Hyderabad, January 31 Coromandel International Limited posted a profit of ₹265 crore for the third quarter ended December 31, 2019 against a profit of ₹154 crore for the corresponding quarter last year on consolidated basis, registering a year-on-year growth of 72 per cent.
During the quarter, the company’s consolidated total income stood at ₹3,288 crore against ₹3,059 crore in the corresponding quarter last year.
For the nine months ended December 2019, the company’s consolidated income was ₹10,296 crore (₹10,614 crore in the corresponding period last year) and posted a profit of ₹831 crore (₹610 crore), registering a growth of 36 per cent .
Sameer Goel, Managing Director, Coromandel International, said: “Coromandel registered a strong performance in Q3, with its continuous emphasis on superior sales mix, farmer connect initiatives, increased operational efficiencies and better working capital management. The Northeast monsoon helped in improving the crop acreage in most of our addressable market which has led to increased agri input consumption.”
“The nutrient and allied businesses segment continued its strong performance during the quarter. Business improved its overall NPK product sales by 28 per cent over the previous year. The company has strengthened its marketing and farmer outreach programme and has relaunched its fertiliser ‘GroSmart’ which has been well-accepted by farmers. In the speciality nutrient business, the company launched its manufactured micronutrient enriched products Bosmax and Novozin,”he said.
During the quarter, production at the newly commissioned phosphoric acid plant at Vizag has stabilised. Other major infrastructure projects for improving capacity, storage and efficiencies are progressing well, he said.
The crop protection segment has recovered from its soft performance in the last two quarters. Plant operations at Sarigam have been fully stabilised. Pyrozosulfuroo plant was commissioned at Sarigam and production commenced at the WDG facility for Mancozeb at Dahej. The domestic business registered a healthy growth during the quarter with a focus on newly launched own and co-marketed products.