Stock Recommendation: An attractive earnings compounder

For investors seeking to play the agri-theme in India, the fertiliser industry must surely rank as the least attractive, with the government controlling selling prices of the end-product at artificially low levels (even in โ€˜decontrolledโ€™ fertilisers), production losses met by Central subsidies, high import dependence for raw materials and the vagaries of the monsoon deciding sales.

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