Coromandel International records double-digit increase in crop protection business in Q3

Coromandel International Limited (BSE: 506395, NSE: COROMANDEL), India’s leading Agri solutions provider in the business of Fertilisers, Crop Protection, Bio pesticides, Specialty Nutrients, Organic Fertilizer and Retail, reported the financial results for the quarter ended 31st December 2021.

HIGHLIGHTS – STANDALONE RESULTS

• Total Income in Q3 was at Rs. 5,093 Cr compared with Rs. 3,521 Cr of same period previous year, registering a growth of 45% over previous year.

• EBITDA for Q3 was Rs. 543 Cr, increased by 10% over Q3 of previous year.

• PAT for Q3 was Rs. 379 Cr, vs Rs. 326 Cr in Q3 of previous year registering a y/y growth of 16%.

• Total Income for nine months period ended 31st Dec 2021 is Rs. 14,943 Cr compared with Rs. 11,349 Cr of same period previous year, registering a growth of 32% over previous year.

• EBITDA for nine months was Rs. 1,763 Cr, vs. Rs. 1,743 Cr in previous year.

• PAT for nine months was Rs. 1,228 Cr vs Rs. 1,156 Cr of previous year registering a y/y growth of 6%.

REVIEW OF BUSINESSES

Nutrient and Allied Business

The Revenue for the quarter was at Rs. 4,476 Cr compared with Rs. 3,028 Cr in the corresponding quarter of the previous year, registering a y/y growth of 48%. Profit before interest and tax for the quarter was Rs.438 Cr as against Rs. 408 Cr in the corresponding quarter of the previous year.

The Revenue for nine months grew by 33% to Rs. 13,039 Cr compared with Rs. 9,835 Cr in the corresponding period of the previous year.  Profit before interest and tax for nine months was Rs.1,448 Cr as against Rs. 1,484 Cr in the corresponding period of the previous year.

Crop Protection Business

The Revenue for the quarter grew by 23% compared to same quarter previous year, was at of Rs. 623 Cr vs. Rs. 508 Cr during the previous year.  Profit before interest and tax for the quarter was Rs.92 Cr, compared with Rs. 83 Cr in the corresponding quarter of the previous year.

The Revenue for nine months grew by 24%, was at Rs. 1,941 Cr compared with Rs. 1,565 Cr in the corresponding period of the previous year.  Profit before interest and tax for nine months was Rs. 289 Cr as against Rs. 271 Cr in the corresponding period of the previous year.

CONSOLIDATED RESULTS

Coromandel’s total income for the quarter was at Rs. 5,100 Cr as against Rs. 3,542 Cr in the corresponding quarter of the previous year. The profit after tax for the quarter was at Rs. 382 Cr as against Rs.334 Cr in the corresponding quarter of the previous year.

Coromandel’s total income for the nine-month period ended 31st Dec was at Rs. 14,952 Cr as against Rs. 11,385 Cr in the corresponding period of the previous year. The profit after tax was at Rs. 1,239 Cr as against Rs. 1,173 Cr in the previous year.

Commenting on the financial results, Mr. Sameer Goel, Managing Director, Coromandel International Ltd. said, “Coromandel registered a resilient performance in Q3, with a 45% revenue growth over the same quarter last year, driven by growth in nutrient and crop protection businesses. Coromandel continues to promote Balanced Nutrition and Integrated Pest Management. It is serving the farming community by providing crop specific products & solutions through its direct retail network and advisory through its agronomist teams.

The company is focusing on operational, sourcing and marketing efficiencies to ensure that agri inputs are available at the right time to the farmers. The company has been investing in R&D and product development and has launched innovative products to meet the agricultural needs of the farmers. During the year, the Government has been supporting the industry by ensuring timely disbursal of subsidy.

The company is augmenting the Government’s efforts in Covid management through vaccination programs, providing oxygen generating units and spreading the awareness of maintaining Covid protocols with the local communities around its Plants and in its extensive rural marketing network throughout the country.

Healthy reservoir levels and good soil moisture conditions augers well for the upcoming Kharif Season. Coromandel shall continue to work to fulfil the needs of farmer community through its innovative products and farming solutions.”