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Prabhudas Lilladher Report
Fertiliser placements declined 23% YoY in March as industry chose to wait for the new Nutrient Based Subsidy (to be announced in April).
High base of last year and lower inventory (with corporates) also aided decline.
Urea/ Di-ammonium Phosphate/ nitrogen-phosphorus-potassium sales declined 9%/71%/22% YoY to 1.9/0.3/0.7 million tonnes.
Sale of domestically manufactured fertilisers was down 19% YoY while that of imported fertiliser was down 76% YoY driven by urea and DAP.
Government of India has paid Rs 25631 crore of fertiliser subsidy in January, up eight times YoY.
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