Coromandel International, a manufacturer of fertilisers, crop protection and other agri inputs, has posted a lower net profit of ₹156 crore in the fourth quarter ended March 31, 2021, against ₹234 crore in the comparable quarter last year.
The Murugappa group company reported a consolidated total income of ₹2,872 crore (₹2,881 crore).
For the full year, however, the company reported a higher consolidated net profit of ₹1,329 crore against ₹1,065 crore in the previous year. It reported a consolidated total income of ₹14,257 crore (₹13,177 crore).
Sameer Goel, Managing Director of Coromandel International Limited, has said that 2020-21 was a ‘black swan event’ (unpredictable), with businesses across the world and in India getting disrupted due to the Covid pandemic.
“We delivered an all-round performance by adopting digital marketing to reach out to the farming community and improving its operational efficiencies through backward integration,” he said.
“Working capital of the company improved significantly with record market collections and higher subsidy receipt from the Government,” he said.
The phosphatic fertiliser business achieved its highest ever primary sales volumes of 33.5 lakh tonnes, registering a growth of 7 per cent over the prior year.
Farm-level consumption, reflected through the point of sales data, increased by 18 per cent to 37.2 lakh tonnes. Single Super Phosphate (SSP) business sustained its leadership position growing its sales volumes by 17 per cent.
Outlook for 2021-22
Thanks to the various initiatives taken by the Central and State governments and the favourable monsoon season, India registered a second successive year of record production, he felt.
With good reservoir levels and a forecast of a normal monsoon, the company expects that the Indian agriculture would continue to grow in the upcoming Kharif season.
“While the raw material prices have been hardening in the last few months, the company will focus on further improving its operational efficiencies, introducing new products and continue to support the farmers in improving its crop productivity and bringing farm prosperity,” he said.