Companies

Coromandel Q1 PAT up 33% at ₹329 cr

Our Bureau Hyderabad | Updated on July 26, 2021

Coromandel International, a Murugappa group company, posted net profit of ₹329 crore in the first quarter ended June 30, against ₹248.36 crore clocked in the same quarter of the previous year, a growth of 33 per cent.

The company, a provider of agri inputs like fertilisers, crop protection solutions and speciality nutrients, reported a total income of ₹3,666 crore in the quarter, up 14 per cent over ₹3,222 crore in the comparable quarter last year.

The nutrient and allied business contributed ₹3,060 crore to the revenues in the quarter against ₹2,807 crore in the comparable quarter the previous year, an increase of 9 per cent.

The contribution from crop protection business stood at ₹623 crore (₹419 crore) in the quarter, up 49 per cent.

With the forecast of normal monsoon for the third consecutive year and good reservoir levels in the company’s key markets, Sameer Goel, Managing Director of Coromandel International, said the company expects a good traction in the ongoing kharif season.

“We have registered a healthy performance in the first quarter of this financial year. The growth is driven by the crop protection business and sustained performance in the nutrient and allied businesses,” he said.

“This is despite the sudden onslaught of the second wave of the Covid pandemic, sharp increase in raw material prices and constraints in their availability,” he said.

“We have introduced six new generation products in crop protection business during the quarter,” he said.

Published on July 26, 2021

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