Coromandel International Q2 Results Review - Marginal Beat On Higher CPC Margins: Nirmal Bang

Nirmal Bang Report

Coromandel International Ltd.'s Q2 FY25 revenue for the quarter came in at Rs 74.33 billion, 18.6%/17.8% beat on our/bloomberg estimates. Profit after tax was a beat of 3.6%/6.4% versus our/street estimates. Nutrient segment revenue (adjusted for intersegment sales) saw an increase of 6.0% YoY to Rs 66.82 billion and 20.7% beat versus our estimates, while CPC revenue was up by 2.9% YoY to Rs 7.5 billion and 2.5% miss versus our estimates.

Gross margin at 25.1% saw a miss of 238 bps due to cost of goods sold coming in 22.5% higher than our estimates. Ebitda margin at 13.1% was 140 bps lower than our estimates.

Gross contribution was a 8.3% beat whereas Ebitda saw 7.2% beat versus our estimate and 13.5% beat versus street estimate. The beat at Ebitda was primarily due to the beat on our estimates in Nutrient revenue and the beat in CPC margin.

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