asked by Speaker 12, Antique Stock Broking
Management clearly stated no MRP increase but possible trade discount moderation.
Read the exchange
Question
But given that nothing has been announced on the NPK side, do we expect, or are we, are we looking at taking some price hikes, in the NPK products?
Sankarasubramanian S (CEO)
We are not going for an MRP increase as such, but we may look at moderating the trade discount which was offered during the off season period.
Answered
High priority
Confirmation of fertilizer segment EBITDA guidance.
Asked by Speaker 13, IIFL Securities
Management confirmed the EBITDA guidance range of INR 4,500-5,000 per ton.
Read the exchange
Question
The guidance for the fertilizer segment, the EBITDA pattern, still stays intact, or are we going to relook at that?
Jayashree Satagopan (Former CFO)
That is intact. We spoke about INR 4,500-INR 5,000 to manufacture the product. I think that's pretty much intact.
Answered
Medium priority
Percentage of domestic demand that nano fertilizers can substitute in 2 years.
Asked by Falguni Dutta, Mansarovar Financials
Management provided a specific percentage range (20%-25%) for substitution over 3-5 years.
Read the exchange
Question
Going by the acceptance that you see now, how much, what percentage of our domestic demand, let's say, in two years from now, can be taken over by the nano variety, be it urea or DAP?
Jayashree Satagopan (Former CFO)
Over the next 3-5 years, the expectation is about 20%-25% to be a substitution of.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Dhaksha Q1 revenue INR 17 crore | ₹17 cr | ₹4,729 cr | Understated vs filing |
| Export volume uptick ~10% in Q1 | 10% | -16.6% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.