Coromandel International sales up 3% in Q2 FY2016

Indian agrochemical company Coromandel International recorded an increase of 2.8% in consolidated turnover to Rs3,564 crores in the second quarter of FY2016 ended 30 September 2015 .

Profit before depreciation, interest and taxes (EBITDA) for the quarter is Rs314 crores in comparison to the corresponding quarter last year of Rs347 crores. Consolidated profit before tax is Rs260 crores in comparison to the corresponding quarter last year of Rs274 crores. Consolidated net profit after tax for the quarter is Rs174 crores as against Rs183 crores in corresponding quarter last year.

On a half year basis the Company’s turnover is Rs5,746 crores (corresponding period last year Rs5,347 crores) and profit after tax is Rs188 crores (corresponding period last year Rs218 crores).

Standalone performance for the quarter

During the quarter ended 30 September 2015, the standalone turnover is Rs3,559 crores in comparsion to the corresponding quarter last year of Rs3,245 crores. Profit before depreciation, interest and taxes (EBITDA) for the quarter ended 30 September 2015 is Rs314 crores in comparison to the corresponding quarter last year of Rs317 crores. Profit before tax is Rs260 crores for the quarter ended 30 September 2015 as against Rs255 crores in the corresponding quarter last year. Net profit after tax for the quarter ended 30 September 2015 is Rs174 crores as against Rs170 crores in the corresponding quarter last year.

On a half year basis the standalone turnover is Rs5,732 crores (corresponding period last year Rs4931 crores) and profit after tax is Rs187 crores (corresponding period last year Rs196 crores).

Commenting on the results Mr Sameer Goel, Managing Director commented “erratic and deficit monsoon in key addressable markets have impacted overall agri-inputs business. Inspite of these challenges the company has increased its sale volumes for unique grades of complexes and also sustained its market share in phosphatics complex segment and delivered creditable performance. We further expect that the new policy initiatives taken up by the government will address the issues related to domestic fertilizer production and subsidies. We continue to provide value added products through our Gromor retail centers to enhance the prosperity of the farming community”.