Thursday, 28 April 2022

Coromandel International posts Q4 and Full Year Results

Coromandel International posts Q4 and Full Year Results

 

Coromandel International Limited (BSE: 506395, NSE: COROMANDEL), India's leading Agri solutions provider is in the business of Fertilisers, Crop Protection, Bio pesticides, Specialty Nutrients, Organic Fertiliser and Retail. The Company has reported the financial results for the quarter and year ended 31st March 2022.

 

The Board of Directors of Coromandel International Limited has approved the financial results of the Company for the quarter and year ended 31st March 2022. The Board had declared an interim dividend of Rs. 6.00 per share in February 2022 and was paid to the shareholders in March 2022. The Board has now recommended a final dividend of Rs. 6 per share for the financial year 2021-22.

 

Highlight : Standalone Results:

 

       Total Income in Q4 was at Rs. 4,294 Cr compared with Rs. 2,860 Cr of same period previous year, registering a growth of 50% over previous year.

       EBITDA for Q4 was Rs. 272 Cr registering an increase of 20% over Q4 of previous year.

       PAT for Q4 was Rs. 183 Cr vs Rs. 156 Cr in Q4 of previous year registering a y/y growth of 17%

       Total Income for the year ended 31st March 2022 was Rs. 19,231 Cr compared with Rs. 14,231 Cr of same period previous year, registering a growth of 35% over previous year.

       EBITDA for FY 21-22 was Rs. 2,036 Cr vs. Rs. 1,970 Cr in previous year, registering an increase of 3% over previous year.

       PAT for FY 21-22 was Rs. 1,412 Cr vs Rs. 1,313 Cr of previous year registering a y/y growth of 8%.

 

Review of Businesses

 

Nutrient and other allied business

The Revenue for the quarter was at Rs. 3,683 Cr compared with Rs. 2,344 Cr in the corresponding quarter of the previous year, registering a y/y growth of 57%. Segment result for the quarter was Rs. 222 Cr as against Rs. 169 Cr in the corresponding quarter of the previous year.

The Revenue for FY 21-22 grew by 37% to Rs. 16,714 Cr compared with Rs. 12,200 Cr in the corresponding period of the previous year. Segment result for FY 21-22 was Rs. 1,671 Cr as against Rs. 1,653 Cr in the corresponding period of the previous year.

 

Crop protection business

The Revenue for the quarter grew by 11% compared to same quarter previous year at Rs. 547 Cr vs. Rs. 494 Cr during the previous year. Segment result for the quarter was Rs. 68 Cr compared with Rs. 62 Cr in the corresponding quarter of the previous year.

The Revenue for FY 21-22 grew by 21% to Rs. 2,488 Cr compared with Rs. 2,058 Cr in the corresponding period of the previous year. Segment result for FY 21-22 was Rs. 357 Cr as against Rs. 333 Cr in the corresponding period of the previous year.


 Consolidated Results

Coromandel’s total income for the quarter was at Rs. 4,304 Cr as against Rs. 2,872 Cr in the corresponding quarter of the previous year. The profit after tax for the quarter was at Rs. 290 Cr as against Rs. 156 Cr in the corresponding quarter of the previous year.

Coromandel’s total income for FY 21-22 was at Rs. 19,255 Cr as against Rs. 14,257 Cr in the corresponding period of the previous year. The profit after tax was at Rs. 1,528 Cr as against Rs. 1,329 Cr in the previous year.




 Commenting on the financial results, Mr. Sameer Goel, Managing Director, Coromandel International Ltd. said

“During the financial year 2021-22, Agri sector registered a strong performance with record food grain production and agri-exports. This was helped by a 3rd consecutive year of good monsoons leading to high crop sowings during the year.

Coromandel showed a resilient performance with its diversified portfolio of Phosphatic Fertilizer, Single Super Phosphate, Crop Protection, Bio Pesticide, Specialized Nutrition including Organic fertiliser promoted balanced nutrition and integrated pest management with the help of its strong dealer network, nutriclinics and rural Retail centres.

 

The Company ensured the timely availability of critical agri-inputs including Fertilizer despite the tight raw material situation, leveraging its long-term contracts with the suppliers and backward integration. The Company has embarked upon a digital transformation journey which will help in further improving efficiency by using real-time data and analytics in decision making across the value chain. The Company continues to invest in Supply Chain, Manufacturing excellence, R&D, New product development, Digital marketing & Branding. During the year, the Government has worked closely with the industry on policy reforms and supported it through timely subsidy disbursement.

 

Healthy reservoir levels, good soil moisture conditions and forecast of a normal-monsoon augers well for Indian agriculture for the ensuing Kharif season. Coromandel will leverage its strong presence in the agri-inputs space and continue to work closely with the Government and the farming community to ensure availability and providing sustainable farming solutions to enhance farm productivity.”

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