Fertilizers firm Coromandel International Announced Q1FY23 Result :
- Total Income in Q1 was at Rs.5,776 Cr compared with Rs.3,677 Cr of same period previous year, registering a growth of 57% over previous year.
- EBITDA for Q1 was Rs.683 Cr registering growth of 42% over Q1 of previous year.
- PAT for Q1 was Rs.496 Cr vs Rs. 329 Cr in Q1 of previous year registering a YoY growth of 50%
- Coromandel’s total income for the quarter was at Rs.5,783 Cr as against Rs. 3,686 Cr in the corresponding quarter of the previous year. The profit after tax for the quarter was at Rs. 499 Cr as against Rs.338 Cr in the corresponding quarter of the previous year.
Commenting on the financial results, Mr. Sameer Goel, Managing Director, Coromandel International Ltd. “Coromandel registered a strong performance in Q1 with a 57% revenue growth over the same quarter last year, with growth in both nutrient and crop protection businesses due to high price of raw materials. The company focused on leveraging the operational efficiencies at the plants, smart sourcing enabled timely availability of raw materials and marketing efforts backed by agronomist activities ensured meeting the agricultural needs of the farming community. During the quarter, the company launched 4 new products in the Crop Protection Segment which have been well received by the farmers. Further, the company’s R&D team has developed a rich product pipeline of technically superior products which are planned to be introduced during the year. The company is successfully conducting drone spraying trials in the farmer’s fields with speciality nutrition and crop protection products.
The company’s capital expansion program is on track with the proposed Sulphuric Acid plant at Vizag and is building a multi-Purpose plant for Crop protection. The investment in the mining company, BMCC, Senegal through its 100% subsidiary Coromandel Chemicals Ltd is expected to be completed in the coming quarter which will help in securing our critical phosphate rock needs. The company through its 100% subsidiary, Dare Ventures Limited, invested in two Agri start-ups EcoZen and String Bio.
We are witnessing adequate monsoon coverage and higher reservoir levels which augers well for Indian agriculture in our key operating markets. We are ensuring timely availability of agri-inputs to the farming community through our dealers and our Retail outlets. Coromandel, with its diversified presence across the agri value chain, will continue to provide Balanced Nutrition and Integrated Pest Management solutions to maximise farm productivity.”