Coromandel International reports steady Q1 growth amid business challenges

Coromandel International Limited, a prominent agri-solutions provider in India, has released its financial results for the quarter ending on 30th June 2023. The company, which operates in the business of Fertilisers, Crop Protection Chemicals, Bio products, Specialty Nutrients, Organic Fertilizer, and Retail, showed a slight decrease of 1% in total income compared to the previous year, with a reported income of Rs. 5,740 Cr. However, EBITDA for Q1 demonstrated a growth of 4% from last year, standing at Rs. 710 Cr, and PAT also showed an increase of 2%, at Rs. 505 Cr.

The nutrient and allied business of the company reported a year-on-year growth of 2%, with the revenue for the quarter ending June 2023 at Rs. 5,192 Cr, up from Rs. 5,111 Cr the previous year. The profit before interest and tax for the quarter was Rs. 672 Cr compared to Rs. 602 Cr for the quarter ending June 2022.

Meanwhile, the crop protection business reported a dip in revenue from Rs. 654 Cr for the quarter ending June 2022 to Rs. 556 Cr for the quarter ending June 2023. The profit before interest and tax for the quarter was Rs. 55 Cr compared to Rs. 85 Cr the previous year.

Coromandel’s consolidated total income for the quarter ending June 2023 stood at Rs. 5,738 Cr, a slight dip from Rs. 5,783 Cr for the quarter ending June 2022. The profit after tax for the quarter was at Rs. 494 Cr as compared to Rs. 499 Cr for the quarter ending June 2022.

Arun Alagappan, Executive Vice Chairman, Coromandel International Ltd., expressed his satisfaction with the company’s Q1 performance, which he described as “steady” despite the challenging business environment.