Buy Coromandel International; target of Rs 1300 : Motilal Oswal

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Motilal Oswal's research report on Coromandel International

Coromandel International’s (CRIN) experienced a marginal 1% decline in its EBIT during 2QFY24, despite a steep ~31% YoY decline in revenue. Softening of raw material prices and the benefits of backward integration led to EBIT growth of 4% YoY in the Nutrients and Allied business (EBIT contribution: 92%). On the other hand, the Crop Protection business (EBIT contribution: 8%) registered a ~17% YoY decline in EBIT due to pricing pressures. Factoring in its 2QFY24 performance, we maintain our earnings for FY24E/ FY25E. We reiterate our BUY rating on the stock.

Outlook

Factoring in its 2QFY24 performance, we maintain our earnings for FY24E/FY25E. We reiterate our BUY rating on the stock with TP of INR1,300 (at 18x FY25E EPS).

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Coromandel International - 29 - 10-2023 - moti