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Fertilizers company Coromandel International announced Q4FY24 & FY24 results:
Q4FY24 Financial Highlights:
Standalone:
- Total Income in Q4 was at Rs 4,027 crore vs Rs 5,519 crore in Q4 of previous year, registering a decline of 27%.
- EBITDA for Q4 was Rs 269 crore vs Rs 399 crore in Q4 of previous year, registering a decline of 33%.
- PAT for Q4 was Rs 209 crore vs Rs 262 crore in Q4 of previous year, registering a decline of 20%.
Consolidated:
- Total income for the quarter ended March 2024 was at Rs 3,996 crore vs. Rs 5,523 crore for the quarter ended March 2023.
- The profit after tax for the quarter was at Rs 164 crore as against Rs 246 crore for the quarter ended March 2023.
FY24 Financial Highlights:
Standalone:
- Total Income for the year ended 31st March 2024 was at Rs 22,308 crore vs Rs 29,784 crore over previous year, registering a decline of 25%.
- EBITDA was Rs 2,401 crore vs Rs 2,918 crore in previous year, registering a decline of 18%.
- PAT was Rs 1,719 crore vs Rs 2,035 crore in previous year, registering a decline of 16%.
Consolidated:
- Coromandel’s total income for FY23-24 was at Rs 22,290 crore vs. Rs 29,799 crore in the previous year.
- The profit after tax for the year was at Rs 1,641 crore as against Rs 2,013 crore in the previous year.
Commenting on the financial results, Mr. Arun Alagappan, Executive Vice Chairman, Coromandel International said, "FY2023-24 was marked by a challenging business environment as sub normal monsoons and lower reservoir levels in Coromandel’s key operating markets impacted the agri-inputs consumption. Further, the sharp corrections in subsidy rates in second half of the year coupled with global headwinds in Crop Protection resulted in margin pressure. Despite this, Coromandel adapted well to register a satisfactory performance and has taken progressive steps to strengthen its operations during the year. Fertilizer Plants operated at higher capacity at 95% levels and improved its backward integration capabilities. Crop Protection registered a strong 20% volume growth across the international and domestic markets and plans to introduce new molecules through captive and in-licensing arrangements. Retail stores improved its farm level outreach and is expanding its footprint in new markets in FY25. Company has also scaled up its drone spraying services and during the year covered 25000 acres.
As part of its diversification strategy, the Company forayed into Speciality chemicals by leveraging its existing infrastructure and continued its engagement on CDMO opportunity. Investment in drone company Dhaksha is progressing well with a strong order book of around Rs 250 crores from Defence and Agriculture segments.
Going forward, the company is committed to strengthen its core businesses and invest in novel technologies and adjacent opportunities. The forecast of an above normal monsoon and correction in NBS rates bodes well for the industry and we expect the market fundamentals to improve in the coming period."
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