Agri solutions provider Coromandel International has posted a more than 47% increase in consolidated net profit to ₹499 crore for the quarter ended June aided by growth in both nutrient and crop protection businesses.
The surge in net profit came on a nearly 57% increase in total income to ₹5,783 crore (₹3,686 crore).
“Coromandel registered a strong performance in Q1 with a 57% revenue growth over the same quarter last year, with growth in both nutrient and crop protection businesses due to high price of raw materials,” said MD Sameer Goel.
“We are witnessing adequate monsoon coverage and higher reservoir levels which augurs well for Indian agriculture in our key operating markets,” he said.
The capital expansion programme is on track, the company said in a release. It has proposed a sulphuric acid plant in Visakhapatnam and setting up a multi-purpose plant for crop protection. Coromandel International said its investment in mining company BMCC of Senegal, through wholly owned subsidiary Coromandel Chemicals, is expected to be completed in the coming quarter, which will help in securing critical phosphate rock needs.
Through its 100% subsidiary Dare Ventures, it has invested in two agri start-ups EcoZen and String Bio, the company said in a release. Coromandel International is in the business of fertilisers, crop protection, bio pesticides, speciality nutrients, organic fertiliser and retail.
