Coromandel International Limited on Monday reported consolidated net profit after tax in Q3FY21 is Rs334cr in comparison to Rs265cr for the corresponding quarter last year registering a growth of 26%.
The company's stock was however under pressure and was trading at Rs780.00 per piece down Rs49.90 or 6.01% from its previous closing of Rs829.90 on the BSE. The stock gained to touch high of Rs851.65 on Tuesday but fell in afternoon trade.
India’s leading Agri solutions provider is in the business of Fertilisers, Crop Protection, Bio Pesticides, Specialty Nutrients, Organic fertilizer and Retail. It also announced consolidated total income stood at Rs3,542cr in comparison to the corresponding quarter last year of Rs3,288cr.
Profit before depreciation, interest, taxes and the exceptional item (EBITDA) for the quarter ended Dec 2020 has grown by 16% to Rs501cr vs. Rs432cr during the corresponding quarter of last year.
For the nine months ended Dec 2020, the company’s consolidated total income is Rs11,385cr (corresponding period last year Rs10,296cr), EBITDA has grown by 31% to Rs1,760cr vs Rs1,341cr. Corresponding period last year and Profit after tax is Rs1,173cr registering a growth of 41% year on year.
During the quarter ended Dec 2020, the company’s standalone total income stood at Rs3,521cr in comparison to the corresponding period last year of Rs3,285cr.
Profit before depreciation, interest, taxes and exceptional item (EBITDA) for the quarter ended Dec 2020 has grown by 14% to Rs493cr vs. Rs430cr during corresponding quarter of last year. Standalone net profit after tax for the quarter is Rs326cr in comparison to Rs263cr for the corresponding quarter last year registering a growth of 24%.
For the nine months ended Dec 2020, the company’s standalone total income stood at Rs11,349cr (Corresponding period last year Rs10,291cr), EBITDA has grown by 30% to Rs1,743cr vs Rs1,338cr corresponding period last year and Profit after tax is Rs1,156cr registering a growth of 39% year on year.
“Coromandel registered a strong performance in Quarter 3 with its continuous emphasis on superior products, farm connect initiatives, increased operational efficiencies, smart sourcing and better working capital management. Excessive rainfall in some of our operating geographies led to the postponement of Rabi sowing and skipping of few applications,” Sameer Goel – Managing Director, Coromandel International Ltd., said,
“Fertilizer business registered a volume growth of 8% during the quarter. Business has been strengthening its branding, leveraging digital technology and set up Nutri clinics. It is collaborating with leading institutions for providing new crop solutions to the farmers,” Goel added.