Coromandel International Q4 net profit dips over 33pc
Hyderabad-headquartered company logs net profit of Rs 1,329 crores for FY21 compared to Rs 1,065 crores in the previous fiscal, an increase of 25 per cent
Hyderabad: Hyderabad-based agriculture solutions company Coromandel International reported over 33 per cent decline in net profit for the fourth quarter ended March 2021 to Rs 156 crores in comparison to Rs 234 crores recorded during the corresponding quarter last year. Consolidated income stood at Rs 2,872 crores for the fourth quarter in comparison to the corresponding quarter last year of Rs 2,881 crores.
For the fiscal FY21, the company’s consolidated total income was Rs 14,257 crores compared to the previous year (FY20) at Rs 13,177 crores. Profit after tax for FY21 is Rs 1,329 crores compared to Rs 1,065 crores in FY20, a growth of 25 per cent.
Commenting on the financial results, Sameer Goel, MD, Coromandel International, said, “Coromandel delivered an all-round performance by adopting digital marketing to reach out to the farming community and improving its operational efficiencies through backward integration. Working capital of the company improved significantly with record market collections and higher subsidy receipt from the Government.”
The Phosphatic fertilizer business achieved its highest ever primary sales volumes of 33.5 lakh tonnes, registering a growth of seven per cent over the prior year. Farm-level consumption, reflected through the point of sales data, increased by 18 per cent to 37.2 lakh tonnes. Single Super Phosphate business saw growth in its sales volumes by 17 per cent.
The Crop Protection and Bio business registered a sales growth of 24 per cent during the year, with expansion across domestic formulation, domestic B2B and exports. The Speciality Nutrition and Organic Fertilizer grew 17 per cent and 27 per cent, respectively.
The business continued to focus on new generation molecules and has been upgrading its product portfolio with several product introductions. During the year, the new products have contributed close to 25 per cent of the domestic formulation sales and also supported the growth in the B2B segment. The R&D facilities at Hyderabad and Thyagavalli (Tamil Nadu) were upgraded during the year.
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