Coromandel International lost 1.18% to Rs 724.70 after the company's consolidated net profit tanked 33.5% to Rs 155.85 crore on 0.5% decline in net sales to Rs 2,855.97 crore in Q4 FY21 over Q4 FY20.
On a consolidated basis, profit before depreciation, interest, taxes and exceptional item (EBITDA) for the quarter ended 31 March 2021 stood at Rs 261 crore as against Rs 391 crore during the corresponding quarter last year, dropping 33.24% Y-o-Y (year-on-year).
For the year ended 31 March 2021, the company's consolidated total income stood at Rs 14,257 crore over Rs 13,177 crore earned last year, registering a 8.19% Y-o-Y increase. EBITDA was at Rs 2,021 crore, recording a growth of 17% Y-o-Y compared with Rs 1,732 crores last year. Profit after tax stood at Rs 1,329 crore from Rs 1,065 crore, registering a growth of 25% Y-o-Y.
Commenting on the Q4 financial results, Sameer Goel, the managing director (MD) of Coromandel International, said: "Coromandel delivered an all-round performance by adopting digital marketing to reach out to the farming communityand improving its operational efficiencies through backward integration. Working capital of the company improved significantly with record market collections and higher subsidy receipt from the Government."
The Phosphatic fertiliser business achieved its highest ever primary sales volumes of 33.5 lakh tons, registering a growth of 7% over the prior year. Farm-level consumption, reflected through the point of sales data, increased by 18% to 37.2 lakh tons. Single Super Phosphate (SSP) business sustained its leadership position growing its sales volumes by 17%."
"The Crop Protection and Bio business registered an impressive sales growth of 24% during the year, with expansion across domestic formulation, domestic B2B and exports. The Speciality Nutrition and Organic Fertilizer business delivered a strong performance growing by 17% & 27% respectively."
"With good reservoir levels and a forecast of a normal monsoon, we expect the Indian agriculture growth to continue in the upcoming Kharif season. While the raw material prices have been hardening in the last few months, the company will focus on further improving its operational efficiencies, introducing new products and continue to support the farmers in improving its crop productivity and bringing farm prosperity," he added.
The board at its meeting held on Thursday, 29 April 2021, has recommended a final dividend of Rs 6 per equity share on the equity shares of Re 1 each fully paid up for the FY 2020-21.
Coromandel International is amongst India's pioneers and leading agri solutions provider, offering diverse products and services across the farming value chain. It operates in two major segments: nutrient and other allied businesses and crop protection. These include fertiliser, crop protection, bio pesticides, specialty nutrients and organic fertilizer businesses.
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