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Motilal Oswal Report
In this note we have analysed acreages across key states for Coromandel International Ltd., its volume performance in Q1 FY22, and the trend in key raw materials. Key insights are highlighted below:
Coromandel International's key markets are Andhra Pradesh, Telangana, Maharashtra, Karnataka, West Bengal, and Odisha.
These six states account for 94% of its nitrogen, phosphorus and potassium/diammonium phosphate volumes and 84% of overall volumes (as of FY21).
All India sowing is currently down 10% to 50 million hectares (as of July 09, 2021), whereas is up ~1% as compared to the normal area in the corresponding week.
The YoY decline in acreages is on the back of a 9%/7%/11%/18% YoY fall in rice/maize/soybean/cotton acreage, whereas the same for sugarcane grew 2% YoY.
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