Sell Coromandel International, target price Rs 790: Nuvama Wealth brokerage

Nuvama Wealth brokerage has sell call on Coromandel International with a target price of Rs 790.The current market price of Coromandel International is Rs 863.05. Nuvama Wealth brokerage recommended to keep stop loss at Rs 880.

Coromandel International, incorporated in the year 1961, is a Mid Cap company (having a market cap of Rs 25371.57 Crore) operating in Fertilisers sector.

Coromandel International key Products/Revenue Segments include Ammonium Phosphatic Fertilizers, Subsidy, Crop Protection, Others Items, Single Super Phosphate (SSP), Urea, Muriate Of Potash (Trading) for the year ending 31-Mar-2022.

Financials
For the quarter ended 30-09-2022, the company has reported a Consolidated Total Income of Rs 10144.50 Crore, up 75.43 % from last quarter Total Income of Rs 5782.67 Crore and up 64.51 % from last year same quarter Total Income of Rs 6166.40 Crore. Company has reported net profit after tax of Rs 740.00 Crore in latest quarter.

The company’s top management includes Mr.A Vellayan, Mr.Arun Alagappan, Mr.Sameer Goel, Ms.Aruna B Advani, Mr.K V Parameshwar, Mr.Sudarshan Venu, Dr.R Nagarajan, Mr.Sumit Bose, Mr.M M Venkatachalam. Company has S R Batliboi & Associates LLP as its auditors. As on 31-12-2022, the company has a total of 29 Crore shares outstanding.

Investment Rationale
Underperformed Nifty and recently has breachedthe crucial level of Rs 860 giving a fresh breakdown.