PL First Cut – Chambal Fertilisers 1QFY24

PL First Cut – Chambal Fertilisers 1QFY24 – Himanshu Binani – Research Analyst, Prabhudas Lilladher Pvt Ltd

Chambal Fertilisers 1QFY24 Result First Cut- Good set of numbers; In-line with estimates

❇Rev. stood at Rs55.9bn, -23% YoY as against Our/Cons. est. of Rs63.6bn/61.3bn.

❇GM’s improved by 630bps YoY to 34.9% led by lower RM cost scenario, while EBITDA margins improved by 320bps YoY to 11.3% (PLe 9.8%).

❇ EBITDA came in at Rs6.3bn up 7% YoY (Our/Cons. estimates of Rs6.2/6.1bn).

❇ Interest cost up 14% YoY, however down 18% QoQ to Rs548mn

❇ PAT up 6% YoY to Rs3.3bn (Our/Cons. estimates of Rs3.3bn each).

❇ Await details on volumes and Subsidy from the management.