Fertiliser firm Coromandel International on Monday said it made a net profit of Rs 290 crore in the fourth quarter of financial year 2022-23 (Q4 FY23), rising 18 per cent from Rs 246 crore in Q4 FY22.
Total income in Q4 FY23 was Rs 5,523 crore, up 28 per cent compared to Rs 4,304 crore in Q4 FY22. The company’s net profit in FY23 was Rs 2013 crore, compared to Rs 1,528 crore in FY22. Total income increased to Rs 29,799 crore in FY23 compared to Rs 19,255 crore in FY22.
“During the financial year 2022-23, Coromandel delivered a robust performance, registering strong growth in turnover and profitability with its diversified portfolio of nutrients, crop protection, bio products and retail business,” said Arun Alagappan, executive vice chairman of the company.
Coromandel, in FY23, strengthened its nutrients business by acquiring a 45 per cent stake in a rock phosphate mining company in Senegal. Major capital expenditure projects, like sulphuric acid and desalination plants, are progressing as per schedule.
For the crop protection business, the company started manufacturing from a newly commissioned multi-purpose plant at Ankleshwar. It plans to bolster its manufacturing capabilities via greenfield expansion. "The company intends to leverage its technical expertise, manufacturing infrastructure and capabilities to foray into adjacencies like CDMO domain and specialty chemicals,” said Alagappan, referring to contract development and manufacturing organisation.
Revenue from nutrient and allied business in Q4 FY23 was at Rs 4,881 crore compared to Rs 3,683 crore for the quarter ended March 2022 and registering a growth of 33 per cent. Profit before interest and tax in Q4 FY23 was Rs 339 crore versus Rs 222 crore for the quarter ended March 2022. Revenue for FY23 grew 63 per cent to Rs 27,162 crore versus Rs 16,714 crore in previous year. Profit before interest and tax for FY23 was Rs 2,594 crore as against Rs. 1,671 crore in previous year.
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Revenue in Q4 FY23 was Rs 610 crore compared to Rs 547 crore for the quarter ended March 2022 and registering a growth of 12 per cent. Profit before interest and tax for the quarter was Rs 89 crore versus Rs 68 crore for the quarter ended March 2022.
Revenue in FY23 grew 5 per cent at Rs 2,617 crore versus Rs 2,488 crore in FY22. Profit before interest and tax for FY23 was Rs 358 crore compared to Rs 357 crore in the previous year.