Brokerage house Emkay Global Financial Services is bullish on Coromandel International and has recommended buy rating on the stock with a target price of Rs 370, in its research report dated January 27, 2015.
Consolidated revenues at Rs 29.6bn was up 7.5%yoy and lower than our estimates of Rs 31.4bn on account of production loss at the Visakhapatnam plant due to cyclone Hudhud and subdued demand
Consolidated EBITDA at Rs 2.3bn was up 2.7%yoy, though lower than our estimates of Rs 2.8bn due to increase in ammonia cost, currency depreciation, production disruption and higher fertilizer trading. Consolidated EBITDA margins at 7.6% were lower than our estimates of 9%
"System inventories have normalized with pick up in complex demand in the current fiscal. Going forward, the management expects capacity utilization to improve on demand revival and increasing penetration in Northern and Central markets. We continue to maintain our Buy rating on the stock with a target price of Rs 370", says Emkay Global Financial Services research report.
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