Coromandel International posts Q1FY22 results

Coromandel International Limited, India's leading Agri solutions provider is in the business of Fertilisers, Crop Protection, Bio pesticides, Specialty Nutrients, Organic Fertilizer and Retail. The Company has reported the financial results for the quarter ended 30 June 2021.

Highlights - Standalone Results:

- Total Income in Q1 was at Rs. 3,666 Cr compared with Rs. 3,222 Cr of same period previous year, registering a growth of 14% over previous year.

- EBITDA for Q1 was Rs. 480 Cr, a growth of 16% over Q1 of previous year.

- PAT for Q1 was Rs. 329 Cr, a growth of 33% over Q1 of previous year

Review of Businesses

Nutrient and Allied Business

The Revenue for the quarter was at Rs. 3,060 Cr compared with Rs.2,807 Cr in the corresponding quarter of the previous year, a growth of 9%. Profit before interest and tax for the quarter was Rs.399 Cr as against Rs. 370 Cr in the corresponding quarter of the previous year, registering a growth of 8%.

Crop Protection Business

The Revenue for the quarter was at of Rs.623 Cr compared with Rs.419 Cr in the corresponding quarter of the previous year, a growth of 49%. Profit before interest and tax for the quarter was Rs.79 Cr, compared with Rs.54 Cr in the corresponding quarter of the previous year, registering a growth of 46%.

Consolidated Results

Coromandel's total income for the quarter was at Rs.3,686 Cr as against Rs. 3,224 Cr in the corresponding quarter of the previous year. The profit after tax for the quarter was at Rs. 338 Cr as against Rs.251 Cr in the corresponding quarter of the previous year.

Commenting on the financial results, Mr. Sameer Goel, Managing Director, Coromandel International Ltd. "Coromandel registered a healthy performance in the 1st Quarter, FY 22, driven by strong revenue growth in the Crop Protection business and sustained performance in the Nutrient and allied businesses. This is despite the sudden onslaught of the second wave of the COVID pandemic, sharp increase in raw material prices and constraints in RM availability. The Company gave utmost importance towards ensuring safety of people and running plant operations safely.

The company continued its focus on smart sourcing, operational efficiencies, cost initiatives and further introduced 6 new generation products in Crop Protection business during the quarter. The strategy of introducing new generation products is helping in our farmer connect initiatives and improving farm productivity. With the forecast of normal monsoon for third consecutive year and good reservoir levels in the company's key markets, we expect good traction in the ongoing Kharif season."

Shares of COROMANDEL INTERNATIONAL LTD. was last trading in BSE at Rs. 886.35 as compared to the previous close of Rs. 913.9. The total number of shares traded during the day was 46185 in over 3772 trades.

The stock hit an intraday high of Rs. 923.3 and intraday low of 882.1. The net turnover during the day was Rs. 41490893.

Source : Equity Bulls

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