Coromandel International posts Q1 results
Coromandel International Limited, India’s second largest Phosphatic fertiliser company, in the business of Fertilisers, Crop Protection, Specialty Nutrients, Organic Manure and Retail, has reported the financial results for the quarter ended 30th June 2018.
Consolidated performance for the quarter ended 30th June 2018
During the quarter ended 30 June 2018, the Company’s consolidated total income 2,537 crores in comparison to the corresponding quarter last year of
2,318 crores, registering a growth of 9.4%. Profit before depreciation, interest and taxes (EBITDA) for the quarter ended 30 June 2018 has grown by 26.6% to
214 crores vs
169 crores during corresponding quarter of last year. Consolidated net profit after tax for the quarter is
90 crores, registering a y /y growth of 23.3%
Standalone performance for the quarter ended 30th June 2018
During the quarter ended 30 June 2018, the total income is 2,527 crores in comparison to the corresponding quarter last year of
2,304 crores, registering a growth of 9.7%. Profit before depreciation, interest and taxes (EBITDA) for the quarter ended 30 June 2018 has grown by 26.9% to
212 crores against corresponding quarter last year of
167 crores. Net profit after tax for the quarter is
88 crores against corresponding quarter last year
71 crores, growing by 23.9%.
Commenting on the financial results, Mr. Sameer Goel – Managing Director, Coromandel International Limited, said:
“”Coromandel had a strong performance during the quarter, improving its capacity utilization, operational and sourcing efficiencies and customer connect initiatives. This was despite erratic monsoon distribution in our key operating markets. During the quarter, 5 new products were introduced across the businesses which have received encouraging response from the farming community. New product introductions included in-house patented crop protection molecule, crop-based water soluble fertiliser and value added Single Super Phosphate.
The normal south-west monsoons, improved reservoir levels and recent pick up in crop sowing in our key operating markets are expected to augment agriculture growth. Further, with the higher crop support price and farmer welfare schemes, we are seeing positive agrarian sentiments. The recently announced GST rate reduction on fertiliser grade Phosphoric acid from 12% to 5% is likely to bring down the Company’s GST credit accumulation and improve the working capital situation.
Coromandel with an exciting product pipeline will continue to leverage its strengths in providing unique, differentiated products, agri-technology offerings and crop solutions. Our channel strength and last mile connectivity combined with the agronomist structure would further enhance the engagement with the farmers. Coromandel is well positioned to support the farming community by providing sustainable solutions and improving farmer’s prosperity””.
About Coromandel International Limited
Coromandel International Limited, India’s second largest Phosphatic fertiliser player, is in the business of Fertilisers, Specialty Nutrients, Crop Protection and Rural Retail. The Company manufactures a wide range of fertilizers, making it a leader in its addressable markets. In its endeavor to be a complete plant nutrition solutions Company, Coromandel has also introduced a range of Specialty Nutrient products comprising of water soluble fertilisers and micro nutrients. Coromandel is also pioneer in marketing Organic Fertilisers. The crop protection business has wide range of technicals, which we also export to various countries. Coromandel has a pan India presence for distribution of these products, besides its own retail outlets. Coromandel has ventured into the retail business and has set up close to 800 rural retail centers in the States of Andhra Pradesh, Telangana and Karnataka. The Company clocked a total income of 11,044 Crores during FY 2017-18. Coromandel was voted as one of the top ten greenest companies in India by TERI, reflecting its commitment to the environment and society. Coromandel is a part of the INR 329 Billion (32,893 Crores) Murugappa Group.
About Murugappa Group
Founded in 1900, the INR 329 Billion (32,893 Crores) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including nine listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., TI Financial Holdings Ltd and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies such as Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, Sociedad QuÃmica y Minera de Chile (SQM),Yanmar & Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 35,000 employees.
For more details, visit www.murugappa.com
