Coromandel International | Q3FY15 Result/Concall Update | In-line performance; Maintain HOLD with TP of Rs.353 :: IndiaNivesh

Please Share::

�� India Equity Research Reports, IPO and Stock News Visit http://indiaer.blogspot.com/ for complete details ��

��

-->
Coromandel International Ltd (COIL) Q3FY15 performance was in-line with our estimate on all fronts. Revenue went up 7.4% Y/Y to Rs.29.7 bn (v/s INSPL est. Rs.30.1bn). EBITDA (including other income) went up 2.7% Y/Y to Rs 2,380 mn (INSPL Est. Rs 2,502 mn) translating to margin contraction of 37 bps Y/Y (to 8.0% v/s 8.4% in Q3FY14). Net profit went up 20.5% Y/Y to Rs 1,152 mn (v/s INSPL est. of Rs. 1,236 mn) led by higher EBITDA base. The consolidated numbers include Coromandel International, Sabero Organics, and Liberty Phosphate. (Rs Mn) Q3FY15 Q2FY15 Q3FY14 Q/Q % Y/Y % Fertilizer 24,394 27,571 23,369 -11.5% 4.4% Sabero 2,100 2,707 1,551 -22.4% 35.4% Others 3,255 4,522 2,769 -28.0% 17.6% Total 29,749 34,800 27,688 ‐14.5% 7.4% Note: Best As Per Our Estimates Segment Wise Revenue (Conso) Source: Company Filings; IndiaNivesh Research During the quarter, interest/depreciation expenditure stood at Rs.446/Rs.256 mn (v/s Rs.601/Rs.264 mn in Q3FY14). The company reported tax expenditure of Rs 486 mn leading to tax rate of 29.7% (v/s 34.4% in Q3FY14). In FY15-16 management expect to reach 1,000 (v/s 820 in Q3FY15) retail outlets and also looking to expand in Maharashtra and Tamil Nadu. In our view, the performance of COIL’s fertilizer segment during the quarter was impacted on account of delayed monsoon arrival primarily in the key regions of COIL. However, we expect overall ‘Rabi Crop’ season to be better than the last year. We maintain ‘HOLD’ with target price to Rs.353 on COIL

LINK
http://www.indianivesh.in/Admin/Upload/635582066422320000_Coromandel%20International_Q3FY15%20Result%20Update.pdf