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Motilal Oswal Report
Coromandel International Ltd. reported a robust operating performance, with Ebitda growing 42% YoY due to better per tonne margin in the fertilizer business.
This was achieved on the back of backward integration, control on fixed costs, inventory gain, and better outsourcing of raw materials, despite an inflationary cost scenario.
Factoring in its Q1 FY23 performance, we have raised our FY23/FY24 earnings estimate of Coromandel International by 14%/7%, led by higher Ebitda/million tonne in the fertilizer business.
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