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    Paradeep Phosphate: Benefits of backward integration to kick in

    Fertiliser firm to gain from cost efficiencies and improved capacity in FY24/25

    Lekha Badlani-Jhamnani
    June 05, 2023 / 09:24 AM IST
    Paradeep Phosphate: Benefits of backward integration to kick in

    PPL

    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Highlights Weak fourth-quarter performance Goa expansion ramping up well Backward integration on track Inexpensive valuation Paradeep Phosphate Ltd (PPL; CMP: Rs 54; Market cap: Rs 4,414 crore) posted weak margins in Q4FY23. Operations at the new Goa plant has stabilised and the company is widening its geographical reach. Going into FY24, PPL will also be gaining cost efficiencies through backward integration. We think PPL has all the right ingredients in place to remain cost competitive. Strategic initiatives for next growth drivers would be the key...

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