Buy Coromandel International; target of Rs 942: Geojit

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Geojit's research report on Coromandel International

Coromandel International (CRIN) is one of the leading private sector fertilizer producers in the country with significant presence in South India. They are one of the leading producers of NPK and SSP grade fertilizers. CRIN saw significant revenue growth of 51% YoY to Rs.3213cr during the quarter as above average monsoon and growth in sowing activities saw large volume offtake. Volumes of key fertilizer products saw large off-take as Nitrogen-Phosphate-Potassium (NPK) and Di-Ammonium Phosphate (DAP) fertilizers saw an 80% growth in sales volumes.

Outlook

The Crop Protection segment saw its revenues grow by 55% YoY to Rs.420cr as exports and domestic business saw good performance Considering the good monsoon, focus on CPC business and backward integration, we expect a net profit CAGR of 20% over FY20-FY22E Hence we recommend a "Buy" and value CRIN at 18x FY22E EPS with a target of Rs.942.

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