Coromandel International FY 2023-24 total income declines to Rs 22,290cr

Coromandel International Limited, India’s leading provider of agricultural solutions including fertilizers, crop protection chemicals, and bio-products, has announced its financial results for the fiscal year ending March 31, 2024. The company experienced a decline in performance compared to the previous fiscal year, with total income for FY 2023-24 at ₹22,290 Cr, down from ₹29,799 Cr, marking a decrease of approximately 25%. The profit after tax (PAT) also fell to ₹1,641 Cr from ₹2,013 Cr.

For the fourth quarter of the fiscal year, Coromandel posted a total income of ₹3,996 Cr, a decrease from ₹5,523 Cr in the corresponding quarter of the previous year. The quarterly PAT stood at ₹164 Cr, compared to ₹246 Cr in the previous year’s quarter. The company noted declines across both its nutrient and allied business as well as its crop protection business, attributing the downturn to challenging market conditions, including subnormal monsoons and adjustments in subsidy rates.

In addition to its financial results, Coromandel International has made significant strides in expanding its operations and enhancing its product offerings. The company has focused on increasing the capacity utilization of its fertilizer plants, achieving a 95% operational level. It also reported strong growth in its crop protection sector and expanded its retail presence. Furthermore, Coromandel is diversifying into specialty chemicals and scaling up its drone spraying services, covering over 25,000 acres during the year.

The company announced several key leadership changes. Mr. A Vellayan retired as Chairman and Non-Executive Director, with Mr. Arun Alagappan taking over as Executive Chairman. The company has appointed Mr. Vellayan as Chairman Emeritus in recognition of his contributions. Additionally, Mr. M M Venkatachalam has retired from his position as Non-Executive Director.

Despite the financial downturn, Coromandel International is positioned to rebound with the forecast of an above-normal monsoon and favorable market adjustments. The company’s strategic initiatives, including diversification and technological investments, are expected to bolster its market position and enhance shareholder value in the upcoming fiscal year.