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Motilal Oswal Report
Coromandel International Ltd. reported a decent Ebitda performance (on a high base of last year) on the back of margin expansion in crop protection and better manufacturing and trading margins in the fertilizer segment.
Increasing phosphoric acid prices (up 35% YoY and up 15% QoQ) and, consequently, a price hike in complex fertilizers would continue to be the key monitorable.
The company reported in-line numbers in Q3; thus, we maintain our estimates for FY21/FY22/FY23E.
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