Company Update : Coromandel International Ltd By Motilal Oswal Financial Services Ltd
Operating performance above our estimates
* CRIN reported overall revenue of INR69.4b (est. INR64.4b) in 3QFY25, up 27% YoY. Nutrient & other allied business revenue grew 30% YoY to INR63.7b, while crop protection business revenue increased 3% YoY to INR6.3b.
* EBITDA margin expanded 390bp YoY to 10.4% (est. 10.3%); RM cost as a % of sales stood at 76.4% in 3QFY25 v/s 79.1% in 3QFY24; employee costs were 3% vs. 3.4%, freight costs came in at 5.4% vs. 5.6%, and other expenses stood at 4.9% vs. 5.3%. EBITDA surged 2x YoY to INR7.2b (est. INR6.6b).
* EBIT margin for Nutrient & other allied businesses expanded 470bp YoY to 9.8%, while for crop protection business, the margin expanded 60bp YoY to 14.3%.
* Adjusted PAT stood at INR5.1b (est. INR4.5b), up 2.2x YoY.
* Total manufacturing volumes (NPK+DAP) grew 4% YoY to 0.9 MMT, while total phosphate fertilizer manufacturing volumes (including SSP) grew 8% YoY to 1.1 MMT.
