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Coromandel International |
Results inline, Maintain estimates |
BUY
CMP: Rs 279 Target Price: Rs 435
n Results inline with estimates – Revenues at Rs 20.5 bn (+17% yoy), EBITDA margins at 10.9%, APAT of Rs 1.4 bn (-2% yoy)
n Raw material prices to go up by 6% - margins likely to remain stable on the back of 8-15% increase in fertiliser prices
n Sales spill over to the next quarter and recent price hike in fertilisers – to result in strong Q4FY11 performance (we expect APAT growth of 64% yoy)
n Maintain estimates of Rs 22.2 for FY11E (Rs 17.4 for 9MFY11) and Rs 28.9 for FY12E. Re-iterate BUY with target of Rs 435