Coromandel Q4FY23 PAT down -15% at Rs246 crore on higher input and inventory costs

Coromandel reported 29.55% growth in total revenues for the March 2023 quarter on consolidated basis at Rs5,476cr. Sequential revenues were down -34.10%, but that is more because its core nutrient business tends to be a cyclical business. For the full year FY23, total sales revenues were up more than 50% at Rs29,628 crore. The company saw sales growth across its Nutrients vertical and also its crop protection vertical.

While the operating profits from the core nutrients business was flat due to sharply higher input costs and inventory costs, the operating profits from the crop protection business was a sharply higher, albeit on a lower base. The company saw its debt service coverage and interest coverage come down sharply in the latest quarter. However, debtors turnover ratio was higher, showing improved collections.

Financial highlights for Mar-23 compared yoy and sequentially

Coromandel

Rs in CroreMar-23Mar-22YOYDec-22QOQ
Total Income (Rs cr)₹ 5,476₹ 4,22729.55%₹ 8,310-34.10%
Operating Profit (Rs cr)₹ 432₹ 3988.40%₹ 778-44.52%
Net Profit (Rs cr)₹ 246₹ 290-14.96%₹ 527-53.22%
      
Diluted EPS (Rs)₹ 8.37₹ 9.86 ₹ 17.89 
OPM7.88%9.42% 9.36% 
Net Margins4.50%6.86% 6.34% 

 

The company reported 8.4% growth in operating profits at Rs432 crore. However, the net profits were lower due to losses from group associates and joint ventures. The operating margins tapered yoy from 9.42% to 7.88% while the net margins also fell from 6.86% last year quarter to 4.50% in the March 2023 quarter. 

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