Coromandel International Ltd, an agri solutions provider, has registered a net profit of ₹505 crore in the first quarter ended June 30, 2023, against ₹496 cr in the same quarter last year, a growth of 2 per cent.
The Murugappa group company clocked an income of ₹5,740 crore (₹5,776 crore).
While the nutrient and allied business contributed a revenue of ₹5,192 crore (₹5,111 crore), the crop protection vertical contributed ₹556 crore (₹654 crore) in the quarter.
The company’s consolidated net profit stood at ₹494 crore (₹499 crore) on a total income of ₹5,738 crore (₹5,783 crore) in the quarter.
“The company posted a steady performance in the first quarter, registering strong volume growth and sustaining its profitability. This was despite the challenging business environment as delayed monsoon onset impacted crop sowings and agri-inputs applications,” Arun Alagappan, Executive Vice-Chairman, Coromandel International Ltd, said.
“The nutrient and allied business vertical performance was led by a growth of 18 per cent in sales in phosphatic fertilisers. During the quarter, we did a soft launch of ‘Nano DAP’, a nanotechnology-based fertiliser,” he said.
The company is planning to introduce the product in the second half of the financial year.
Outlook
“With the improved coverage of South-West monsoons across India, we expect the agri inputs consumption to pick up in the second quarter,” he said.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.