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Motilal Oswal Report
Coromandel International Ltd. reported a strong operating performance in Q1 FY22 on the back of gross margin expansion, due to diversified sourcing, backward integration, cost efficiency, and inventory gain.
Sustainability of gross margin and volume growth remains a key monitorable going forward.
Coromandel International reported an overall revenue of Rs 36.6 billion (estimate Rs 39.4 billion) in Q1 FY22, up 14% y-o-y.
Fertilizer volumes fell 2% y-o-y on the back of a 53% decline in trading volume, whereas manufacturing grew 6% in Q1 FY22.
The crop protection segment grew 50% y-o-y to Rs 6.3 billion. The nutrient and other allied business segment grew 9% y-o-y to Rs 30.7 billion.
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