Fwd: Coromandel International Q2FY12 Result Update; Positive surprise by EBITDA margins; Buy; Target: Rs435

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Deepak Vaishnav

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Oct 22, 2011, 4:08:27 AM10/22/11
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Coromandel International

Positive surprise by EBITDA margins

 

BUY

 

CMP: Rs307                                        Target Price: Rs435

n     Q2FY12 APAT of Rs 2.6 bn, +17%yoy, was ahead of est driven by higher than estimated EBITDA margins at 13.8% (85bps yoy / 130bps qoq)

n     Revenue growth of 5.7% yoy to Rs 27.2 bn despite 12% decline in volumes (emkay est) is led by higher fertiliser prices which were up by 30-40% yoy

n     Volume growth to pick up in H2FY12 due to improved availability of phos acid from Tunisia and increased imports of MOP to facilitate higher NPK production

n     Announced bonus debenture of Rs 15 / - for every one share, Maintain estimates of Rs 26.4/Rs 32.3 for FY12 & FY13 resp and maintain our BUY reco on the stock

 

Regards,

Rohan Gupta

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : rohan...@emkayglobal.com 

Board No. : +91-22-66121212 | Extn. : 248 | DID : 66121248 | Mob : +919619321479 |

 

 


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Coromandel International Q2FY12 Result Update.pdf
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