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Coromandel International reports increased profit

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World Fertilizer,


Indian agri solutions provider Coromandel International has reported its financial results for the quarter ended 31 March 2020.

The company's consolidated total income increased by 9% during the quarter ended 31 March 2020. Total income for the quarter is US$379 million (Rs. 2881 crores) in comparison to the corresponding quarter last year of US$348 million (Rs. 2647 crores). Profit before depreciation, interest, taxes and exceptional item (EBITDA) for the quarter ended 31 March 2020 increased by 51% to US$51.5 million (Rs. 391 crores) vs. US$34.1 million (Rs. 259 crores) during the corresponding quarter last year. Consolidated net profit after tax for the quarter is US$30.8 million (Rs. 234 crores) in comparison to US$14.58 million (Rs. 110 crores) for the the corresponding quarter last year, an increase of 112%.

For the year ended 31 March 2020, the company's consolidated total income is Rs. 13 177 crores (PY Rs. 13 262 crores). Profit before depreciation, interest, taxes, and exceptional item (EBIDTA) is Rs. 1732 crores, registering a growth of 20% over PY Rs. 1444 crores. Profit after tax is Rs. 1065 crores (PY Rs. 720 crores), a growth of 48%.

The company's total income grew by 8% to US$377 million (Rs 2864 crores) during the quarter ended 31 March 2020 in comparison to the corresponding quarter last year of US$348 million (Rs. 2642 crores). Profit before depreciation, interest, taxes and exceptional item (EBITDA) for the quarter ended 31 March 2020 has increased by 52% to US$51.1 million (Rs. 388 crores) vs. US$33.7 million (Rs. 256 crores) during the corresponding quarter last year. Net profit after tax for the quarter has more than doubled to US$30.4 million (Rs. 231 crores) in comparison to US$14.1 million (Rs. 107 crores) for the corresponding quarter last year.

For the year ended 31 March 2020, the company's total income is Rs. 13 155 crores (PY Rs. 13 240 crores). Profit before depreciation, interest, taxes, and exceptional item (EBITDA) is Rs. 1726 crores vs PY Rs. 1437 crores registering a growth of 20% and profit after tax is Rs. 1059 crores (PY Rs. 714 crores) growth of 48%.

Sameer Goel, Managing Director, Coromandel International, said: "Coromandel registered a strong performance in Q2, driven by its superior sales mix, efficient manufacturing, improved marketing capabilities and effective sourcing. This was well supported by an above normal south west monsoon in most of its addressable markets, which improved crop sowing and agri inputs consumption.

The Nutrient & Allied Businesses segment registered a very good performance during the quarter. Business improved its manufactured product sales by 8% over previous year, supported by stable raw material prices. The 2nd phosphoric acid plant at Vizag got commissioned during the quarter in line with the plan and commercial production has begun successfully. With this, Vizag plant has become self-sufficient for its acid requirement. Other major infrastructure projects for improving capacity, storage and efficiencies are progressing well.

With a healthy reservoir position and prediction of normal north east monsoon, we expect good traction in the upcoming Rabi season. Our focus areas will remain on farmer connect, branding & marketing initiatives, operations & supply chain efficiencies and improved customer offerings. Coromandel as a leading agri solution provider, will continue to drive farm productivity and support farmer's prosperity."

Read the article online at: https://www.worldfertilizer.com/phosphates/28052020/coromandel-international-reports-increased-profit/

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