Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Stock Report

| More

Coastal Corporation Limited announces earnings for Q4FY2020

Posted On: 2020-07-11 22:55:23

Coastal Corporation Limited (BSE: 501831; BB Code: CTW IN), one of the oldest and leading export oriented shrimp processor, has announced its financial results for the fourth quarter and year ended March 31, 2020.

On standalone basis, the company's revenue grew by 12.2% to INR 5,272 Mn during FY2019-20 from INR 4,699 Mn for the same period ending FY 2018-19. The growth was attributed by higher volumes and better pricing scenario. EBIDTA stood at INR 550 Mn with margins of 10.4% versus 13.6% on yon-y basis. Profit after tax (PAT) registered an impressive growth of 21.1% to INR 348 Mn from INR 288 Mn.

Commenting on the FY2019-20 performance, Mr. Valsaraj Thottoli, Managing Director, Coastal Corporation said, 'We are very pleased with our performance during the year FY2019-20. The company has registered substantial improvement in terms of both revenue and profitability growth. Excluding the one-time impact of refund of anti-dumping duty and GST, the company has managed to post a robust jump of 42.5% in its Consolidated PAT to INR 341 Mn. The current prevailing pandemic - Covid-19 impacted the performance of the company to an extent, but operations are now resuming to the normalized utilization levels. We are quite confident about the future of Coastal Corporation Ltd as our expansion work has started in full swing and we expect it to complete the same by the end of March 2021. The expansion would help the company in leaping forward to a different growth trajectory from the current levels.'

Update on the NEW Kakinada Expansion Project:

During FY2019-20, the company embarked upon its expansion plans at Kakinada. The company is quite confident that this greenfield unit will take the company to the next level of growth by almost doubling its production from the existing 23-25 tons per day levels to around 45-50 tons per day. The new project will provide good scope and opportunity to increase its market share in the Aquaculture business. Expansion project of the company at Kakinada has been delayed a bit due to COVID-19 pandemic situation. However, the construction work has started now in full swing and the management is optimistic to complete the expansion by end of March 2021.

Business Update:

FY2019-20 has been a relatively stable year for the shrimp industry whereby demand from US and other major markets remained firm. Pricing environment too remained favourable for the Indian shrimp players. India continued to remain one of the leading exporters in the global shrimp trade. Demand from China surged significantly during the year, but was impacted in the last quarter of FY2019-20 on account of outbreak of Covid-19 pandemic. Q4FY2019-20 shipments posed some logistics challenges on account of Covid-19 pandemic. Post pandemic, Japan has also lifted inspection orders for the Indian Black Tiger shrimps, which can open up a major export market for the company next to US markets.

Covid-19 impacted the company for few weeks on account of the imposed complete lock-down as per orders of Government of India. However, as the company is falling under food processing segment and as such considered as essential services, it got relaxation in restarting the plant operations in the month of April itself. However, the company was unable to operate at full capacity on account of labour shortage, whose movement was restricted on account of lock-down, but operations are now gradually returning to optimum utilization levels.

Though the current prevailing scenario remains uncertain, demand environment seems to be stable and the operations are expected to return to normalcy soon. Further, the recent depreciation in the currency is likely to benefit the company substantially as entire revenues are by way of exports in US Dollar. Further, on account of operational challenges, raw material prices were favourable for the company, whilst realizations were relatively stable. All these factors, would help the company in terms of its performance in the coming year.

Shares of COASTAL CORPORATION LTD. was last trading in BSE at Rs.240.6 as compared to the previous close of Rs. 269.6. The total number of shares traded during the day was 70096 in over 1039 trades.

The stock hit an intraday high of Rs. 290 and intraday low of 239. The net turnover during the day was Rs. 18514372.

Source: Equity Bulls

Click here to send ur comments or to

Other Headlines:

Sonata Launches 'CSK 2020 Edition' for Chennai Superkings Fans

Universal Cables Ltd updates on capacity expansion

Innovators Facade Systems Limited receives work order of Rs. 26 crores

MRPL shareholders approve proposal to raise funds of Rs. 5000 crore

ITC Ltd increases stake in Delectable Technologies Pvt Ltd

PNB associate bank, JSC Tengri Bank's License revoked

ITC Ltd.'s Sunfeast YiPPee!'s 10th Anniversary celebrations make a GUINNESS WORLD RECORDS® achievement

RITES Ltd board approves buy back through tender offer at Rs. 265

Route Mobile Limited shares to list on Monday - Sep 21, 2020

Mysore Petro Chemicals Limited to write-off GBP 770,000

Somany Ceramics adds a dash of style at T2, Mumbai Airport.

United Spirits Ltd announces resignation of CFO

Lords Chloro Alkali Ltd posts loss of Rs. 1.08 crore in Q1FY21

Zydus Cadila receives final approval from USFDA for Potassium Chloride Extended-Release Tablets

ICRA upgrades rating of Escorts Ltd

Bhatia Mobile to Migrate to main board of BSE

Avantel Ltd receives order of Rs. 15.97 crore from Bharat Electronics Ltd

Magna Electro Castings Ltd board approves buy back at Rs. 175

TATA Tea Chakra Gold Becomes Official Tea Partner for Chennai Super Kings in IPL 2020

Tiger Logistics India Limited provides future Business Outlook

Dr. Reddy's Laboratories announces settlement of U.S. Revlimid® Capsules patent litigation with Celgene

TVS Motor Company expands and strengthens its presence in Colombia

ICICI Securities successfully closes ~INR 6,000 mm IPO of Route Mobile Limited

EIH Limited approves rights issue, fixes Sep 23, 2020 as record date

Hindalco and Hindustan Copper sign MoU for supply of copper concentrate

Kilpest India Limited to merge subsidiary with itself, change name as 3B BlackBio Dx Ltd

Sterling and Wilson Solar Limited Signs order of 106.71 MW worth USD 62.6 mn in Chile

South Korea donates One lakh masks to TVS Motor Company for free distribution to aid India's fight against COVID-19

TCS Recognized as a Leader in Cloud-Native Application Development Services by Everest Group

Power Grid Corporation of India Ltd receives approval for setting up of InvIT

Mahindra Happinest® sells 100+ homes online within a week at 'Happinest Palghar'

Ramco Systems signs agreement with Arla Foods

IRCON International Ltd secures order worth Rs. 1900 crore

Phoenix Group Partners with TCS to Introduce Enhanced Analytics for Workplace Pension Clients

L&T Construction secures order from Northern Coalfields Ltd

Dr. Reddy's announces the launch of Over-the-Counter Olopatadine Hydrochloride Ophthalmic Solution USP, 0.2% and 0.1%, the store-brand equivalent of Pataday®, the Eye Allergy Drop in the U.S. Market

Ashok Leyland receives an order for 1400 ICVs from Procure Box

PTC India Financial Services Ltd receives Rs. 115.57 crore IT refund

Thomas Cook India & SOTC partner with India's favourite storyteller Amar Chitra Katha

Shankar Lal Rampal Dye-Chem Ltd Board to consider Bonus Issue of Equity Shares

Dhanuka Agritech Ltd fixes Sep 28, 2020 as record date for buy-back

Sterling and Wilson Solar Limited declares financial results for quarter ending 30th June 2020

JMC secures new orders of Rs. 1,342 Crores

ABM Knowledgeware Ltd bags Rs 127.44 Crores order for SAP Technology Modernization

Titan Company with SBI launches India's first contactless payment watches

Bajaj Consumer Care Joins hand with IndiaMART, to enhance their digital presence in B2B market segment

ICICI Securities successfully closes ~INR 7,020 mm IPO of Happiest Minds Technologies Limited

The Bank of Bahrain and Kuwait goes live with iGTB's Contextual Digital Transaction Banking platform to support growth

HCL and Google Cloud Expand Partnership to Deliver Accelerated Business Intelligence Platform

CARE Ratings reaffirms 'CARE A-' rating with stable outlook for Jindal Stainless (Hisar) Limited

Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019