Coromandel International (COROMANDEL) Q4 99/00 earnings summary

Executive summary

• FY99/00 marked a sixth consecutive year of improved results, supported by efficiency gains, better sourcing and higher production.

• Record turnover reached Rs.613.86 crore, up 27% YoY; PBT was Rs.71.55 crore and PAT Rs.48.05 crore.

Financial highlights

• Revenue totaled Rs.613.86 crore versus Rs.484.47 crore; operating income was Rs.603.59 crore and other income Rs.10.27 crore.

• Profit before interest, depreciation and tax was Rs.103.81 crore; interest Rs.19.99 crore, depreciation Rs.12.27 crore and PBT Rs.71.55 crore.

• PAT rose to Rs.48.05 crore from Rs.46.87 crore; EPS increased to Rs.22.79 from Rs.19.27.

• Government subsidies of Rs.189.99 crore were included in income; subsidy income was net of Rs.3.75 crore recovered for earlier-year unintended benefits.

Outlook and guidance

• The third complex-fertiliser granulation train, expected to start by August 2000, was projected to lift granulation capacity by ~50% and reduce emissions.

• A second ammonia storage tank was nearing completion; two pollution-control and handling projects were expected to finish by March 2001.

• Strategy emphasized cost competitiveness, plant modernization, Gromor brand promotion and stronger customer focus amid intensifying competition.