Coromandel International Ltd

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]

It is a part of the Murugappa Group, which has presence across various industries such as auto components, abrasives, financial services, transmission systems, cycles, sugars, farm inputs, fertilisers, plantations, etc. The groups offers products and services under various established brands such as BSA, Hercules, Montra, Parry's, Chola, Shanthi Gears, etc.[2]

Key Points

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).[1]

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  • Market Cap 21,732 Cr.
  • Current Price 740
  • High / Low 956 / 711
  • Stock P/E 16.1
  • Book Value 199
  • Dividend Yield 1.62 %
  • ROCE 32.0 %
  • ROE 28.2 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 31.18% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.85%
  • Company has been maintaining a healthy dividend payout of 28.63%

Cons

  • The company has delivered a poor sales growth of 4.36% over past five years.
  • Promoter holding has decreased over last 3 years: -4.27%

Peer comparison

Sector: Fertilizers Industry: Fertilizers

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
3,049 2,638 2,131 4,858 3,279 2,869 3,213 4,611 3,533 2,856 3,664 6,148
2,746 2,379 1,936 4,145 2,847 2,479 2,801 3,768 3,034 2,595 3,181 5,404
Operating Profit 304 259 195 713 432 391 412 843 499 261 483 743
OPM % 10% 10% 9% 15% 13% 14% 13% 18% 14% 9% 13% 12%
Other Income 11 5 10 10 9 12 13 10 10 16 24 19
Interest 51 65 80 66 46 43 43 25 21 16 17 19
Depreciation 27 35 30 42 41 45 42 42 42 47 42 42
Profit before tax 236 164 95 615 354 314 340 786 447 213 448 701
Tax % 35% 33% 34% 18% 25% 25% 26% 25% 25% 27% 25% 26%
Net Profit 154 110 62 504 265 234 251 589 334 156 338 519
EPS in Rs 5.28 3.77 2.13 17.22 9.04 7.99 8.55 20.09 11.38 5.31 11.51 17.70

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
6,395 7,639 9,902 9,034 10,053 11,306 11,481 10,031 11,083 13,225 13,137 14,213 16,200
5,680 6,546 8,794 8,264 9,246 10,450 10,712 9,048 9,822 11,775 11,400 12,193 14,214
Operating Profit 715 1,093 1,107 770 808 856 769 983 1,261 1,450 1,737 2,021 1,986
OPM % 11% 14% 11% 9% 8% 8% 7% 10% 11% 11% 13% 14% 12%
Other Income 131 43 -10 68 46 50 87 54 55 8 35 44 70
Interest 78 89 126 210 240 210 221 224 178 251 235 106 73
Depreciation 59 62 60 71 96 105 106 101 99 114 158 173 173
Profit before tax 709 986 911 557 517 592 529 712 1,038 1,093 1,379 1,786 1,810
Tax % 34% 30% 30% 22% 29% 32% 32% 33% 33% 34% 23% 26%
Net Profit 468 694 639 432 357 402 357 477 691 720 1,065 1,329 1,347
EPS in Rs 16.67 24.62 22.61 15.26 12.59 13.80 12.27 16.35 23.64 24.63 36.36 45.30 45.90
Dividend Payout % 30% 28% 31% 29% 36% 33% 33% 31% 27% 26% 33% 26%
Compounded Sales Growth
10 Years: 6%
5 Years: 4%
3 Years: 9%
TTM: 16%
Compounded Profit Growth
10 Years: 6%
5 Years: 31%
3 Years: 24%
TTM: 1%
Stock Price CAGR
10 Years: 9%
5 Years: 23%
3 Years: 22%
1 Year: -11%
Return on Equity
10 Years: 23%
5 Years: 25%
3 Years: 27%
Last Year: 28%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
28 28 28 28 28 29 29 29 29 29 29 29 29
Reserves 1,473 1,929 2,372 2,168 2,253 2,173 2,605 2,862 2,867 3,329 4,288 5,121 5,810
Borrowings 2,047 1,562 2,943 2,946 1,843 2,288 2,677 2,228 2,728 2,954 2,019 385 517
1,089 2,010 2,621 3,270 3,481 3,872 3,871 3,526 4,224 4,261 3,812 3,360 4,806
Total Liabilities 4,637 5,529 7,965 8,412 7,605 8,362 9,182 8,645 9,848 10,574 10,149 8,896 11,162
811 801 1,296 1,856 1,734 1,380 1,320 1,328 1,327 1,309 2,032 2,015 2,042
CWIP 146 303 527 420 74 46 42 22 48 191 65 90 90
Investments 169 171 150 160 342 352 477 388 221 201 211 214 219
3,510 4,254 5,993 5,976 5,455 6,583 7,343 6,907 8,252 8,873 7,840 6,577 8,811
Total Assets 4,637 5,529 7,965 8,412 7,605 8,362 9,182 8,645 9,848 10,574 10,149 8,896 11,162

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
693 796 95 985 1,461 86 18 915 263 526 1,862 4,150
-214 -109 -794 -640 -81 -216 -61 -79 38 -597 -220 -1,258
57 -689 705 -929 -1,344 -64 8 -864 -1 -244 -1,723 -2,263
Net Cash Flow 535 -2 6 -583 35 -194 -34 -28 300 -314 -82 629

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 8 10 35 74 54 47 52 59 52 50 48 14
Inventory Days 70 98 92 79 86 96 98 88 109 127 109 98
Days Payable 57 97 60 53 69 56 46 47 62 43 135 110
Cash Conversion Cycle 21 10 67 99 71 86 104 100 99 134 22 2
Working Capital Days 88 65 90 97 61 83 107 121 116 123 111 65
ROCE % 24% 31% 25% 15% 17% 19% 15% 18% 23% 23% 26% 32%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
61.80 61.78 61.72 61.72 61.69 61.63 59.60 59.58 57.58 57.56 57.56 57.54
3.59 4.13 4.25 3.39 3.54 3.50 4.26 5.86 7.04 7.73 7.32 7.63
13.56 13.78 14.01 18.55 18.50 19.71 21.28 19.70 19.15 20.59 21.68 21.12
21.05 20.31 20.02 16.34 16.27 15.16 14.86 14.86 16.23 14.12 13.45 13.71

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