Coromandel International

3 Nov 2022 , 09:57 PM

Coromandel International consolidated net sales increased 64.51% to Rs 10113.39 crore in Q2FY23 compared to Q2FY22.  Sales of Nutrient and Other Allied Business segment has gone up 72.70% to Rs 9,461.20 crore (accounting for 93.05% of total sales).  Sales of Crop Protection segment has gone up 0.77% to Rs 706.84 crore (accounting for 6.95% of total sales).  Inter-segment sales rose Rs 32.30 crore to Rs 54.65 crore.  Profit before interest, tax and other unallocable items (PBIT) has jumped 44.93% to Rs 1,060.58 crore.  PBIT of Nutrient and Other Allied Business segment rose 56.07% to Rs 955.25 crore (accounting for 90.07% of total PBIT).  PBIT of Crop Protection segment fell 12.05% to Rs 105.33 crore (accounting for 9.93% of total PBIT).  PBIT margin of Nutrient and Other Allied Business segment fell from 11.17% to 10.10%.  PBIT margin of Crop Protection segment fell from 17.07% to 14.90%.  Overall PBIT margin fell from 11.84% to 10.43%.  Operating profit margin has declined from 12.09% to 10.45%, leading to 42.22% rise in operating profit to Rs 1,056.98 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 58.94% to 62.66%.   Purchase of finished goods cost rose from 16.83% to 17.43%.   Employee cost decreased from 2.26% to 1.80%.   Other expenses fell from 9.58% to 6.95%.   Selling and administration expenses fell from 5.06% to 3.24%.   Other income rose 64.86% to Rs 31.11 crore.  PBIDT rose 42.78% to Rs 1088.09 crore.  Provision for interest rose 182.69% to Rs 54.22 crore.    PBDT rose 39.16% to Rs 1033.87 crore.  Provision for depreciation rose 8.57% to Rs 45.74 crore.  Profit before tax grew 41% to Rs 988.13 crore.  Share of profit/loss was 30.23% higher at Rs 0.56 crore.  Provision for tax was expense of Rs 248.13 crore, compared to Rs 181.9 crore.  Effective tax rate was 25.10% compared to 25.94%. Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 42.60% to Rs 740.56 crore. Equity capital increased from Rs 29.34 crore as of 30 September 2021 to Rs 29.38 crore as of 30 September 2022.  Per share face Value remained same at Rs 1.00.  Promoters stake was 57.44% as of 30 September 2022 ,compared to 57.54% as of 30 September 2021 .  Promoters pledged stake was 0.04% as of 30 September 2022 ,compared to 0.01% as of 30 September 2021.  Commenting on the financial results, Mr. Sameer Goel, Managing Director, Coromandel International  Ltd. Coromandel delivered a robust growth in revenue during the quarter, primarily led by high subsidy and  MRP in the Nutrients business and volume led growth in others. The agricultural environment remained  favourable in most of the key operating markets with above average monsoon, normal crop sowing  coupled with favourable policies from the Government. Smart sourcing ensured timely availability of key raw materials and the plants operated at higher  capacity and improved efficiencies. Major infrastructure projects for capacity expansion and backward  integration as part of Atmanirbhar Bharat initiative are progressing as per schedule. The Company has opened 54 Pradhan Mantri Kisan Samruddhi Kendra (PMKSK) in the key agriculture districts in six States to drive balanced nutritional practises and help the farmers to increase their productivity. This will supplement our direct reach with the farming community in addition to our 750 retail outlets. During the quarter, Company launched liquid fertiliser Acumist Calcium, a Speciality Nutrient product.  The 4 new products launched in Crop Protection business in Q1 have received encouraging response from the market. During the year, the Crop Protection business has received 5 patent registrations for novel combinations developed by our R&D team. The Company continues to work on a promising product pipeline and has plans for further launches in upcoming period. The company has invested in Daksha, a Drone manufacturing company and has successfully done pilot trials at the farmers fields for our Nutrients and Crop Protection products. With timely onset of North-East Monsoon, higher reservoir levels, residual soil moisture and softening  commodity prices, we expect a favourable business environment in the upcoming Rabi season. As a  leading Agri solutions provider, we will continue to drive farm productivity and bring prosperity to the  farming community?. For year-to-date (YTD) results analysis Net sales (including other operating income) of Coromandel International has increased 61.47% to Rs 15842.49 crore.  Sales of Nutrient and Other Allied Business segment has gone up 70.45% to Rs 14,571.74 crore (accounting for 91.42% of total sales).  Sales of Crop Protection segment has gone up 2.60% to Rs 1,367.57 crore (accounting for 8.58% of total sales).  Inter-segment sales rose Rs 70.34 crore to Rs 96.82 crore.  Profit before interest, tax and other unallocable items (PBIT) has jumped 44.25% to Rs 1,749.52 crore.  PBIT of Nutrient and Other Allied Business segment rose 54.09% to Rs 1,557.48 crore (accounting for 89.02% of total PBIT).  PBIT of Crop Protection segment fell 4.96% to Rs 192.04 crore (accounting for 10.98% of total PBIT).  PBIT margin of Nutrient and Other Allied Business segment fell from 11.82% to 10.69%.  PBIT margin of Crop Protection segment fell from 15.16% to 14.04%.  Overall PBIT margin fell from 12.27% to 10.98%.  Operating profit margin has declined from 12.50% to 11%, leading to 42.09% rise in operating profit to Rs 1,742.36 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 57.93% to 63.82%.   Purchase of finished goods cost rose from 15.56% to 16.37%.   Employee cost decreased from 2.87% to 1.96%.   Other expenses fell from 11.03% to 7.39%.   Selling and administration expenses fell from 5.66% to 3.32%.   Other income rose 108.47% to Rs 84.68 crore.  PBIDT rose 44.21% to Rs 1827.04 crore.  Provision for interest rose 122.72% to Rs 80.78 crore.    PBDT rose 41.90% to Rs 1746.26 crore.  Provision for depreciation rose 7.02% to Rs 90.3 crore.  Fixed assets increased to Rs 2,313.88 crore as of 30 September 2022 from Rs 2,108.69 crore as of 30 September 2021.  Intangible assets declined from Rs 23.54 crore to Rs 0.32 crore.  Profit before tax grew 44.47% to Rs 1,655.96 crore.  Share of profit/loss was 33.86% lower at Rs 2.09 crore.  Provision for tax was expense of Rs 418.41 crore, compared to Rs 292.32 crore.  Effective tax rate was 25.24% compared to 25.43%. Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 44.63% to Rs 1,239.64 crore.  Equity capital increased from Rs 29.34 crore as of 30 September 2021 to Rs 29.38 crore as of 30 September 2022.  Per share face Value remained same at Rs 1.00.  Promoters stake was 57.44% as of 30 September 2022 ,compared to 57.54% as of 30 September 2021 .  Promoters pledged stake was 0.04% as of 30 September 2022 ,compared to 0.01% as of 30 September 2021 .  Full year results analysis Net sales of Coromandel International have increased 34.75% to Rs 19110.85 crore.  Sales of Nutrient and Other Allied Business segment has gone up 37.00% to Rs 16,714.23 crore (accounting for 86.94% of total sales).  Sales of Crop Protection segment has gone up 20.47% to Rs 2,510.54 crore (accounting for 13.06% of total sales).  Inter-segment sales rose Rs 102.23 crore to Rs 113.92 crore. Operating profit margin has declined from 13.99% to 11.25%, leading to 8.35% rise in operating profit to Rs 2,149.86 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 51.16% to 61.88%.   Purchase of finished goods cost fell from 15.90% to 12.66%.   Employee cost decreased from 3.95% to 3.05%.   Other expenses fell from 14.45% to 11.22%.   Selling and administration expenses fell from 6.54% to 5.37%.   Other income rose 92.21% to Rs 144.27 crore.  PBIDT rose 11.40% to Rs 2294.13 crore.  Provision for interest fell 28.58% to Rs 75.47 crore.  Loan funds rose to Rs 394.96 crore as of 31 March 2022 from Rs 384.95 crore as of 31 March 2021.  Inventories rose to Rs 3,663.23 crore as of 31 March 2022 from Rs 2,600.88 crore as of 31 March 2021.  Sundry debtors were lower at Rs 264.87 crore as of 31 March 2022 compared to Rs 554.42 crore as of 31 March 2021.  Cash and bank balance rose to Rs 1,753.28 crore as of 31 March 2022 from Rs 722.09 crore as of 31 March 2021.  Investments rose to Rs 243.46 crore as of 31 March 2022 from Rs 213.79 crore as of 31 March 2021 .  PBDT rose 13.57% to Rs 2218.66 crore.  Provision for depreciation fell 0.25% to Rs 172.65 crore.  Fixed assets increased to Rs 2,232.45 crore as of 31 March 2022 from Rs 2,104.90 crore as of 31 March 2021.  Intangible assets stood at Rs 0.32 crore.  Profit before interest, tax and other unallocable items (PBIT) has jumped 7.04% to Rs 2,141.20 crore.  PBIT of Nutrient and Other Allied Business segment rose 7.21% to Rs 1,772.83 crore (accounting for 82.80% of total PBIT).  PBIT of Crop Protection segment rose 6.22% to Rs 368.37 crore (accounting for 17.20% of total PBIT).   PBIT margin of Nutrient and Other Allied Business segment fell from 13.55% to 10.61%.  PBIT margin of Crop Protection segment fell from 16.64% to 14.67%.  Overall PBIT margin fell from 14.00% to 11.14%. Profit before tax grew 14.91% to Rs 2,046.01 crore.  Share of profit/loss was 30.74% lower at Rs 3.74 crore.  Provision for tax was expense of Rs 521.29 crore, compared to Rs 456.8 crore.  Effective tax rate was 25.43% compared to 25.58%. Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 15% to Rs 1,528.46 crore.  Equity capital increased from Rs 29.34 crore as of 31 March 2021 to Rs 29.35 crore as of 31 March 2022.  Per share face Value remained same at Rs 1.00.  Promoters stake was 57.53% as of 31 March 2022 ,compared to 57.56% as of 31 March 2021 .  Promoters pledged stake was 0.04% as of 31 March 2022 compared to 0.01% as of 31 March 2021.  The scrip is currently trading at Rs 981

Coromandel International : Consolidated Results
Particulars	2209 (03)	2109 (03)	Var.(%)	2209 (06)	2109 (06)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	10,113.39	6,147.53	65	15,842.49	9,811.40	61	19,110.85	14,181.95	35
OPM (%)	10.45	12.09		11.00	12.5		11.25	13.99
OP	1,056.98	743.22	42	1,742.36	1,226.28	42	2,149.86	1,984.24	8
Other Inc.	31.11	18.87	65	84.68	40.62	108	144.27	75.06	92
PBIDT	1,088.09	762.09	43	1,827.04	1,266.90	44	2,294.13	2,059.30	11
Interest	54.22	19.18	183	80.78	36.27	123	75.47	105.67	-29
PBDT	1,033.87	742.91	39	1,746.26	1,230.63	42	2,218.66	1,953.63	14
Depreciation	45.74	42.13	9	90.3	84.38	7	172.65	173.08	0
PBT	988.13	700.78	41	1655.96	1146.25	44	2046.01	1780.55	15
Share of Profit/(Loss) from Associates	0.56	0.43	30	2.09	3.16	-34	3.74	5.4	-31
PBT before EO	988.69	701.21	41	1658.05	1149.41	44	2049.75	1785.95	15
EO Income	0	0	–	0	0	–	0	0	–
PBT after EO	988.69	701.21	41	1658.05	1149.41	44	2049.75	1785.95	15
Taxation	248.13	181.9	36	418.41	292.32	43	521.29	456.8	14
PAT	740.56	519.31	43	1239.64	857.09	45	1528.46	1329.15	15
Minority Interest (MI)	0	0	–	0	0	–	0	0	–
Net profit	740.56	519.31	43	1239.64	857.09	45	1528.46	1329.15	15
EPS (Rs)*							52.02	45.23
Notes
* EPS is on current equity of Rs 29.38 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)	2209 (03)	2109 (03)	Var.(%)	% of (Total)	2209 (06)	2109 (06)	Var.(%)	% of (Total)	2203 (12)	2103 (12)	Var.(%)
Sales
Nutrient and Other Allied Business	93	9,461.20	5,478.36	73	91	14,571.74	8,548.82	70	87	16,714.23	12,200.31	37
Crop Protection	7	706.84	701.47	1	9	1,367.57	1,332.92	3	13	2,510.54	2,083.87	20
Total Reported Sales	100	10,168.04	6,179.83	65	100	15,939.31	9,881.74	61	100	19,224.77	14,284.18	35
Less: Inter segment revenues		54.65	32.3	69		96.82	70.34	38		113.92	102.23	11
Net Sales		10,113.39	6,147.53	65		15,842.49	9,811.40	61		19,110.85	14,181.95	35
PBIT
Nutrient and Other Allied Business	90	955.25	612.05	56	89	1,557.48	1,010.73	54	83	1,772.83	1,653.65	7
Crop Protection	10	105.33	119.76	-12	11	192.04	202.07	-5	17	368.37	346.81	6
Total PBIT	100	1,060.58	731.81	45	100	1,749.52	1,212.80	44	100	2,141.20	2,000.46	7
Less : Interest		54.22	19.18	183		80.78	36.27	123		75.47	105.67	-29
Add: Other un-allcoable		-17.67	-11.42	-55		-10.69	-27.12	61		-15.98	-108.84	85
PBT		988.69	701.21	41		1,658.05	1,149.41	44		2,049.75	1,785.95	15

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