Coromandel International rose 1.99% to Rs 663 after after consolidated net profit surged 112.2% to Rs 234.20 crore on 8.8% increase in net sales to Rs 2,869.32 crore in Q4 March 2020 over Q4 March 2019.
Profit before tax (PBT) soared 91.9% to Rs 314.16 crore in Q4 March 2020 as against Rs 163.71 crore in Q4 March 2019. Current tax expenses jumped 61.70% to Rs 91.64 crore in Q4 March 2020 as against Rs 56.68 crore in Q4 March 2019.
EBITDA for the quarter ended 31 March 2020 surged 51% to Rs 391 crore as against Rs 259 crore during the corresponding quarter last year. The result was announced after market hours yesterday, 26 May 2020. The board recommended a dividend of Rs 12 per equity share for the financial year 2019-20.
Commenting on the financial results, Sameer Goel, the managing director of Coromandel International, stated, "Coromandel had a strong performance in FY20, driven by nutrient and allied businesses and a good recovery in crop protection business. The company continued its focus on offering superior farm solutions, introducing new generation products, improving cost & operational efficiencies through backward integration, smart sourcing and managing its working capital. The performance was further supported by external factors like above normal monsoon, good reservoir levels which resulted in improved sowing and agri input consumption in the company's key markets."
"The recent agricultural reforms announced by the Government, combined with good reservoir levels and forecast of a normal monsoon, we expect healthy agricultural growth in the upcoming Khariff season. Coromandel being a leading agri input solution provider will continue to play a pivotal role in improving farm productivity by introducing superior products, working on sustainable farming solutions and accelerating our digital initiatives through our retail centres and dealer networks," he added.
Meanwhile, Sameer Goel was reappointed as managing director (MD) of the company for 5 years effective from 1 October 2015.
Coromandel International operates in business of fertilizers, specialty nutrients, crop protection and retail. The company is India's second largest phosphatic fertilizer player.
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