Coromandel International, an agri nutrient and plant protection solutions company, expects ‘good traction’ in the ongoing kharif season, backed by the early onset of the South-West monsoon and a healthy reservoir position across the country.
“Coromandel will strive to ensure availability and meet the market demand,” Sameer Goel, Managing Director of Coromandel International, a Murugappa group company, has said.
The company posted a profit after tax (PAT) of Rs 248 crore in the June quarter, as against Rs 62 crore in the comparable quarter of the previous year. It clocked a total income of Rs 3,222 crore (Rs 2,142 crore) in the quarter.
“Coromandel had a resilient performance in the first quarter, registering strong growth despite the unprecedented external environment posed by the Covid-19 pandemic,” he said.
“Better than normal rainfall in our key markets, good soil moisture conditions and pro-active steps taken by the government in procuring a bumper Rabi harvest had led to positive sentiments in the farming community, resulting in early demand for agricultural inputs,” he said.
Co-ordinated efforts had ensured efficient management across the value chain, right from sourcing, manufacturing, supply chain to last mile delivery,” he said.
“Focus on working capital yielded good results, lowering interest costs. The company leveraged digital marketing platforms to connect with the farmer community,” Goyal said.
Market share up
The nutrient and other businesses contributed Rs 2,807 crore (as against Rs 1,882 crore in the comparable quarter previous year) in the quarter.
“Business improved its phosphatic sales volume by 75 per cent over the previous year. Market share increased to 16 per cent during the quarter as against 13.2 per cent during the corresponding period in the prior year,” he said.
The crop protection segment had a very good quarter and registered a strong growth of 54 per cent across both the exports and domestic market,” he added.