Companies

Coromandel net up 37% at ₹503 crore

Our Bureau Hyderabad | Updated on October 22, 2019 Published on October 22, 2019

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Coromandel Ltd posted consolidated net profit after tax of ₹503 crore for the quarter ended September 30, against ₹366 crore in the comparable quarter last year, showing a growth of 37 per cent.

The company reported consolidated income of ₹4,867 crore in the reporting quarter against ₹5,018 crore in the same quarter last year.

“Coromandel registered a strong performance in the second quarter, driven by superior sales mix, efficient manufacturing, improved marketing capabilities and effective sourcing,” Sameer Goel, Managing Director of Coromandel International, said in a statement on Tuesday.

“This was well supported by an above normal South-West monsoon in most of its addressable markets, which improved crop sowing and agri inputs consumption,” he said.

“With a healthy reservoir position and prediction of normal North-East monsoon, we expect a good traction in the upcoming Rabi season,” he said.

For the half year, consolidated total income was at ₹7,008 crore against ₹7,555 crore in the same period last year. Net profit stood at ₹566 crore (₹456 crore).

“Subsidy receipts from the Government improved during the quarter which helped in the working capital position of the company,” Goel said.

He said the company would introduce two new products — a rice insecticide and a broad spectrum fungicide.

Published on October 22, 2019
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