Coromandel International records 2-fold rise in Q4 PAT to Rs234cr; stock gain 8%

Sentiments were driven due to strong March 2020 (Q4FY20) quarterly result posted by the company.

May 27, 2020 12:05 IST India Infoline News Service

Coromandel International
The fertilizer company, Coromandel International, found favour in the eyes of investors as they had bullish sentiments on the stock price during Wednesday's trading session. Investors were upbeat to an extent that its stock gained by nearly 8% on Sensex with an intraday high of Rs699.90 per piece.

Sentiments were driven due to strong March 2020 (Q4FY20) quarterly result posted by the company.

In Q4, consolidated net profit increased by 112% to Rs234cr compared to Rs110cr  for the corresponding quarter last year.

Meanwhile, consolidated total income from operations stood at Rs2,881cr up by 9% for the period against Rs2,647cr of Q4FY19.

EBITDA also rose by 51% to Rs391cr during the quarter versus Rs259cr a year ago same period.

Sameer Goel - Managing Director, Coromandel International Limited, said, "Coromandel had a strong performance in FY 19-20, driven by Nutrient and allied businesses and a good recovery in the crop protection business. The company continued its focus on offering superior farm solutions, introducing new generation products, improving cost & operational efficiencies through backward integration, smart sourcing and managing its working capital. The performance was further supported by external factors like the above-normal monsoon, good reservoir levels which resulted in improved sowing and Agri input consumption in the Company's key markets."

For FY20, Coromandel's consolidated profit was at Rs1065cr up by 48% yoy. While total income was at Rs13,177cr slightly lower from Rs13,262cr of FY19.

Goel said Phosphatic fertiliser sales volumes for the year increased by 4% to 31.4 lakh tons, driven by our own
manufactured products. Consumption as reflected through the point of sales from retailers to the farmers, increased by 12% to 31.6 lakh tons.

He further highlighted that crop Protection Business registered a growth of 11% in H2 of FY19-20 after soft H1 impacted by lower
production from its Sarigam facility.

At around 12.32 pm, Coromandel stock was trading at Rs663.60  per piece up by 2.08% on Sensex. The stock opened at Rs682.10 per piece higher compared to Rs650.05 per piece of the previous closing.

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