7/31/2019 Coromandel International Ltd Result Update -
Q4FY12
1/4
Retail Research 1
Q4FY12Result Update April 26, 2012HDFC Sec Scrip code Industry
CMP (Rs.) Recommended Action Target (Rs.) Time Horizon
CORFEREQNR Fertilisers Rs.276.65 Buy on dips to Rs.253 Rs.304 1
quarter
CIL recently reported its Q4FY12 results, which were above
street estimates on the topline. Given below are some of the key
highlights, which we came across while reviewing theresults.
QuarterFinancials- Consolidated:(Rs. in Cr)
Particulars Q4FY12 Q4FY11 % Chg Q3FY12 % Chg Remarks
Net Sales 2730.3 1178.7 131.6% 2538.5 7.6%Increase in fertilizer
prices and volumes and push to avail higher subsidyrates for FY12
led to sharp jump in sales y-o-y
Government Subsidies relatingto earlier periods 5.4 0.5 993.9%
11.6 -53.6%
Other Operating Income 14.1 74.7 -81.1% 11.2 26.2%
Total Income 2749.8 1253.8 119.3% 2561.3 7.4%
Expenditure
Raw Material Consumed 1604.0 971.6 65.1% 1588.2 1.0%
Stock Adjustment 530.7 -121.3 -537.7% -630.1 -184.2%
Purchase of Finished Goods 86.0 57.0 50.9% 1057.7 -91.9%
Employee Expenses 55.3 40.2 37.6% 53.5 3.4%
Other Expenses 316.9 207.6 52.7% 246.9 28.4%
Total Expenditure 2593.0 1155.2 124.5% 2316.2 12.0%
EBIDTA 156.8 98.6 58.9% 245.1 -36.0%
EBIDTA Margin % 5.7% 8.4% 9.7%
EBIDTA margins fell in Q4FY12 due to the increased raw material
prices,international fertilizer prices, currency volatility and
better terms todealers to clear inventories
Other Income 14.0 17.2 -18.9% 21.2 -34.0%
Interest 50.4 23.1 118.3% 30.4 65.8%
Credit sales to dealers have resulted in a steep increase in
receivables
from ~Rs. 2bn in FY11 to ~Rs.9.5bn in FY12. Increase in
inventory andoutstanding subsidy receivables has led to a steep
increase in interestexpense in the quarter
Depreciation 17.8 14.8 20.7% 13.9 27.9%
PBT 102.5 78.0 31.4% 221.9 -53.8%
PBTM% 3.8% 6.6% 8.7%
Tax 39.8 7.0 468.3% 55.7 -28.5%
Effective Tax Rate% 38.9% 9.0% 25.1%
Reported Profit After Tax 62.6 71.0 -11.7% 166.2
-62.3%Extra-ordinary Items 0.0 0.0 - 35.5 -100.0%
Coromandel International Ltd. CIL CMP: Rs.276.65
