Coromandel International Limited, a fertilizer, crop protection chemicals and specialty nutrients company, has posted a net profit of ₹209 crore in the fourth quarter ended March 31, 2024, against ₹262 crore in the comparable quarter last year, showing a decline of 20 per cent.
During the quarter, the company registered a total income of ₹4,027 crore as against ₹5,519 crore in the comparable quarter last year, a decline of 27 per cent.
₹6 dividend
The board has recommended a final dividend of ₹6 per share for the financial year 2023-24.
For the full year, the company posted a net profit of ₹1,719 crore (₹2,035 crore), a decline of 16 per cent. The total income for the year fell by 25 per cent at ₹22,308 crore (₹29,784 crore).
Following the retirement of A Vellayan, the board has decided to make Arun Alagappan, the current Vice-Chairman, as the Executive Chairman of the company. Vellayan has been appointed as the Chairman Emeritus.
Arun Alagappan, Executive Chairman of Coromandel International, attributed the decline in revenue and profits to the challenging business environment. “Sub-normal monsoons and lower reservoir levels in Coromandel’s key operating markets impacted the agri-inputs consumption. Further, the sharp corrections in subsidy rates in the second half of the year coupled with global headwinds in crop protection resulted in margin pressure,” he said.
He said that despite the challenging conditions, the company adapted itself well to register “a satisfactory performance”. “Our fertilizer plants operated at higher capacity at 95 per cent levels and improved its backward integration capabilities. The crop protection vertical registered a strong 20 per cent volume growth across the international and domestic markets. We are planning to introduce new molecules through captive and in-licensing arrangements,” he said.