|
Consolidated
net sales (including other operating income) of Coromandel International has
declined 28.55% to Rs 3912.72 crore.
Sales of Nutrient & Other Allied Business segment has gone down
30.95% to Rs 3,370.23 crore (accounting for 85.66% of total sales). Sales of Crop Protection segment has gone
down 8.29% to Rs 564.41 crore (accounting for 14.34% of total sales). Inter-segment sales rose Rs 20.26 crore to Rs
21.91 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 27.13% to
Rs 314.63 crore. PBIT of Nutrient &
Other Allied Business segment fell 25.80% to Rs 251.52 crore (accounting for
79.94% of total PBIT). PBIT of Crop
Protection segment fell 31.97% to Rs 63.11 crore (accounting for 20.06% of
total PBIT).
PBIT
margin of Nutrient & Other Allied Business segment rose from 6.95% to
7.46%. PBIT margin of Crop Protection
segment fell from 15.07% to 11.18%.
Overall PBIT margin rose from 7.86% to 8.00%.
Operating
profit margin has declined from 7.36% to 6.98%, leading to 32.29% decline in
operating profit to Rs 273.02 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
68.45% to 67.38%. Purchase of finished
goods cost fell from 7.75% to 6.98%.
Employee cost increased from 3.15% to 4.00%. Other expenses rose from 12.91% to
15.23%. Selling and administration
expenses rose from 4.85% to 5.85%.
Other
income rose 78.25% to Rs 83.53 crore.
PBIDT fell 20.78% to Rs 356.55 crore.
Provision for interest rose 17.79% to Rs 61.72 crore.
PBDT
fell 25.86% to Rs 294.83 crore.
Provision for depreciation rose 41.31% to Rs 62.98 crore. Fixed assets increased to Rs 3,062.24 crore
as of 31 March 2024 from Rs 2,599.42 crore as of 31 March 2023. Intangible assets increased from Rs 0.32
crore to Rs 284.93 crore.
Profit
before tax down 34.34% to Rs 231.85 crore.
Share of profit/loss was 38.86% higher at Rs -10.15 crore. Provision for tax was expense of Rs 57.79
crore, compared to Rs 90.08 crore.
Effective tax rate was 26.07% compared to 26.77%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 34.95% to Rs
160.31 crore.
Equity
capital increased from Rs 29.40 crore as of 31 March 2023 to Rs 29.44 crore as
of 31 March 2024. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 57.32% as of 31 March 2024 ,compared to 57.41% as of 31 March 2023
. Promoters pledged stake was 0.01% as
of 31 March 2024 ,compared to 0.01% as of 31 March 2023.
Commenting on the
financial results, Mr. Arun Alagappan, Executive Vice Chairman, Coromandel
International Ltd. said:
FY2023-24
was marked by a challenging business environment as sub normal monsoons and
lower reservoir levels in Coromandel’s key operating markets impacted the
agri-inputs consumption. Further, the sharp corrections in subsidy rates in
second half of the year coupled with global headwinds in Crop Protection
resulted in margin pressure. Despite this, Coromandel adapted well to register
a satisfactory performance and has taken progressive steps to strengthen its
operations during the year. Fertilizer Plants operated at higher capacity at
95% levels and improved its backward integration capabilities. Crop Protection
registered a strong 20% volume growth across the international and domestic
markets and plans to introduce new molecules through captive and in-licensing
arrangements. Retail stores improved its farm level outreach and is expanding
its footprint in new markets in FY25. Company has also scaled up its drone
spraying services and during the year covered 25000+ acres.
As
part of its diversification strategy, the Company forayed into Speciality
chemicals by leveraging its existing infrastructure and continued its
engagement on CDMO opportunity. Investment in drone company Dhaksha is
progressing well with a strong order book of around Rs 250 crores from Defence
and Agriculture segments.
Going
forward, the company is committed to strengthen its core businesses and invest
in novel technologies and adjacent opportunities. The forecast of an above
normal monsoon and correction in NBS rates bodes well for the industry and we
expect the market fundamentals to improve in the coming period.
Full year results
analysis
Net
sales (including other operating income) of Coromandel International has
declined 25.55% to Rs 22058.39 crore.
Sales of Nutrient and Other Allied Business segment has gone down 27.20%
to Rs 19,775.19 crore (accounting for 88.95% of total sales). Sales of Crop Protection segment has gone
down 6.76% to Rs 2,457.41 crore (accounting for 11.05% of total sales). Inter-segment sales rose Rs 169.90 crore to
Rs 174.21 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 17.01% to
Rs 2,456.00 crore. PBIT of Nutrient and
Other Allied Business segment fell 16.48% to Rs 2,166.22 crore (accounting for
88.20% of total PBIT). PBIT of Crop
Protection segment fell 20.78% to Rs 289.78 crore (accounting for 11.80% of
total PBIT).
PBIT
margin of Nutrient and Other Allied Business segment rose from 9.55% to
10.95%. PBIT margin of Crop Protection
segment fell from 13.88% to 11.79%.
Overall PBIT margin rose from 9.93% to 11.05%.
Operating
profit margin has jumped from 9.88% to 10.87%, leading to 18.02% decline in
operating profit to Rs 2,398.75 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 64.38% to 60.60%. Purchase
of finished goods cost fell from 15.35% to 14.43%. Employee cost increased from 2.16% to
3.12%. Other expenses rose from 8.47%
to 11.11%. Selling and administration
expenses rose from 3.75% to 5.21%.
Other
income rose 35.20% to Rs 231.36 crore.
PBIDT fell 15.08% to Rs 2630.11 crore.
Provision for interest fell 1.81% to Rs 186.57 crore. Loan funds rose to Rs 492.12 crore as of 31
March 2024 from Rs 392.58 crore as of 31 March 2023. Inventories rose to Rs 4,612.50 crore as of
31 March 2024 from Rs 4,416.45 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,393.54
crore as of 31 March 2024 compared to Rs 589.27 crore as of 31 March 2023. Cash and bank balance rose to Rs 2,858.58
crore as of 31 March 2024 from Rs 1,417.76 crore as of 31 March 2023. Investments rose to Rs 853.75 crore as of 31
March 2024 from Rs 286.66 crore as of 31 March 2023 .
PBDT
fell 15.95% to Rs 2443.54 crore.
Provision for depreciation rose 25.62% to Rs 228.56 crore. Fixed assets increased to Rs 3,062.24 crore
as of 31 March 2024 from Rs 2,599.42 crore as of 31 March 2023. Intangible assets increased from Rs 0.32
crore to Rs 284.93 crore.
Profit
before tax down 18.73% to Rs 2,214.98 crore.
Share of profit/loss was 8.33% lower at Rs -26.53 crore. Provision for tax was expense of Rs 547.81
crore, compared to Rs 687.91 crore. Effective
tax rate was 25.03% compared to 25.47%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 18.42% to Rs
1,642.19 crore.
Equity
capital increased from Rs 29.40 crore as of 31 March 2023 to Rs 29.44 crore as
of 31 March 2024. Per share face Value
remained same at Rs 1.00.
Promoters’
stake was 57.32% as of 31 March 2024 ,compared to 57.41% as of 31 March
2023. Promoters pledged stake was 0.01%
as of 31 March 2024 ,compared to 0.01% as of 31 March 2023 .
Cash
flow from operating activities increased to Rs 1,427.69 crore for year ended
March 2024 from Rs 590.97 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 526.89 crore, compared to Rs
605.24 crore during the year ended March 2023.
The
scrip is currently trading at Rs 1162
|
Coromandel International :
Consolidated Results
|
|
Particulars
|
2403 (03)
|
2303 (03)
|
Var.(%)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
|
Net Sales
|
3,912.72
|
5,475.82
|
-29
|
22,058.39
|
29,627.90
|
-26
|
|
OPM (%)
|
7.0
|
7.4
|
|
10.9
|
9.9
|
|
|
OP
|
273.02
|
403.23
|
-32
|
2,398.75
|
2,926.16
|
-18
|
|
Other Inc.
|
83.53
|
46.86
|
78
|
231.36
|
171.13
|
35
|
|
PBIDT
|
356.55
|
450.09
|
-21
|
2,630.11
|
3,097.29
|
-15
|
|
Interest
|
61.72
|
52.4
|
18
|
186.57
|
190.01
|
-2
|
|
PBDT
|
294.83
|
397.69
|
-26
|
2,443.54
|
2,907.28
|
-16
|
|
Depreciation
|
62.98
|
44.57
|
41
|
228.56
|
181.95
|
26
|
|
PBT
|
231.85
|
353.12
|
-34
|
2214.98
|
2725.33
|
-19
|
|
Share of Profit/(Loss) from Associates
|
-10.15
|
-16.6
|
39
|
-26.53
|
-24.49
|
-8
|
|
PBT before EO
|
221.7
|
336.52
|
-34
|
2188.45
|
2700.84
|
-19
|
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT after EO
|
221.7
|
336.52
|
-34
|
2188.45
|
2700.84
|
-19
|
|
Taxation
|
57.79
|
90.08
|
-36
|
547.81
|
687.91
|
-20
|
|
PAT
|
163.91
|
246.44
|
-33
|
1640.64
|
2012.93
|
-18
|
|
Minority Interest (MI)
|
3.6
|
0
|
-
|
-1.55
|
0
|
-
|
|
Net profit
|
160.31
|
246.44
|
-35
|
1642.19
|
2012.93
|
-18
|
|
EPS (Rs)*
|
#
|
#
|
|
55.8
|
68.4
|
|
|
Notes
|
|
* EPS is on current equity of Rs 29.44 crore, Face value of Rs
1, Excluding extraordinary items.
|
|
# EPS is not annualised
|
|
bps : Basis points
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|
Coromandel International :
Consolidated Segment Results
|
|
|
% of (Total)
|
2403 (03)
|
2303 (03)
|
Var.(%)
|
% of (Total)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
|
Sales
|
|
Nutrient & Other Allied Business
|
86
|
3,370.23
|
4,880.62
|
-31
|
89
|
19,775.19
|
27,162.18
|
-27
|
|
Crop Protection
|
14
|
564.41
|
615.46
|
-8
|
11
|
2,457.41
|
2,635.62
|
-7
|
|
Total Reported Sales
|
100
|
3,934.64
|
5,496.08
|
-28
|
100
|
22,232.60
|
29,797.80
|
-25
|
|
Less: Inter segment revenues
|
|
21.91
|
20.26
|
8
|
|
174.21
|
169.9
|
3
|
|
Net Sales
|
100
|
3,912.73
|
5,475.82
|
-29
|
100
|
22,058.39
|
29,627.90
|
-26
|
|
PBIT
|
|
Nutrient & Other Allied Business
|
80
|
251.52
|
338.99
|
-25.8
|
88.2
|
2,166.22
|
2,593.68
|
-16
|
|
Crop Protection
|
20
|
63.11
|
92.77
|
-31.97
|
11.8
|
289.78
|
365.79
|
-21
|
|
Total PBIT
|
100
|
314.63
|
431.76
|
-27.13
|
100
|
2,456.00
|
2,959.47
|
-17
|
|
Less : Interest
|
|
61.72
|
52.4
|
17.79
|
|
186.57
|
190.01
|
-2
|
|
Add: Other un-allcoable
|
|
-31.21
|
-42.84
|
27.15
|
|
-80.98
|
-68.62
|
-18
|
|
PBT
|
100
|
221.7
|
336.52
|
-34.12
|
100
|
2,188.45
|
2,700.84
|
-19
|
|