Fertilizers company Coromandel International announced Q4FY23 & FY23 results:
- Standalone Q4FY23:
- Income in Q4FY23 was at Rs 5,519 crore compared with Rs 4,294 crore in Q4FY22, a growth of 29%
- EBITDA for Q4FY23 was Rs 399 crore, a growth of 47% over Q4FY22
- PAT for Q4FY23 was Rs 262 crore vs Rs 183 crore in Q4FY22, growth of 43% YoY
- Standalone FY23:
- Income for FY23 was at Rs 29,784 crore compared with Rs 19,231 crore of FY22, growth of 55%
- EBITDA for FY23 was Rs 2,918 crore vs. Rs 2,036 crore in FY22
- PAT for FY23 was Rs 2,035 crore vs Rs 1,412 crore in FY22, registering a y/y growth of 44%
- Consolidated Q4FY23:
- Income for Q4FY23 was at Rs 5,523 crore vs. Rs 4,304 crore for Q4FY22
- Profit after tax for Q4FY23 was at Rs 246 crore as against Rs 290 crore for Q4FY22
- Consolidated FY23:
- Income for FY23 was at Rs 29,799 crore vs. Rs 19,255 crore in FY22
- Profit after tax for FY23 was at Rs 2,013 crore as against Rs 1,528 crore in FY22
- The Board has recommended a final dividend of Rs 6 per share for FY23
Commenting on the financial results, Arun Alagappan, Executive Vice Chairman, Coromandel International said: During the financial year 2022-23, Coromandel delivered a robust performance, registering strong growth in turnover and profitability with its diversified portfolio of Nutrients, croreop Protection, Bio Products and Retail business.
During the year, Coromandel strengthened its backward integration capabilities in the Nutrient’s business by acquiring 45% shareholding in Rock Phosphate mining company in Senegal. Major capital expenditure projects like sulphuric acid plant and desalination plant are progressing well as per schedule.
In the croreop Protection business, the company started manufacturing Technicals from its newly commissioned multi-purpose plant at Ankleshwar. It further plans to bolster its manufacturing capabilities via greenfield expansion. The company also intends to leverage its technical expertise, manufacturing infrastructure, and capabilities to foray into adjacencies like the CDMO domain and specialty chemicals.
The company continued its focus on new product development and has been granted 14 patents during the year. The company successfully developed NANO DAP and has received necessary regulatory approvals for the same. It launched 9 new products across its various SBUs during the year, including a pre-emergent herbicide which was launched during the quarter. The company invested in 3 ag-tech start up companies during the year and continues to promote adoption of agri-technology solutions with the farmers.
Indian Economy continues to progress well. The healthy reservoir levels and good soil moisture conditions could offset the likely El Nino impact during the upcoming Kharif season and efforts are underway to mitigate any adverse impact of below-normal monsoons. As a leading Agri solutions provider, Coromandel will continue to promote integrated farm practices and bring prosperity to the farming community”.