Coromandel International Limited, an agri-solutions provider from the Murugappa group of companies, has reported a consolidated net profit of ₹589 crore in the second quarter ended September 30, 2020, as against ₹504 crore in the same quarter previous year, showing a growth of 17 per cent.

The consolidated total income in the quarter stood at ₹4,620 crore as against ₹4,867 crore in the corresponding quarter previous year.

For the first half ended September 30, 2020, the company registered a profit after tax of ₹840 crore as against ₹566 crore in the same period previous year, showing a growth of 48 per cent. Its consolidated total income stood at ₹7,843 crore (₹7,008 crore) in the first half.

The standalone entity’s net profit in Q2 is put at ₹582 (₹503 crore), showing a growth of 16 per cent. The standalone total income stood at ₹4,605 crore (₹4,865 crore) in the quarter.

Outlook for rabi

“Despite the unprecedented external environment posed by the pandemic, the company had a strong performance in the second quarter,” said Sameer Goel, Managing Director of Coromandel International.

“Better than normal rainfall and good soil moisture conditions have resulted in increased crop sowing area and very good demand for agricultural inputs,” he said on Monday.

He, however, said that excessive and continuous rainfall in September had resulted in crop losses and postponement of some agricultural applications.

The company’s fertiliser business registered a good performance during the first half. The phosphatic sales volume in the quarter increased by 15 per cent over the corresponding period last year. “The manufacturing plants continued its operations and operated at 90 per cent capacity as against 86 per cent capacity in the same quarter previous year,” he said.

“With a healthy reservoir position and good soil moisture conditions, the outlook for rabi appears positive,” he said.