Coromandel International's consolidated net profit surged 301.40% to Rs 250.57 crore on 50.8% jump in net sales to Rs 3,213.23 crore in Q1 June 2020 over Q1 June 2019.
Profit before tax (PBT) soared 257.90% to Rs 340.18 crore in Q1 June 2020 as against Rs 95.04 crore in Q1 June 2019. Current tax expenses for the quarter rose 133.4% at Rs 91.72 crore as against Rs 39.29 crore in Q1 June 2019. The result was announced after trading hours on Friday, 24 July 2020.
During the quarter ended 30 June 2020, profit before depreciation, interest, taxes and exceptional item (EBITDA) for the quarter ended 30 June 2020 grew 113% to Rs 415 crore from Rs 195 crore in 30 June 2019.
Sameer Goel, the managing director (MD) of Coromandel International, said: "Coromandel had a resilient performance in Q1 FY21, registering a strong growth despite the unprecedented external environment posed by COVID 19 pandemic. Better than normal rainfall in our key markets, good soil moisture conditions and pro-active steps taken by the government in procuring the bumper Rabi harvest, led to positive sentiments in the farming community resulting in early demand for agricultural inputs. Agri inputs being an essential commodity, the company focussed on carrying out its operations during these tough times, giving utmost importance to people safety and ensuring safe operations at its plants. Co-ordinated efforts ensured efficient management across the value chain right from sourcing, manufacturing, supply chain to last mile delivery. Focus on working capital yielded good results lowering the interest costs. The company leveraged Digital Marketing platforms to connect with the farmer community. Our channel partners and Mana Gromor retail centres ensured availability of agri inputs for meeting the increased demand."
Goel further added that: "The Nutrient & Allied Businesses segment registered a very good performance during the quarter. Business improved its phosphatic sales volume by 75% over previous year. Market share increased to 16% during the quarter vs. 13.2% during the corresponding period prior year. Crop Protection segment had a very good quarter and registered a strong growth of 54% across both exports and domestic market. The business is accelerating its efforts on new product development and strengthening its strategic tie ups with global players. Speciality Nutrients and Organic fertilizers continued to grow stronger with the focused product approach. The new products introduced in Fertilizer, Single Super Phosphates, Speciality Nutrients and Crop Protection businesses gained momentum and continued to help farmers in providing superior nutrition and integrated pest management solutions."
Coromandel International operates in business of fertilizers, specialty nutrients, crop protection and retail. The company is India's second largest phosphatic fertilizer player.
Shares of Coromandel International skid 1.88% to Rs 784.60 on BSE. The stock traded in the range of Rs 775.10 to Rs 829.85 so far.
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