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 31^st March 2022.

 

The Board of Directors of Coromandel International Limited has approved the financial results of the Company for the quarter and year ended 31^st 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 31^st 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.”

Metal and Mining Co., Tega Industries files for

Metal and Mining Co., Tega Industries files for its IPO

Tega Industries Limited, global leader in the design & production of consumables for the mineral beneficiation, mining & bulk solids handling industry has filed for initial public offer of Rs 700-750 crore with the market regulator, according to market sources.

 

The issue will be a complete Offer for Sale (OFS) of 1,36,69,478 Equity Shares of face value of Rs. 10 each by Promoter and Investor Selling Shareholders. Details of OFS are “Promoter Selling Shareholders” 33,14,657 Equity Shares by Madan Mohan Mohanka, up to 6,62,931 equity shares by Manish Mohanka and up to 96,91,890 by Wagner Limited, an affiliate of the US-based private equity firm TA Associates. The Company will not receive any proceeds from the Offer since it involves only the Offer for Sale.

The portion reserved for Qualified Institutional Buyers will be upto 50% of the offer, Non-Institutional Investors to have upto 15% of the portion reserved while upto 35% will be reserved for the Retail Investors. The Equity Shares offered are proposed to be listed on the BSE & NSE Stock Exchanges.

 

Headquartered in Kolkata, India, Tega offers a range of abrasion and wear resistant products and services required for mining, mineral processing, screening, grinding, material handling and beneficiation of minerals. Tega’s philosophy is to uphold traditional values through the empowerment of professionals, providing technical and economically unrivalled solutions to complex problems in mining, beneficiation, power, material handling and engineering.

 

Between FY19 to FY21, it’s Earnings before interest, tax, depreciation and amortization (EBITDA) has grown at a CAGR of 50.04% and Return on capital employed has almost doubled.

 

As per the F&S Report quoted in the DRHP, Globally, it is the second largest producers of polymer-based mill liners in terms of revenues for calendar year 2020, in a near oligopolistic market structure. Present across the value chain of a mineral processing site, providing a wide range of products and solutions for processing across different stages of mineral processing.

 

With an extensive global footprint in over 70 countries, Tega’s focus end-customers are mineral processing sites involved in gold and copper ore beneficiation accounting for 34.92 % and 27.25 % respectively, of its revenue from sale of products. It has manufacturing operations at Dahej in Gujarat and at Samali and Kalyani in West Bengal, and our international manufacturing operations are in proximity to the world’s major copper and gold mining locations in Chile, South Africa and Australia, with a total built-up area of 74255 Sq. mts.

 

Additionally, its DRHP states, despite some volatility in capital expenditure cycles for gold and copper mining sites, our business was not impacted, as a majority of our products were linked to the operating expenditure budget of a mining site and not capital expenditure.

 

Investment Bankers appointed to the issue are Axis Capital Limited, JM Financial Limited and Link Intime India Private Limited is the registrar to the offer.

4Q FY 2021 results Third consecutive quarter of double-digit sales

        4Q FY 2021 results – Third consecutive quarter of double-digit sales growth

 

Chennai, May 11, 2021: Godrej Consumer Products Limited (GCPL), a leading emerging markets FMCG company, today announced its financial results for the quarter ending March 31, 2021.

 

FINANCIAL OVERVIEW

4Q FY 2021 FINANCIAL PERFORMANCE SUMMARY:

·         4Q FY 2021 consolidated sales grew by 27% year-on-year

-   India business sales grew by 35% year-on-year

-   Indonesia sales growth was 5% INR and 4% in constant currency terms, year-on-year

-   Africa, USA and Middle East sales grew by 30% in INR and 36% in constant currency terms, year-on-year

-   Latin America & SAARC sales grew by 30% in INR and 54% in constant currency terms, year-on-year

·         4Q FY 2021 consolidated EBITDA grew by 21% year-on-year

·         4Q FY 2021 consolidated net profit grew by 20% year-on-year (without exceptional items and one-offs)

 CHAIRPERSON AND MANAGING DIRECTOR’S COMMENTS

 

Commenting on the business performance of 4Q FY 2021, Nisaba Godrej, Chairperson and Managing Director, GCPL, said:

 

We delivered a third consecutive quarter of double-digit sales growth. Consolidated sales grew by 27% and EBITDA grew by 21%.

From a category perspective, we saw continued strong growth momentum in the Household Insecticides and Hygiene categories. Hygiene grew by 38%, Household Insecticides grew by 28% and Value For Money products grew by 27%.

From a geography perspective, India grew at 35%. Our Africa, USA and Middle East business continued its robust growth trajectory, growing at 30% in INR and 36% in constant currency terms. Our Indonesian business delivered growth of 5% in INR and 4% in constant currency terms, on a positive growth base.

Going forward, we will continue to focus our efforts where the demand is – in Household Insecticides, Hygiene, and Value For Money. We are investing behind consumer-centric innovations and serving our consumers across all price points. To enable this, we are strengthening our supply chain operations and distribution networks. We are also building up our digitisation capabilities and channels like e-commerce and chemists.

We remain confident of leveraging growth opportunities to drive sustainable, profitable sales growth across our portfolio in FY 2022. We will continue to carefully navigate the challenges of the second wave of COVID-19 in India by ensuring seamless supply chain deliveries, and closely tracking shifts in consumer behaviour to respond to.

Overall, I am extremely proud of our team and the remarkable agility and resilience they continue to demonstrate. We remain committed to doing our very best to truly live The Godrej Way and serve our people and communities.

BUSINESS UPDATE – INDIA

 

Performance Highlights

·         4Q FY 2021 India sales grew by 35% to INR 1,466 crore; volume grew by 29%

·         FY2021 India sales grew by 14% to INR 6,133 crore; volume grew by 10%

·         4Q FY 2021 EBITDA grew by 10% to INR 331 crore

·         4Q FY 2021 Net Profit without exceptions and one-off grew by 13% to INR 251 crore

 

Category Review

Household Insecticides

Household Insecticides grew by 34%. We delivered broad-based growth across premium formats (aerosols, electrics and non-mosquito portfolio) and burning formats. Our focus is to drive premiumisation and innovation with the launch of Goodknight Gold Flash, Goodknight Smart Spray and Goodknight Natural Neem products. We have new launches within burning formats planned for the medium term. We will continue to build on our strategic pivots of taking the category beyond mosquitoes and scaling up our personal repellents range.

 

Soaps

Soaps delivered a third consecutive quarter of double-digit sales growth of 41%, and we continued to gain market share. We continue to focus on micro-marketing initiatives to fuel growth. Our new launches in Health are scaling up well. We continue to navigate high input costs through calibrated price increases.

 

Hair Colours

Hair Colours recorded a steady sales growth of 25%, driven by an uptick in overall category growth. Godrej Expert Rich Crème continues to perform well, driven by a strong marketing campaign. Godrej Expert Easy 5 Minute Shampoo Hair Colour is scaling up well.

 

BUSINESS UPDATE – INDONESIA

 

Our Indonesia business witnessed gradual recovery and delivered sales growth of 4% in constant currency terms (2-year constant currency CAGR of 5%). Performance was impacted by adverse macroeconomic factors. We had steady performance in Household Insecticides and a meaningful scale up of Hygiene.  We continue to see gradual recovery in Air Fresheners and are strategically addressing higher competitive intensity in Wet Wipes. We continued to gain market share in Household Insecticides and have forayed into burning format within Household Insecticides with the launch of HIT Expert Piramida, a revolutionary 4-hour paper-based mosquito repellent. We are also seeing strong traction in Hygiene and have launched the Saniter Health Soap and Saniter Ecosense powder-to-liquid handwash. EBITDA margins expanded by 230 bps year-on-year.

 

  

BUSINESS UPDATE – AFRICA, USA AND MIDDLE EAST

 

Our Africa, USA and Middle East cluster delivered a robust 36% constant currency sales growth, with Southern Africa, West Africa and parts of East Africa recording strong sales growth. We are seeing strong performance across categories and have introduced new go-to-market initiatives in key markets. EBITDA margins increased by 710 bps year-on-year, driven by scale leverage and cost-saving initiatives.

 

BUSINESS UPDATE – LATIN AMERICA & SAARC

 

Our Latin America and SAARC business delivered a 54% constant currency sales growth.

Impact of COVID-19 on SpiceJet Q1 Results

Impact of COVID-19 on SpiceJet Q1 Results – posts loss due to flight suspension

Cargo revenue more than doubles

Company launches aggressive cost reduction plan

For the Quarter ending June 2020

·         EBIDTAR profit of INR 13.5 Cr

·         Revenue from cargo increased by 144%

·         Operating loss of INR 568.3 crore, net loss of INR 593.4 crore compared to a net profit of INR 261.7 crore in the same period last year

·         Registers industry’s highest domestic load factor of 66.4%

·         Capacity (in terms of seat kilometre) contracted by 90%

·         Revenue from operations fall by 83% due to COVID-19

·         Non-cash Ind-AS 116 impact of INR 25.1 crore

Key highlights

·         Continues to maintain market share of above 16% despite Covid-19 impact

·         Re-structuring of aircraft leases and early return of aircraft thereby having long term saving impact on costs

·         Emerged as India’s No. 1 Air Cargo airline

·         Likely return to service of the MAX in fourth quarter of FY2021 to boost operations

·         Received approval from DGCA to conduct drone trials, launches all-new frequent flyer program, complimentary in-flight entertainment system

·         Actively using Ras Al-Khaimah airport as a hub for cargo & passenger operations

Current Highlights

·         Operating 47% of pre-covid schedule post restart of operations

·         Operating a fleet of 13 cargo aircraft including two wide-body planes. Launches long-haul wide-body cargo operations

·         Largest air cargo airline, with carriage of 50,000 tonnes of cargo on more than 7000 flights

·         Cargo network spans over 63 domestic and 44 international destinations

·         Designated as an Indian scheduled carrier to operate to US and UK. Secured slots at London Heathrow airport

·         Operated successful long-haul repatriation charter flights to London, Rome, Amsterdam & Toronto since August 1, 2020

·          Operated more than 800 charter flights to repatriate over 1,20,000 Indian nationals stranded abroad

SpiceJet, India’s favourite airline and the largest air cargo operator, reported a net loss of INR 593.4 crore in the first quarter of FY21 against a profit of INR 261.7 crore in the same quarter of the previous year as flight operations remained suspended for most part of the quarter following the nationwide lockdown. 

Operating revenue was INR 514.7 crore for the reported quarter as against INR 3,002.1 crore in the same quarter last year. For the same comparative period, operating expenses were INR 1303.2 crore as against INR 2,887.2 crore. On an EBITDA basis, loss was INR 11 crore for the reported quarter as against profit of INR 747.5 crore for the corresponding quarter last year. On an EBITDAR basis, the profit was INR 13.5 crore for the reported quarter as against profit of INR 812.1 crore for the same quarter last year. The present operating environment on account of Covid-19 though does not reflect the true comparison of the current results with those of corresponding quarter last year.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “This is the worst-ever crisis to hit the aviation sector but I am pleased that SpiceJet continues to innovate and outperform the industry. Flight operations were suspended for most part of the quarter and the partial resumption of flights initially and the weak demand thereafter was a reminder of the significant problems that this pandemic has resulted in.”

“As expected, Team SpiceJet showed remarkable resilience to deal with a crisis situation, once again. Our performance during the last six months clearly signifies our positive attitude and our ability to find opportunity in adversity. This has seen us quickly bounce back with industry best load factors and emerge as India’s number one cargo company. I am confident that as more and more States ease travel restrictions and business activity gets back to normal there will be a significant improvement in the operating environment for airlines and we are witnessing some early encouraging signs towards recovery. I expect our cargo business to continue to expand in the coming quarters. I am also encouraged by the progress made in the re-entry of Boeing’s Max aircraft into service.” 

In terms of operational parameters, SpiceJet had the best passenger load factor amongst all airlines in the country during the quarter. The average domestic load factor for the quarter was 66.4% and the airline maintained its market share of above 16% despite the impact of Covid-19 thus demonstrating robust operating parameters.

Key business updates         

SpiceJet played a key role in keeping the country’s supply chain intact during the lockdown period besides playing a key in helping our fellow citizens in every possible manner.

Till date, SpiceJet has operated over 800 charter and Vande Bharat flights to help repatriate more than 1,20,000 stranded Indian citizens from countries such as Philippines, Kyrgyzstan, Russia, Netherlands, UAE, Saudi Arabia, Oman, Qatar, Lebanon, Bangladesh, Maldives and Sri Lanka. SpiceJet also operated long haul wide body charter operations with a fleet of A330/A340 aircraft.

SpiceJet established itself as country’s largest cargo operator and operated more than 7000 flights and transported around 50,000 tonnes of cargo since March 25, 2020. Out of these 7000 flights, 40% were to international destinations. In addition to handling its regular cargo business, it also transported surgical supplies, sanitizers, face masks, coronavirus rapid test kits, IR thermometers etc. and providing doorstep deliveries of essential supplies, medicines and medical equipment to various cities in India at a time when most people wouldn’t venture out of their homes. The airline also contributed in a big way to support the government’s ‘Krishi Udan’ and ‘Marine Krishi Udaan’ initiatives, thereby lending a helping hand to Indian farmers, by carrying a record 9662 MTs of shrimp & farm produce during the lockdown period.

On April 7, 2020, SpiceJet operated the India’s first cargo-on-seat flight carrying vital supplies in passenger cabin and belly space. Since then, the airline has been regularly deploying its B737 and Q400 passenger aircraft to carry cargo in the passenger cabin.

SpiceJet’s international cargo network now spans over 44 international destinations that include Almaty, Abu Dhabi, Baghdad, Bahrain, Bangkok, Bishkek, Cambodia, Cairo, Cebu, Chad, Colombo, Dhaka, Doha, Dubai, Guangzhou, Ho Chi Minh, Hong Kong, Huangzhou, Incheon, Jakarta, Kabul, Kathmandu, Khartoum, Kyrgyzstan, Kuala Lumpur, Kuwait, Male, Myanmar, Shanghai, Singapore, Sharjah, Sulaymaniyah, Tashkent, Ukraine, among others. The airline has been actively using Ras Al-Khaimah airport as a hub for its cargo operations.

With an aim to address the increased demand, SpiceJet converted 6 Q400 passenger aircraft into freighters, perfectly suited for operations to Tier II & III cities and to remote and hilly areas in the North East, Jammu & Kashmir, Himachal Pradesh.

Another major milestone for SpiceXpress, the airline’s dedicated cargo arm, was to receive the permission from DGCA to conduct drone trials. With this, the airline aims to provide quicker, faster and cost-effective delivery of medical, pharma and essential supplies and e-commerce products, especially to remote areas.