Buy Coromandel International ; target of Rs 908: Motilal Oswal

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Motilal Oswal 's research report on Coromandel International

Coromandel International (CRIN) reported robust performance, led by higher manufacturing volumes (+61% YoY), higher crop protection revenue (off a lower base), and operating leverage. PAT more than quadrupled on higher EBITDA (2.1x YoY), lower tax rate, and lower interest cost. CRIN reported numbers in line with our estimates; thus, we maintain our earnings estimates for FY21/FY22E. Maintain Buy.

Outlook

We expect revenue/EBITDA/PAT CAGR of 10%/14%/18% over FY20–22E. We value CRIN at 18x FY22E EPS to arrive at TP of INR908. Maintain Buy.

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