Coromandel International Ltd

Coromandel International Ltd

₹ 1,036 -2.48%
27 Feb 2:56 p.m.
About

Coromandel International Ltd is one of India's leading agri solutions provider. It offers a diverse range of products and services across the farming value chain. It specializes in fertilizers, crop protein, bio pesticide, specialty nutrients, organic fertilizers, etc.[1]

Revenue Breakup
The company's business is divided among 2 main segments i.e. nutrient and other allied products (~85% of revenues) and crop protection (~15% of revenues).[2]

Fertilizers Business
The company sells various types of phosphatic fertilizers in the domestic market. It has ~40% share in the unique grade fertilizer sales in India. Overall, it is the 2nd largest phosphatic seller in India and largest single super phosphate (SSP) seller with a market share of ~15%.[3] It has a leading position in the states of Andhra Pradesh and Telangana; India's largest complex-fertiliser markets.[4]

Crop Protection Business
Under this business, the company sells a wide range of crop protection products under its 60+ brands based portfolio. It is 3rd largest manufacturer of mancozeb globally and exports accounts for ~37% of revenues of the business.[5]

Biologicals Business
The company has a rich product pipeline with research on compounds from plant extracts and microbial bio-pesticides. It is a leading manufacturer of azadirachtin in the world with ~65% export share. It exports to USA, Canada and Europe.[6]

Key Points

Revenue Breakup
The company's business is divided into 2 main segments i.e. nutrient and other allied products (~87% of revenues) and crop protection (~13% of revenues). [1]

  • Market Cap 30,505 Cr.
  • Current Price 1,036
  • High / Low 1,288 / 842
  • Stock P/E 17.7
  • Book Value 308
  • Dividend Yield 1.14 %
  • ROCE 38.3 %
  • ROE 28.1 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 23.6% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 27.6%
  • Company has been maintaining a healthy dividend payout of 22.4%
  • Company's working capital requirements have reduced from 47.6 days to 36.9 days

Cons

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
3,533 2,825 3,664 6,148 5,073 4,227 5,729 10,113 8,310 5,476 5,693 6,988 5,464
3,034 2,595 3,181 5,404 4,529 3,848 5,044 9,056 7,539 5,089 4,988 5,933 5,115
Operating Profit 499 229 483 743 544 379 685 1,057 771 387 706 1,055 349
OPM % 14% 8% 13% 12% 11% 9% 12% 10% 9% 7% 12% 15% 6%
10 47 24 19 28 77 55 32 40 47 44 45 59
Interest 21 16 17 19 18 21 27 54 57 52 41 46 38
Depreciation 42 47 42 42 43 45 45 46 47 45 48 54 64
Profit before tax 447 213 448 701 511 389 669 989 706 337 661 1,000 306
Tax % 25% 27% 25% 26% 25% 26% 25% 25% 25% 27% 25% 25% 25%
334 156 338 519 382 290 499 741 527 246 494 755 228
EPS in Rs 11.38 5.31 11.51 17.70 13.00 9.87 16.99 25.20 17.92 8.38 16.80 25.71 7.85
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
9,902 9,034 10,053 11,306 11,481 10,031 11,083 13,225 13,137 14,182 19,111 29,628 23,621
8,794 8,264 9,246 10,450 10,712 9,048 9,822 11,775 11,400 12,193 16,954 26,726 21,126
Operating Profit 1,107 770 808 856 769 983 1,261 1,450 1,737 1,989 2,156 2,902 2,496
OPM % 11% 9% 8% 8% 7% 10% 11% 11% 13% 14% 11% 10% 11%
-10 68 46 50 87 54 55 8 35 76 141 171 195
Interest 126 210 240 210 221 224 178 251 235 106 75 190 177
Depreciation 60 71 96 105 106 101 99 114 158 173 173 182 210
Profit before tax 911 557 517 592 529 712 1,038 1,093 1,379 1,786 2,050 2,701 2,303
Tax % 30% 22% 29% 32% 32% 33% 33% 34% 23% 26% 25% 25%
635 434 365 402 357 477 691 720 1,065 1,329 1,528 2,013 1,723
EPS in Rs 22.61 15.26 12.59 13.80 12.27 16.35 23.64 24.63 36.36 45.30 52.08 68.46 58.74
Dividend Payout % 31% 29% 36% 33% 33% 31% 27% 26% 33% 26% 23% 18%
Compounded Sales Growth
10 Years: 13%
5 Years: 22%
3 Years: 31%
TTM: -17%
Compounded Profit Growth
10 Years: 17%
5 Years: 24%
3 Years: 23%
TTM: -16%
Stock Price CAGR
10 Years: 18%
5 Years: 19%
3 Years: 11%
1 Year: 19%
Return on Equity
10 Years: 24%
5 Years: 27%
3 Years: 28%
Last Year: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 28 28 28 29 29 29 29 29 29 29 29 29 29
Reserves 2,372 2,168 2,253 2,173 2,605 2,862 2,867 3,329 4,288 5,121 6,329 7,878 9,031
2,943 2,946 1,843 2,288 2,677 2,228 2,728 2,954 2,019 385 395 393 436
2,621 3,270 3,481 3,872 3,871 3,526 4,224 4,261 3,812 3,360 4,532 5,934 4,892
Total Liabilities 7,965 8,412 7,605 8,362 9,182 8,645 9,848 10,574 10,149 8,895 11,285 14,235 14,389
1,296 1,856 1,734 1,380 1,320 1,328 1,327 1,309 2,032 2,015 2,092 2,200 3,051
CWIP 527 420 74 46 42 22 48 191 65 90 141 399 248
Investments 150 160 342 352 477 388 221 201 211 214 243 287 826
5,993 5,976 5,455 6,583 7,343 6,907 8,252 8,873 7,840 6,576 8,809 11,348 10,264
Total Assets 7,965 8,412 7,605 8,362 9,182 8,645 9,848 10,574 10,149 8,895 11,285 14,235 14,389

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
95 985 1,461 86 18 915 263 526 1,862 4,150 2,078 591
-794 -640 -81 -216 -61 -79 38 -597 -220 -1,245 -1,622 640
705 -929 -1,344 -64 8 -864 -1 -244 -1,723 -2,263 -443 -543
Net Cash Flow 6 -583 35 -194 -34 -28 300 -314 -82 642 14 688

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 35 74 54 47 52 59 52 50 48 14 5 7
Inventory Days 92 79 86 96 98 88 109 127 109 98 94 69
Days Payable 102 129 132 131 135 150 162 147 135 110 100 83
Cash Conversion Cycle 26 24 7 12 15 -3 -2 30 22 2 -1 -7
Working Capital Days 88 94 55 77 106 121 116 123 111 65 41 37
ROCE % 25% 14% 16% 19% 15% 18% 23% 23% 26% 32% 35% 38%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
57.56% 57.56% 57.54% 57.53% 57.53% 57.48% 57.45% 57.41% 57.41% 57.41% 57.34% 57.33%
7.73% 7.32% 7.63% 7.21% 7.08% 8.04% 9.93% 10.26% 9.40% 7.56% 7.18% 7.71%
20.59% 21.68% 21.12% 21.74% 21.23% 20.06% 18.65% 18.00% 18.86% 20.59% 21.11% 20.22%
14.12% 13.45% 13.71% 13.52% 14.17% 14.43% 13.97% 14.34% 14.33% 14.46% 14.37% 14.74%
No. of Shareholders 1,01,16196,2271,14,3521,14,6771,15,4401,39,6671,42,7521,33,7581,32,1031,32,3441,23,6391,26,628

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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