Coromandel International, a Murugappa group company that produces fertilisers and crop protection solutions, has posted a lower net profit of ₹154 crore in the quarter ended December 31, 2018, as against ₹180 crore in the corresponding quarter previous financial year.

The company’s consolidated total income grew by 11 per cent at ₹3,059 crore as against ₹2,747 crore in the comparable quarter previous year.

“For the nine months perioed ended December 31, 2018, it registered a consolidated total income of ₹10,615 crore (Rs 8,758 crores), showing a growth of 21 per cent. The profit after tax was at ₹610 crore (₹602 crore),” Sameer Goel, Managing Director of Coromandel International Limited, has said.

Despite deficit North-east monsoons, which impacted the sowings and agri input consumption in our key markets, the company witnessed a top line growth of 11 per cent, he said.

“Crop protection business registered a year-on-year revenue growth of 3 per cent during the third quarter. New product sales, including two in house patented combination molecules, introduced during the year has been encouraging,” he said.

“The DBT (direct benefit transfer) in fertilisers has fairly stabilised now and the industry has started receiving subsidies periodically. With Government’s agricultural focus, we expect the business environment to improve in 2019,” he said.

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