Highlights – Standalone Results:

For the Quarter

• Total Income in Q3 was at Rs. 5,510 Cr vs Rs. 8,350 Cr over the previous year, registering a de-growth of 34%
• EBITDA for Q3 was Rs. 358 Cr vs Rs. 781 Cr in Q3 of the previous year, registering a de-growth of 54%
• PAT for Q3 was Rs. 243 Cr vs Rs. 539 Cr in Q3 of the previous year, registering a de-growth of 55%

For the nine months period

• Total Income for nine months ended 31^st Dec 2023 was at Rs. 18,281 Cr vs Rs. 24,265 Cr over the previous year, registering a de-growth of 25%
• EBITDA was Rs. 2,132 Cr vs Rs. 2,519 Cr in the previous year, registering a de-growth of 15%
• PAT was Rs. 1,510 Cr vs Rs. 1,773 Cr in the previous year, registering a de-growth of 15%

Review of Businesses

Nutrient and Allied Business: The Revenue for the quarter ended December 2023 was at Rs. 4,892 Cr as against Rs. 7,710 Cr during  Q3 of FY2023. Profit before interest and tax for the quarter was Rs. 257 Cr vs Rs. 697 Cr for the quarter ended December 2022.

The Revenue for the nine months ended 31^st Dec 2023 was at Rs. 16,391 Cr compared with Rs. 22,281 Cr in the corresponding period of the previous year. Profit before interest and tax for the nine months was Rs. 1,928 Cr vs Rs. 2,255 Cr in the corresponding period of the previous year.

Crop Protection Business: The Revenue for the quarter ended December 2023 was at Rs. 612 Cr as against Rs. 651 Cr for the quarter ended December 2022. Profit before interest and tax for the quarter was Rs. 82 Cr vs Rs. 81 Cr for the quarter ended December 2022.

The Revenue for the nine months ended 31^st Dec 2023 was at Rs. 1,890 Cr compared with Rs. 2,007 Cr in the corresponding period of the previous year. Profit before interest and tax for the nine months was Rs. 225 Cr vs Rs. 269 Cr in the corresponding period of the previous year.

Consolidated Results: Coromandel’s total income for the quarter ended December 2023 was at Rs. 5,523 Cr vs. Rs. 8,349 Cr for the quarter ended December 2022. The profit after tax for the quarter was at Rs. 228 Cr as against Rs. 527 Cr for the quarter ended December 2022.

Coromandel’s total income for the nine months ended 31^st Dec 2023 was at Rs. 18,294 Cr vs. Rs. 24,276 Cr in the corresponding period of the previous year. The profit after tax for the nine months was at Rs. 1,477 Cr as against Rs. 1,766 Cr in the corresponding period of the previous year.

Commenting on the quarterly results, Arun Alagappan, Executive Vice Chairman, Coromandel International Limited said: “Agri inputs industry experienced a challenging quarter with external headwinds such as below normal monsoons and lower crop sowings. The NBS rates for the Rabi season underwent a steep downward revision which coupled with the rising raw material prices further impacted the industry’s performance. Overall, the phosphatic industry’s primary sales witnessed a degrowth in volumes by 17% during the quarter. Despite the challenges, Coromandel’s Nutrient and Allied businesses improved their market share during the quarter amidst the decline in sales volumes. The Crop Protection business of the company reported a healthy volume growth of 21%, improving its performance in exports and domestic markets. Coromandel has also continued its engagement with the CDMO opportunities and has initiated marketing of Specialty Chemicals products from its existing manufacturing facilities.

While the short-term business environment remains challenging, Coromandel will continue to invest in value creation opportunities through efficiency improvement programs, and horizontal and vertical expansions. Towards this, the Board in its meeting held today approved the company’s plan to expand its backward integration capabilities by setting up Phosphoric and Sulphuric acid plants at its Kakinada Fertiliser unit, subject to receiving regulatory approvals.  This will further improve the company’s cost efficiencies, the raw material security and can contribute towards the Government’s vision of an Atma Nirbhar Bharat.

Coromandel is also actively promoting the usage of drones in agriculture through its ‘Gromor Drive’ program and through its retail chain. In addition, the company’s subsidiary Dhaksha, a differentiated drone start-up, has built a strong order book from the Defence, Agriculture & Enterprise customers and is ramping up its production capacity during the current year.”

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However, the company’s EBITDA stood at Rs 119.90 Cr for Q3FY24, up 30.51% compared to the EBITDA of Rs 91.87 Cr for Q3FY23. The PAT increased by 23.78% to Rs 89.21 Cr in Q3FY24 against Rs 72.07 Cr in Q3FY23. The company’s total income from operations was Rs 3,082.01 Cr for 9MFY24, down 5.34% against Rs 3,255.99 Cr in 9MFY23. The volume in Pipes & Fittings segment grew 6.69% to 2,36,406 MT in 9MFY24 against 2,21,574 MT in 9MFY23.

Commenting on the quarterly results, Prakash P. Chhabria, Executive Chairman, Finolex Industries Limited said, “FY23 had seen a huge pent-up agri-pipes and fittings demand, leading to the highest ever pipes and fittings sale in the country. Despite the previous year’s high base, our business is witnessing strong volume growth, especially in the plumbing and sanitation products. PVC prices are expected to be range-bound, and hence, consumption-led demand is expected to remain sturdy in both the rural and the urban segments.“

Finolex Industries Limited is India’s most trusted PVC pipes and fittings manufacturer. The company has impacted the sanitation-plumbing and agricultural sectors with prudent investments across its value chain. The company takes great pride in its dependable quality that has not only earned it ISO 9001:2015 certifications across plants but also earned it the sincere affection of farmers, plumbers, homeowners, partners, associates, and shareholders.

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