Company Update : Coromandel International Ltd By Motilal Oswal Financial Services Ltd
Operating performance in line
* CRIN reported overall revenue of INR49.9b (est. in line) in 4QFY25, up 27% YoY. Nutrient & other allied business revenue grew 28% YoY to INR43.2b, while crop protection business revenue increased 24% YoY to INR7b.
* EBITDA margin expanded 160bp YoY to 8.5% (est. in line); RM cost as a % of sales stood at 70.3% in 4QFY25 vs 72.1% in 4QFY24; employee costs were 4.2% vs 4.4%; freight costs came in at 6.4% vs 6.4%; and other expenses stood at 10.6% vs 10.2%. EBITDA surged 56% YoY to INR4.3b (est. in line).
* EBIT margin for nutrient & other allied businesses contracted 60bp YoY to 6.9%, while for the crop protection business, the margin expanded 330bp YoY to 14.5%.
* Adjusted PAT stood at INR3b (est. INR2.8b), up 89% YoY. Note: The exceptional item of INR3.5b includes a gain of ~INR4b on the assignment of rights to leasehold land on consol and the write-down of certain assets to their recoverable value of ~INR0.5b.
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