Motilal Oswal's research report on Coromandel International
CRIN reported a better than expected operating performance despite rising input costs, due to backward integration, control on fixed costs, selective price increases, better outsourcing of raw material, mix management of raw material (while maintaining quality), and better capacity utilization. Raw material prices and volume growth in fertilizers remain a key monitorable going forward. Factoring in its 4QFY22 performance, we have raised our FY23/FY24 earnings estimate by 8%/6%.
Outlook
We value CRIN at 17x FY24E EPS to arrive at our TP of INR1,065. We maintain our Buy rating.
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