BSE: 506395 | NSE: COROMANDEL | ISIN: INE169A01031
Market Cap: [Rs.Cr.] 8,280.08 | Face Value: [Rs.] 1
The global economic growth has slowed from 3.9% in 2011 to 3% in 2013 with the US justrecovering from the slump, the European Union (EU) still in nascent stages of recovery andChina slowing from its previous record high growth rates. The factors that have affectedthe global economy have also impacted India and the government has taken multiple fiscaland monetary measures to navigate through this tumultuous period and position the economyfor future growth.
As a result of the measures, the fiscal deficit has been contained to 4.6% of GrossDomestic Product (GDP), the Current Account Deficit (CAD) has been reduced from USD 88billion in 2012-13 to USD 45 billion in 2013-14 and the forex reserves have grown by USD15 billion in 2013-14.
The overall business climate in India is improving with slowing inflation, goodmonsoons and easing economic pressures from the twin deficits. Indias currentaccount deficit has narrowed due to a compression in the trade deficit enabled by higherexport growth and measures taken to curtail gold and other non-essential imports.Complementing the measures to contain the CAD, policy makers have undertaken a host ofmeasures to augment capital flows to target a Balance of Payment (BoP) surplus.
A stable and growing economic environment is much needed to support the growingaspirations of 1.2 billion people. The pro-reform sentiment is strongly in place and thenewly elected Government has highlighted economic development as one of its main focus.With a large proportion of population under the age of 30, this pro-economic Developmentstance by the Government will create an appropriate climate for businesses to invest whichin turn will support job creation and long-term growth. While the industrial sector willcreate additional employment opportunities, the domestic agricultural sector will continueto remain the largest employer in the near term accounting for close to 50% of employment.Institutional forecasts are for a gradual recovery in 2014-15 with GDP growth of 5-6%while managing inflationary pressures.
Industrialization and the growth in services sector will continue to be the catalystbehind urbanization & income growth which will have a significant impact onpeoples consumption pattern. The higher income levels and an urban population basewill influence dietary mix more towards high protein diets, fruits and vegetables. Thisshift will further stress todays arable land and productivity levels will need toincrease to support the increased demand for high quality and high protein food.
Current agricultural productivity in India, both on a per hectare basis and on a perperson basis is low compared to global benchmarks and will need to significantly improveto meet the ever increading demand for food.
Another factor that strongly influences the productivity levels is the imbalanced useof N, P and K fertilisers resulting from highly subsidized Urea. The artificially low Ureaprices that are a result of this skewed policy promotes higher application of Urearelative to P&K fertilisers which not only influences the usage but also increases theoverall subsidy burden on the Government.
The Nutrient Based Subsidy (NBS) policy for P&K fertilisers has had the intendedeffect of increasing the availability of complexes in the marketplace and also reducingthe overall subsidy burden borne by the Government. The extension of the same policy toUrea will bring all nutrients under one subsidy policy and provide the market with acommon framework. The benefits realized by the P&K sector with the introduction of NBSwill become visible in the Urea sector as well.
The food grain production estimate for 2013-14 is over 263 million tons as comparedwith 255 million tons the previous year and this increase has been possible due to thevery good south west monsoons in the year. The overall agricultural GDP growth isestimated at 4.6% as compared with 4% in the previous year.
Better farming practices, mechanization, balanced soil nutrition including addressingmicro-nutrient deficiencies and subsidy recalibration are all required to catapult theagricultural sector to the next level and bring it on par with global benchmarks. Theindustry believes that the Government will embrace and implement the policies required toachieve this goal.
Coromandel is a flagship Company of the Murugappa Group and is a subsidiary of EIDParry (India) Limited (EIDP) which holds 62.56% of the equity share capital in theCompany. The Company is engaged in the business of Farm Inputs comprising of Fertilisers,Crop protection, Specialty Nutrients and Organic compost. The Company is also engaged inrural retail business in the States of Andhra Pradesh and Karnataka through a chain of690+ retail centers set up in various parts of these States. The Company has 14manufacturing facilities located in Andhra Pradesh, Tamil Nadu, Karnataka, Maharashtra,Madhya Pradesh, Uttar Pradesh, Rajasthan, Gujarat and Jammu & Kashmir including the 7locations for SSP production acquired as part of the Liberty acquisition. TheCompanys products are marketed all over the Country through an extensive network ofdealers and its own retail centers.
During the year the erstwhile subsidiaries Liberty Phosphate Limited (LPL) and LibertyUrvarak Limited (LUL) have been merged with the Company pursuant to the Orders of the HighCourts of Andhra Pradesh and Gujarat.
The Company has following subsidiaries and joint ventures for its various businessinitiatives :
Sabero Organics Gujarat Limited, India
Sabero Organics America Ltda, Brazil
Sabero Australia Pty Ltd, Australia
Sabero Europe BV, Europe
Sabero Argentina S.A., Argentina
Sabero Organics Mexico S.A. de C.V., Mexico
Parry Chemicals Limited
Dare Investments Limited
CFLMauritius Limited, Mauritius
Coromandel Brasil Ltda, Brazil
Coromandel Getax Phosphates Pte Ltd, Singapore
Coromandel SQM (India) Pvt Ltd
In addition, the Company also holds 14% equity stake in Foskor Pty Ltd, South Africa,through combined holding of Coromandel and CFLMauritius Limited and a 15% equity stake inTIFERT, a strategic investment of the Company to secure supply of Phosphoric acid.
The Management Discussion and Analysis given below discusses the key issues concerningeach of the Strategic Business Units (SBUs).
Coromandel, with a production capacity of 36.25 Lakh tons of Di-Ammonium Phosphate(DAP) and Complexes, is the leading private sector player in Phosphatic fertilisers inIndia. The Company produces and sells Phosphatic (P) and Potassic (K) Fertilisers ofvarious grades like DAP and Complex Fertilisers with different composition ofnutrients. The Company also distributes imported DAP, Potash, Urea and NPKs. Theacquisition of LPL and LUL has added a further 10 lakh tons of Single Super Phosphate(SSP) capacity. This also allows the Company to offer low P fertiliser products to thefarming community in the core SSP markets Gujarat, Rajasthan, Madhya Pradesh andUttar Pradesh.
The Company has a complete basket of products to offer the farmers including Urea whichis handled under government contract through Kakinada and Karaikal ports and therebyoperates in all fertiliser segments Nitrogenous, Phosphatic and Potassicfertilisers. The Companys fertiliser (DAP and complex) manufacturing facilities arelocated at Visakhapatnam and Kakinada in Andhra Pradesh and Ennore in Tamil Nadu.Coromandel has facilities to manufacture phosphoric acid and sulfuric acid atVishakapatnam and Ennore.
The Company also operates 7 SSP plants in the northern and western parts of India and 1in Ranipet.
Global market scenario
The global consumption of nutrients in 2013 is estimated to be 179 million tons , a0.5% increase over previous year, and is estimated to grow to 194 million tons in 2017.
India Market Scenario
The 2013-14 monsoon was one of the best monsoons in recent history and thissignificantly improved the agricultural prospects for both kharif and rabi seasons.Commodity prices ruled high despite record production level of 260 MM tons estimated forthe year 2013-14, indicating rising demand for agricultural products. The fertilisersector has seen the revival of phosphatics consumption.
The overall industry DAP consumption levels have revived in 2013-14 due to goodmonsoon. The import volumes declined in 2013-14 to 33 lakh tons in response to the highpipeline inventory situation while the domestic production levels have remained flat at 36lakh tons.
The total sale of Complex fertilisers in India has remained relatively constant at2012-13 levels and was 71 lakh tons in 2013-14. The industrys production volumeshave increased from 62 lakh tons in 2012-13 to 69 lakh tons in 2013-14 while imports havebeen almost negligible at 4 lakh tons.
This lowering of imports resulting from demand contraction and a good monsoon in2013-14 have allowed the industry to reduce pipeline stocks that had been built up duringthe year 2011-12.
The various expansions projects announced by domestic manufacturers to meet futuredemand is likely to increase the availability of complex fertilisers from domesticproduction as we go forward.
The prices of all phosphatic fertilisers and raw materials have been relatively stablein 2013-14 as compared with the volatility and steep increases seen in 2012-13. Inaddition, the stability of the rupee in 2013-14 has also helped in maintaining phosphaticfertiliser prices.
MOP consumption has declined by 44% over 2010-11 levels to 22 lakh tons in 2013-14 andimports have declined by 50% over the same period to 32 lakh tons.
The fertiliser subsidy continues to be N-biased resulting in artificially low Ureaprices which continues to influence the farmers buying behavior and leading to highUrea application levels relative to phosphatic fertiliser application levels. This hasresulted in suboptimal application levels and may lead to deterioration in soil health.
In line with international price trends, the government has announced phosphaticsubsidy rates for FY 2014-15.
|Rs./Kg of Nutrient|
With the decrease in the subsidy rate, the share of subsidy in total realization hasreduced and this in turn has helped the Government to curtail the subsidy outgo towardsphosphatic fertilisers. The NBS policy has achieved its intended benefits of increasingthe availability of phosphatic fertilisers, reducing subsidy outgo and prices reflectingmarket rates.
The Company has made significant advances in consolidating its position as the premierphosphatics player in the core markets by leveraging its strong trade & retailnetworks and by expanding the institutional channel. With the 2013-14 monsoon being a veryfavorable one, the Company has increased its all-India PK fertiliser market-share to over16% in 2013-14 (13% in 2012-13).
In the year 2013-14, the fertiliser business has deployed a series of counter measuresto mitigate the effects of the adverse business conditions that were prevalent in 2012-13and has positioned the business for long-term growth. Leveraging the good monsoons,favorable ground water conditions and reviving consumption, the fertiliser business hasmethodically worked through the channel inventory woes and in doing so has strengthenedits position as a key player in its key addressable markets of Andhra Pradesh, Karnatakaand Maharashtra.
The business has improved its overall brand equity by improving the quality of itsfinished products and bags through focused initiatives. The manufacturing locationsmaintained tight controls on conversion costs and fixed costs to maximize profitability.In addition, the business optimized availability of raw material while managingshort-falls in supply of phosphoric acid to ensure improved capacity utilizations whichhave also contributed to improved profitability levels.
The business was constrained by relatively high levels of working capital and variousincentive schemes were introduced throughout the year to continuously focus on containingthe working capital levels. Borrowings have also been effectively managed to minimizeinterest costs.
The total production of DAP and Complexes in 2013-14 from Coromandels productionfacilities was 22.55 lakh tons. The new production facility (C-Train) at Kakinada wasstabilised during the year. All fertiliser plants have reported improved operationalefficiencies and improved substantially in both safety and environmental standards. Thetimely purchase of raw materials and pro-active forex management also helped the Companyto improve overall performance.
Various initiatives were taken to improve the quality of the product and packaging thusassuring best product to customers.
Coromandel in its continuous journey towards improving the SHE practices has achievedthe best ever norms in-terms of Safety and Environmental performance for the year2013-14. The Company has invested and improved the structural integrity at itsVishakapatnam and Ennore plants and will continue to undertake investments in furtherimproving the SHE culture at its Plants.
The Company has been investing continuously in meeting its obligations towardsprotecting the environment. Towards this step, the Green Visakha project and Green beltdevelopment at Kakinada continued as planned. With the assistance of TERI, the Vizag teamdeveloped some unique species of trees which can flourish in acidic and alkaline soils.The same were successfully planted in an area of 5 acre.
Introduction of fortified fertilisers was a key area of focus in 2013-14 and a new NPgrade 24-24-0 fortified with 8% sulphur was produced commercially at Vizag plant usingShell technology. DAP fortified with zinc was produced commercially in Kakinada plant andsingle super phosphate fortified with Boron was produced in Ranipet plant. These fortifiedgrades will help ameliorate the deficiencies of sulphur, zinc and boron in Indian soilsand are an addition to the range of unique products offered by the Company therebyenhancing value addition to the customers.
Overall, the fertiliser business of the company had a good year and maintained focus onworking through inventory overhang, working capital and increasing production throughC-Train.
Crop protection industry globally registered a growth of 9.4 %, to grow from 49.5billion dollars in 2012 to 54.2 billion dollars in 2013. Some of the key factors witnessedin 2013 were strong volume growth in all regional markets and improvement in glyphosateprices. The global weather conditions witnessed during the year were very locationsspecific with US corn and soybean planting season affected by dry weather but had a goodgrowing season while the European regions were affected by excess rainfall. As a result,the crop prices which were relatively high at the beginning of the year moderated over thecourse of the year.
Among the various regions, Latin America contributed largely to this growth with 22.3%growth to reach a turnover of 14.02 billion dollars and insecticide grew strongly as asegment. Asian market was the only region to register a marginal negative growth of 1.8%and with a turnover of 14.4 billion dollars (however in real terms the market grew by3.6%)
Market acceptance and usage of Genetically Modified (GM) crops are becoming an integralpart of the crop protection business. GM seeds market registered a growth of 8.7% to reach20 billion dollars. America and Asia are the key regions witnessing this growth.
Indian Industry benefitted from both growth in volumes and increase in prices thoughexcess rains affected consumption in some states. Herbicides and Fungicides recorded goodgrowth in consumption.
Crop Protection Performance
During the year 2013-14 SBU recorded strong growth over previous years by leveragingits domestic distribution network, scaling up technicals and its direct presence in keyLatin America (LATAM) and Asia Pacific (APAC) markets. In its effort to expand its exportpresence, the SBU has initiated a regional focus approach for its export markets.
Domestic formulations business recorded robust growth through trade and retail chain inall critical markets. To create a new identity and engage farmers in a responsible manner,SBU launched a new umbrella brand "Gromor Suraksha" offering strong valueproposition to farmers.
Formulations business could offer a strong portfolio of products in the domestic marketthrough its captive fungicides technical range and introduction of new molecules throughits co-marketing tie-up with MultiNational Corporations to strengthen its herbicidesrange.
During the year the Company and its subsidiary Sabero achieved various othermilestones:
Manufacturing capacity of key molecules enhanced with improved efficiencies
Consistency in product quality established manufacturing Propineb. The productgained good acceptance globally
Plant reliability and safety improved with reconstruction of certain plants inSarigam to ensure higher capacity and volumes in the coming years
Leveraged existing portfolio of product registrations to scale up volumes acrossgeographies
Increased volumes and presence in Central America through subsidiary in Mexico
Through its increased reach and strong portfolio of products, SBU is set to captureemerging growth in consumption of agro chemicals, in the drive to increase agriculturalproduction in the country.
Specialty Nutrients Division (SND) team was restructured across the country to bringfocus and growth to the business. It was reoriented around Crop based units with theobjective of providing complete nutrition solutions and enhancing the productivity. Thecrop approach has yielded rich dividends in its first year of operations through improvedawareness about total nutrition concept among the farmers and dealers, resulting in highersales, liquidation and consequent collections. The business has grown by 18% registeringhealthy growth in all three product categories- Water Soluble Fertilisers (WSF), SulphurProducts and Micro Nutrients. Coromandel emerged as market leader in Water SolubleFertilisers and Sulphur product segments. During the year, six new products wereintroduced to offer need based crop solutions.
The joint venture with SQM Chile, Coromandel SQM (CSQM), which has been helpingCoromandel through knowledge sharing and new product introduction, has grown in itsoperations significantly during the year. Business aims to build on SQMs soundtechnical crop knowledge to continue its market leadership in WSFs.
Retail showed robust performance in 2013-14 registering an impressive 55% growth in thenon-fertiliser segment. A number of new initiatives and processes were introduced thisyear to facilitate long term growth and stores were positioned as a "Complete FarmingSolution" platform through range expansion in Non-Fertilisers.
Visual merchandizing was introduced in retail centers to improve store presentation andfocus on providing the customer a consistent, high quality presentation of the productofferings. The business leveraged technology to provide cutting edge services throughinitiatives like Gromor Webinar and Gromor Scientist whicheducated the farmers on scientific agricultural practices to improve productivity.
The business commenced the extension of farm credit provided by banks to farmersthrough select retail center. This credit is then used by the farmers to purchase farminputs at the retail center. The business also leveraged IT and improved operationalefficiencies of stores.
Currently Retail operates close to 690 stores in the State of Andhra Pradesh andKarnataka and planning entry into Maharashtra and TamilNadu.
Strengths and opportunities:
Coromandel produces DAP & Complex fertilisers from three manufacturing locations Vishakapatnam, Kakinada and Ennore that are all strategically located toserve key markets of Andhra Pradesh, Karnataka, Tamil Nadu and Maharashtra. With themerger of Liberty Phosphate, the Company has expanded its geographical presence toNorthern and Western markets. The Companys brands Gromor and Godavari are all wellestablished. The brand equity enjoyed by these brands in combination with the proximity ofthe manufacturing locations to key markets is one of the key strengths enjoyed byCoromandel.
Over a period of time the Company has been expanding the capacities and the plants arecapable of producing different grades of complex fertilisers including urea based gradesat all locations. The Company has also created adequate infrastructure facilities andstorage facilities commensurate to the production capacities which help in managingvolatility in raw material prices and ensuring uninterrupted production. Productionfacilities for intermediates like phosphoric acid and sulphuric acid in Vizag and Ennorehelp in capturing value addition in own manufacture and derisk the business. Each unitalso has flexibility in processing of different types of raw materials like rock andphosphoric acid irrespective of the countries of origin and maintaining their efficienciesof operations. Captive power source and stake in Andhra Pradesh Gas Power CorporationLimited (APGPCL) helps in keeping the conversion cost under control and efficiencies atpar with best in the Industry. The Company has established key strategic tie-ups for rawmaterials and this ensure sustained availability of materials to operate the plant atoptimal levels of production.
The Company augments its strong presence in fertilisers with offerings in theAgri-Chemicals (pesticides, fungicides and herbicides), Specialty Nutrients and Organicsegments. This complete basket of offerings to the farming community allows Coromandel toaddress all the needs of its customer base and offer holistic solutions. As part of itscontinuing efforts to provide holistic solutions, Coromandel undertakes farmdemonstrations using its products while highlighting scientifically proven agriculturalpractices and conducts soil tests to identify deficiencies and provides tailored advice tothe farming community. The company is also conducting pilot trials for providing farmmechanization services to the farmers and improve agricultural productivity. Thiscombination of a complete basket of products and dissemination of scientifically proventechniques enables Coromandel to build loyalty with farmers.
The vast product offerings of the Companys SND business Primary, Secondaryand Micro nutrients based around crop and soil requirements fulfil complete cropnutrition needs. The business will continue to develop the crop solutions through aknowledge driven approach. With higher price realization on horticulture crops, thesegment will be the next big opportunity. Aggressive support by State governments for dripirrigation programs makes the WSF segment a high growth proposition. Catering to cropneeds through customized solutions will be the driver for the next level of growth.
The Company operates Mana Gromor and Namma Gromor retail centers in Andhra Pradesh andKarnataka, respectively, through which it markets its products directly to the farmers.These Retail centers have become the face of the Company in rural locations and allow forfirst-hand information exchange communication with the farming community. In its 5th yearof operation in the Andhra Pradesh, the Mana Gromor Brand Equity has grown to 5.6 which isconsidered a Very Strong brand.
The Fertiliser Technology Centre at Visakhapatnam has strengths in process and productdevelopment. The company will broaden the scope of Fertilisers R&D to includeagronomic evaluation of products in order to integrate product and process developmentwith performance evaluation and thereby provide validated solutions for improving PlantNutrition and Soil Health.
Having weathered the headwinds from multiple directions in 2012-13 forex, highprices, imports, high channel inventories and a failed monsoon Coromandel has madesignificant strides in 2013-14 to position the business for long-term growth. The Companywill continue to focus on maintaining cost leadership in the industry and will focus onfurther reducing costs. With the commissioning and stabilization of C-Train, the Companyhas positioned itself to be the leading Phosphatic fertiliser player in the country. Inaddition, the Company has improved its manufacturing facilities at Visakhapatnam andEnnore to ensure sustainable operations for the long-term. Besides this, the company islooking forward towards attaining self-sufficiency of Visakhapatnam unit in terms ofphosphoric acid requirements. With this we will be able to meet the requirements ofmanufacturing higher volumes and maintain our cost leadership. We are confident that themanufacturing base of the Company has been positioned to be capable of meeting the needsof the phosphatic fertiliser sector.
The business will continue to strengthen itself as a Complex fertiliser player byoffering region specific value added solutions to the farmer and pursue fortifiedfertilisers (B, ZN, S) to address soil deficiencies. With the acquisition of LPL and LUL,Coromandel has positioned itself to cater to a different customer base in a geographywhere Coromandel brands have relatively low presence. The company will leverage marketingsynergies across both businesses to maximize sales of SSP and Complex fertilisers.
In 2014-15 the company will commercialize the technologies developed in 2013-14 forseveral specialty products water solubles, sulphur and mirconutrients. The companywill also develop fortification technology for enhancing the performance of existingfertiliser grades through incorporation of proprietary additives. In the area of Agronomicresearch, the company will conduct extensive trials with the objective of mapping productsto different soil/crop combinations.
In the current business environment, the Company will maintain strong focus on workingcapital levels to reduce interest costs and unlock cash from trade channels. Finally, theCompany will continue to actively manage foreign exchange exposure and continuallyoptimize positions to reduce downside risk to the business.
Growing demand for food grains to feed a larger population, food security legislation,limited land and water resources are all factors which will be key drivers of futuregrowth for agri-input and crop protection products. With the depreciation of currency andincreasing global demand for generics, Indian Industry is expected to benefit from growthin exports of agrochemicals significantly in coming years. In order to address the growingneed, the Company will focus on specialities and scale up formulation sales based oncaptive technicals including additional range being manufactured by Sabero. The Company isalso actively expanding its global footprint by leveraging Sabero and will continue toincrease its presence in Latin America, Africa and South East Asia. In addition, theCompany will continue to maintain a global focus and increase its reach by increasing itsportfolio of global registrations. The company will also increase its strengths in R&Dby pursuing the establishment of a product synthesis center with capability to developcombination products.
The SND business will leverage its knowledge driven crop approach to capture theemerging markets across the country. The team will focus on providing complete nutritionsolutions in high potential crop clusters by addressing customer needs and requirements.Customized crop products to farmers and dealers will be the key drivers for growth in theperiod ahead. Crop Knowledge will form core of this approach which will be acquiredthrough tie ups.
Retail focus in 2014-15 will be on offering significantly superior customer valueproposition compared to general trade and improved execution. Coromandel Retail has beensteadily gaining customer trust by offering complete farming solution including highquality products at fair prices. Market Research initiatives like setup of Farmer Panelsand Continuous Feedback Systems will be used to understand latest trends and developmentsin farming and tapping lateral needs of farmers. Market Research information will beleveraged to design customer loyalty programs and reward systems. Number of storesextending Farm credit service will be scaled up.
Extensive CRM systems will be introduced at store level to track Store team reach andeffective implementation of customer service. Information Technology (IT) enabledtechnical advisory services will be provided to enhance the stores technicalstrength. Focus on Gromor Webinar and Gromor Scientist andconducting precision farming demos will continue. All customer initiatives will be alignedto increase farmers Return on Investment.
Risk Management at Coromandel is an integral part of our business model, focusing tomitigate adverse impact of risks on our business objectives and enable the Company toleverage market opportunities effectively.
With the implementation of additional supporting infrastructure elements, the companyis in the process of implementing Comprehensive Enterprise Risk Management, which willcover full spectrum approach to Risk Management across the enterprise. This will result inmovement along the Capability Maturity continuum from Comprehensive to Integrated toStrategic levels.
Risk Management Framework
Risk Management Structure
The Risk Management structure at Coromandel spans across different levels which formthe various lines of defense in risk mitigation. Coromandel has a Risk ManagementCommittee, comprising of an independent director, who chairs the committee meetings, andthe Managing Director. The committee members along with the senior executives and BusinessHeads of the Company carry out regular review of risk management practices.
The risks associated with our business are broadly classified into six majorcategories.
Environmental Risk: due to adverse effects on living organisms andenvironment by effluents, emissions, wastes etc., arising due to our organization
|04-Mar-15||Cormandel Intl gains 2% on block deal|
|27-Jan-15||Budget will have some good news for domestic industry: Coromandel Intl|
|23-Jan-15||Coromandel International net profit at Rs.121 crore|
|07-Jan-15||Coromandel Intl stock ends flat|
|01-Jan-15||Scheme of Amalgamation of Sabero Organics Gujarat with Coromandel|
|04-Dec-14||Coromandel International stock up 2%|
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A Vellayan , Chairman
B V R Mohan Reddy , Director
M M Venkatachalam , Director
V Ravichandran , Vice Chairman
Company Head Office / Quarters:
1-2-10 Sardar Patel Road,
Phone : Andhra Pradesh-91-40-27842034/27847212 / Andhra Pradesh-
Fax : Andhra Pradesh-91-40-27844117 / Andhra Pradesh-
E-mail : email@example.com
Web : http://www.coromandel.biz
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