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Nirmal Bang Report
Our agro-chemical coverage companies are likely to report YoY decline in Q1 FY25 results - barring CSM major PI Industries Ltd. and Sumitomo Chemical India Ltd.
Revenue/Ebitda is likely to decline due to various factors. For UPL, we see weak topline/margins amid weak prices offsetting volume growth in the U.S./Europe, Chinese dumping and de-stocking in Brazil while India sales remain subdued (due to volume being reduced to protect margins).
We expect Soda Ash woes to hit Tata Chemicals Ltd. and see YoY hit on Coromandel International Ltd.'s nutrient segment margins from the year ago peak.
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