“Coromandel International posts Q3 results.”

Hyderabad, 2 February 2023: Coromandel International Limited (BSE: 506395, NSE: COROMANDEL), India’s leading Agri solutions provider is in the business of Fertilisers, Crop Protection Chemicals, Bio products, Specialty Nutrients, Organic Fertilizer and Retail. The Company has reported the financial results for the quarter ended 31^st December 2022.

Highlights – Standalone Results:

•       Total Income in Q3 was at Rs. 8,350 Cr compared with Rs. 5,101 Cr of same period previous year, registering a growth of 64% over previous year.

•       EBITDA for Q3 was Rs. 781 Cr, growth of 44% over Q3 of previous year.

•       PAT for Q3 was Rs. 539 Cr vs. Rs.  379 Cr in Q3 of previous year, registering a y/y growth of 42%.

•       Total Income for nine months period ended 31^st Dec 2022 was at Rs. 24,265 Cr compared with Rs. 14,937 Cr of same period previous year, registering a growth of 62% over previous year.

•       EBITDA for nine months was Rs. 2,519 Cr vs. Rs. 1,764 Cr in previous year.

•       PAT for nine months was Rs. 1,773 Cr vs. Rs. 1,229 Cr of previous year, registering a y/y growth of 44%.

Review of Businesses

Nutrient and Allied Business

The Revenue for the quarter ended December 2022 was at Rs. 7,710 Cr as against Rs. 4,483 Cr for the quarter ended December 2021. Profit before interest and tax for the quarter ended December 2022 was Rs. 697 Cr vs. Rs. 437 Cr for the quarter ended December 2021.

The Revenue for the nine months ended December 2022 was at Rs. 22,281 Cr vs. Rs. 13,031 Cr in the corresponding period of the previous year. Profit before interest and tax for the nine months ended December 2022 was Rs. 2,255 Cr as against Rs. 1,449 Cr for the nine months ended December 2021.

Crop Protection Business

The Revenue for the quarter ended December 2022 was at Rs. 651 Cr compared with Rs. 623 Cr for the quarter ended December 2021. Profit before interest and tax for the quarter was Rs. 81 Cr vs. Rs. 92 Cr for the quarter ended December 2021.

The Revenue for the nine months ended December 2022 was at Rs. 2,007 Cr vs. Rs. 1,941 Cr in the corresponding period of the previous year. Profit before interest and tax for the nine months ended December 2022 was Rs. 269 Cr compared with Rs. 289 Cr in the corresponding period of the previous year.

Consolidated Results

Coromandel’s total income for the quarter ended December 2022 was at Rs. 8,349 Cr vs. Rs. 5,100 Cr for the quarter ended December 2021. The profit after tax for the quarter ended December 2022 was at Rs. 527 Cr as against Rs. 382 Cr for the quarter ended December 2021.

Dividend

The Board in its meeting held today has approved interim dividend of Rs. 6/- per share.

Commenting on the financial results, Mr. Arun Alagappan, Executive Vice Chairman, Coromandel International Ltd. said:

Overall, the agricultural environment remained favourable in most of the key operating markets with above average monsoon, normal crop sowing and favourable policies from the Government aiding better availability of agri inputs.

Coromandel delivered an excellent performance during the quarter registering good growth in revenue and profitability which will help its further investments in the Agri business.  

Record volume sales in NPKs and higher subsidy realisation in the Nutrients business primarily led to increase in the revenue during the quarter.  In Crop Protection business, Domestic formulation and B2B business grew during the quarter which was offset with headwinds faced in the export markets.  Plants continued to operate efficiently and key capex projects for capacity expansion and backward integration are progressing as per schedule.

During the quarter, Company launched ‘Gardina’ a Speciality Nutrient product in the urban garden segment and ‘Azamax’ a bio insecticide.   The Crop Protection business continues to focus on refreshing its portfolio, new products launched in earlier quarters have received encouraging response from the market and are doing well exceeding our estimates.  2 new technical & 3 new formulations are planned to be introduced in the 4^th quarter which will further strengthen its offerings. Company continues to promote ag-tech solutions with farmers and plans to scale up drone applications after successful pilot tests.

Indian Economy continues to progress well and Agriculture is in the bright spot.  As a leading Agri solutions provider, Coromandel will continue to promote integrated farm practices and bring prosperity to the farming community”.