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Motilal Oswal Report
Coromandel International Ltd.'s reported a weak operating performance (Ebitda down 54% YoY) led by lower margins in the nutrients and allied business (Ebit contribution: 71% in Q3 FY24), which declined 64% YoY.
This was due to a decline in subsidy rates (while MRP rates were stable), an increase in raw material prices, and a weak cropping season. The crop protection business (Ebit contribution: 29%) remained subdued, with an Ebit growth of 4% YoY.
Factoring in the weak Q3 FY24 performance, we cut our FY24E earnings by 13% while maintaining the earnings for FY25E/26E. Reiterate 'Buy'.
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