Coromandel International Limited Multibagger and Stock Market Tips

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Information about Coromandel International Limited Multibagger and Stock Market Tips
Business-Finance

Published on March 8, 2014

Author: speak2earth

Source: authorstream.com

PowerPoint Presentation: C o r o ma n de l I n t e r n a t i on a l L i m ited Mu l t i b a gg e r a n d S t o c k M a rk e t T i ps C o mp a n y R e vi e w : Cor o ma nd el I n ter n at i o n al Limi t ed, o ri g i n al l y n a m ed C o r o ma nd el Ferti l i z ers w a s i n c o r p o r a ted in 1 9 6 1, b y I n ter n atio n al Mi n erals a n d C h e m ical C o r p o rat i o n ( I MC), C h e v r o n C h e mical C o m p a n y a n d EID Per r y (I nd ia) Ltd. N o w Co r o ma n d el I n ter n atio n al i s o wned b y M u r u g a pp a Gro u p a n d it h as 8 ma nu factur in g un its l o cated in t h e s ta te s o f A n dh ra Pra d esh, T a mil N a du , Ma h ar a shtra, G u jarat a n d J a m mu a n d Kashmir. Bei n g I n d ia ' s 2 la rg est P h o sp h ate fertil iz er p l a yers af t er I F FCO the C o r o ma n d el I n ter n atio n al Lim i ted i s acti v e in the bu si n ess se g ments o f F ertili z ers, S p eci a lty Nu tr i ents, Crop Pr o tect i o n a n d Retai l . Its h ar v e s t i s s o ld und er the b ra n d n ames l i ke G r o m o r, Go d a v a ri, Par a mf o s, Pa r ry G o ld a n d Par r y S u p er e tc. For crop p r o t ec t i o n , Co r o ma n d el p r o du ce i n sect i ci d es, f u n g ici d es, h erb i ci d es, a n d m a rkets th e m in I n d ia a n d a b road and its retail b u si ne ss incl u d es o v er 6 4 0 ru r al r etail c enters. Merger o f S ab e r o Or g a n ics a n d Li b er t y P h o sp h a t e with Co r o ma nd el: C o r o ma nd el I nt ern a t i o n al i s merg in g o f S ab e r o O r g a n ics, Li b e r ty P h o sp h a t e Ltd a n d Li b erty U r varak Ltd wi t h itself. A c c o r d i n g t o t h e ma n a g e ment real iz i n g t h e sy n erg i es is the rat i o n ale b eh in d t h e merge r s. C o mp a n y Fin a n c i a l V i e w : In Q3F Y 1 4 , n e t c o n s o l id a t ed r e ven u e s to o d at Rs. 2 7 5 6 2 mn witne s si n g 1 3.7 p erce n t Y o Y g r o wth a n d se qu ential d egr o wth o f 1 4 .3 p erce n t as i n cr e ase in Y o Y c o n s o l id ated sales v o l u me o f 21 p e r cent w a s p artia l ly o f f set b y l o w er avera g e r eali z at i o n s du e to d is c o un ts o f f ered t o t h e d istri b u t o rs. EB I T D A i n creased 80 . 1 p er c ent Y o Y bu t d i p p ed 22 . 3 p er c ent Q o Q to R s. 23 1 2 mn a n d r e su l ted in EBI T DA mar g in o f 8 . 4 perce n t as ag a i n st 5 . 3 perce n t in Q3F Y 13 a n d 9 . 3 perce n t in Q2F Y 14. PAT r o se b y 5 2.3 p er c ent Y o Y a n d fell by 3 9.7 p e rcent Q o Q to Rs. 1 0 41 mn and P AT mar g in was 3.8 p erce n t as c o m p ared t o 2.8 p er c e n t in Q3FY 1 3 a n d 5.5 p er c ent in the p re v io u s qu arter. Mar g i n s we r e lo w er du e t o l o wer mar g i n s o f n o n - fertil iz er bu si ne ss a n d h i gh er d is c o un ts o f f ered to d istri b u t o rs in t h e n o rth e rn ma r ke t s du e t o h i g h syst e m i nv ent o r i es. N o n f ertili z er bu si n e s s mar g i n s we r e h it b y l o w e r mar g i n s at S a b ero Or g a n ics b ecause o f p r o du ct i o n d isr u p ti o n du ri n g the qu arter. Effecti v e tax ra t e in Q3 F Y 1 4 was 3 3. 1 4 p erce n t c o m p ared t o 24 p e r cent i n 2Q F Y 1 4 a n d 2 . 96 p e r c e n t in 3QF Y 1 3. S u b si d y bu s i n ess's c o n tri bu t i o n s to re v en u e a n d EB I T D A we r e 8 2 p e r cent a n d 6 6 p e rcent r espe c ti v e l y whi l e s ub si d y c o n tri bu ti o n t o c o n s o l id ated sa l es h as d e c reased Y o Y f r o m 3 1 p e r c e n t to 24 p erce n t in Q3F Y 1 4. F u rther o u tsta nd i n g su b si d y f r o m g o v ern m ent s t o o d a t R s. 1 3 0 00 mn as o n D ec e m b er 31, 2 0 14 c o m p ared t o Rs. 1 1 9 0 0 mn as o n Se p t e m b er 3 0, 2 01 3. D u ri n g Q3FY 1 4 p la n t u til iz at i o n ra t e w a s 8 5 p e rcent. D e b t to eq u ity s to o d at 1 . 3 as o n Ma r ch 3 1, 2 0 1 3 a n d it is ex p e c ted t o g o d o w n to less than o n e b y Ma r ch 31, 2 0 14. R et u rn o n Eq u ity ( R OE) d ecli n ed f r o m 28 . 5 p e r cent in FY 1 2 to 15 . 4 p er c ent in F Y 1 3 whi l e the r a tio is ex p e c ted to im p r o ve to ab o ve 1 8.5 p e r cent in F Y 14. PowerPoint Presentation: P o si t iv e s o f the C o mp a ny : L o west c o s t p ro du c er in I n d ia: H i g h p ro du cti o n vo l u me a n d h i gh ly effic i ent ma nu factur in g faci l i t y red u ced t h e c o st o f p r o du c ti o n maki n g it a c o st leader in the d o m estic in d u str y . Benefic i a r y o f Nu tr i ents B ased S u b si d y ( N B S ) sch e m e: The Nu tr i ent Ba s ed S u b si d y ( N B S ) sch e m e w a s i n tr o du ced in A p ril 2 0 10, a cc o r d i n g t o th i s sch e me t h e g o ver n me n t fi x es the su b si d y o n fe r til iz ers b a sed o n t h eir nu tr i e n t c o n te n t. Cor o ma nd el I n ter n a ti o n al Limi t ed a r e p aid a fixed a m o un t f o r each nu trient u sed, irres p e cti v e o f t h e c o st o f pro du ct i o n . Cor o ma nd el is t h e la rg e st p riva t e s e c t o r P h o sp h at i c fertil iz er ma nu fa c turer in I n d ia, so la rg e s cale o f o p erat i o n s a n d o p e r at i o n a l effic i encies a r e l i kely t o ma k e C o r o ma nd el I nt ern a t io n al b i gg e s t b enefici a r y o f N BS sc h e m e Im p r o v e ment in w o rki n g ca p ital ma n a g e men t : M a n a g e m e n t o f sy s t e m i n ven t o ries i m p r o v ed as I n ven t o ries o f c o m p lex f e r til iz er red u ced fr o m 7 - 7. 5 mn t o n s a t the b e g i n n i n g o f the y ear t o 3. 2 - 3. 5 mn t o n s a t the e n d o f Q 3F Y 14 a n d t hu s fast ap p r o ac h i n g t h e n o r mal l e ve l s. C o mp a n y A ss e s sme n t s : T h e val u at i o n stan d s at 1 5 . 82x F Y 13 E PS. Ear n i n g s are ex p ec t ed t o g r o w a t C A G R o f o v er 2 3 p e r cent o v e r the p eri o d o f FY 1 3 - 1 5E. T h e st o ck is cu r rent l y tra d i n g at Rs. 2 1 2 W e g ive bu y r e c o mm en d ation t o bu y at Rs. 2 1 2 - 2 07 f o r i n v es t me n t h o ri z o n ; The s t o c k can t o u ch Rs 2 7 0 t h at val u es t h e st o c k at 2 0. 3 x FY 1 4E E P S a n d 1 3 . 2x F Y 1 5 E E PS in a t i me p eri o d o f 3 - 9 m o n th s . Bse I d : 5 06 3 9 5 N se I d : C o r o ma nd al For M o r e D etai l s in S t o c k M a rk e ts T i p s V i sit o u r w e b site

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