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.