Coromandel International Limited, a Murugappa group company that is into fertilisers, crop protection and speciality nutrients business, has registered a standalone total income of ₹2,142 crore in the quarter ended June 30, 2019 against ₹2,527 crore posted in the comparable quarter last year.

The standalone net profit was put at ₹62 crore against ₹88 crore in the corresponding quarter last year.

The consolidated total income stood at ₹2,141 crore (₹2,537 crore), while the net profit was put at ₹62 crore (₹90 crore).

“We experienced a challenging quarter as late monsoon arrival, deficit rains and consequent lower crop sowing delayed the agri-input consumption in our addressable markets,” Sameer Goel, Managing Director of Coromandel International Limited, said in a statement on Monday.

“Crop protection segment had a tough quarter mainly impacted by lower production at its Sarigam plant. The operations at the plant resumed last month and production has since been normalised,” he said.

“The phosphoric acid project at Visakhapatnam has been progressing as per the plan and is expected to be commissioned in October 2019,” he said.

The company sees a better year with weathermen forecasting a positive monsoon in the South Peninsular region in the coming weeks. “The crop sowing and agri-consumption are likely to improve,” he said, hinting at better sales.

“Reforms like DBT 2.0 focusing on soil health and balance nutrition, income support schemes, improved crop prices, irrigation projects in Coromandel’s key markets, will help the agriculture prospects,” he commented.

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