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.