Raw material supply constraints and delayed monsoon dragged down the consolidated net profit of fertiliser maker Coromandel International by 16 per cent for the quarter ended September 30.

The company notched up a net profit of Rs 236.88 crore during the quarter compared with Rs 282.38 crore in the year-ago period. Its consolidated net sales fell two per cent to Rs 2,660 crore (Rs 2712.20 crore).

Kapil Mehan, Managing Director, said delayed monsoon had left some moisture in the soil, which could lead to early rabi sowings. “Rabi sowings have started in some parts. We expect a good rabi season and hope to liquidate our inventories,” he told media persons here today. Phosphatic fertiliser offtake had declined 26 per cent during the kharif season.

Coromandel, part of the Rs 17,000 crore Murugappa Group, which hiked prices last quarter, feels that fertiliser prices will remain stable in the next few months.

Mehan said a plant shutdown in South Africa and political uncertainties in Tunisia had disrupted supply of phosphoric acid last quarter. “But supplies have been revived. We do not expect any raw material shortage this quarter,” he said.

Sabero Chemicals, which Coromandel had acquired last year, had turned the corner, reporting a net profit, after six consecutive quarters of losses. This is expected to boost its consolidated bottom-line in the coming quarters.

Re-launching Gromor

Mehan said the company will be revitalising and re-launching its Gromor brand this quarter, which will be backed by a new campaign. All its complex fertiliser products will be brought under this brand.

> amitmitra@thehindu.co.in

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