24 July 2020, Chennai: Coromandel International Limited has reported the financial results for Q1. The Company’s consolidated total income stood at Rs. 3,224 crores in comparison to the corresponding quarter last year of Rs. 2,141 crores.
Profit before depreciation, interest, taxes and exceptional item (EBITDA) for the quarter ended 30 June 2020 has grown by 113% to Rs. 415 crores vs. Rs. 195 crores during corresponding quarter of last year. Consolidated net profit after tax for the quarter is Rs. 251 crores in comparison to Rs. 62 crores for the corresponding quarter last year.
Standalone performance for the quarter ended 30 June 2020
During the quarter ended 30 June 2020, the Company’s standalone total income stood at Rs. 3,222 crores in comparison Rs.2,142 crores during the corresponding quarter last year. Profit before depreciation, interest, taxes and exceptional item (EBITDA) for the quarter ended 30 June 2020 has grown by 112% to Rs. 413 crores vs. Rs. 195 crores during corresponding quarter of last year. Consolidated net profit after tax for the quarter is Rs. 248 crores in comparison to Rs. 62 crores for the corresponding quarter last year.
Commenting on the financial results, Mr. Sameer Goel – Managing Director, Coromandel International Ltd. said, “Coromandel had a resilient performance in Q1 FY21, registering a strong growth despite the unprecedented external environment posed by COVID 19 pandemic. Better than normal rainfall in our key markets, good soil moisture conditions and pro-active steps taken by the government in procuring the bumper Rabi harvest, led to positive sentiments in the farming community resulting in early demand for agricultural inputs.
Efficient management across the value chain
Agri inputs being an essential commodity, the company focussed on carrying out its operations during these tough times, giving utmost importance to people safety and ensuring safe operations at its plants. Co-ordinated efforts ensured efficient management across the value chain right from sourcing, manufacturing, supply chain to last mile delivery. Focus on working capital yielded good results lowering the interest costs. The company leveraged Digital Marketing platforms to connect with the farmer community. Our channel partners and Mana Gromor retail centres ensured availability of agri inputs for meeting the increased demand.
The Nutrient & Allied Businesses segment registered a very good performance during the quarter. Business improved its phosphatic sales volume by 75% over previous year. Market share increased to 16% during the quarter vs. 13.2% during the corresponding period prior year.
Crop Protection segment had a very good quarter and registered a strong growth of 54% across both exports and domestic market. The business is accelerating its efforts on new product development and strengthening its strategic tie ups with global players.
Speciality Nutrients and Organic fertilizers continued to grow stronger with the focused product approach. The new products introduced in Fertilizer, Single Super Phosphates, Speciality Nutrients and Crop Protection businesses gained momentum and continued to help farmers in providing superior nutrition and integrated pest management solutions.
Retail stores extended digital farm advice through audio & video calls, webinars and messages. The stores successfully implemented direct delivery mechanisms to reach the products to the farmer’s field.
Employee Safety & Sustainability of Operations
In the current COVID scenario, the Company has prioritized safety of its employees and sustainability of its operations. Coromandel stands in support with the Central, State Government and the local authorities in the fight against COVID pandemic. Several awareness, education, relief and rehabilitation interventions were carried in and around its area of operations.
With early onset of southwest monsoon and healthy reservoir position, we expect good traction in the upcoming Kharif season. Coromandel will strive to ensure availability and meet the market demand. Our focus areas will remain safety of employees, safe operations, farmer connect initiatives, brand building, operations and supply chain efficiencies. Coromandel as a leading agri solution provider, will continue to drive farm productivity and support farmer’s prosperity.”