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Coromandel International Limited, an agri input solution provider, posted a net profit of ₹738 crore in Q2 as against ₹520 crore in the comparable quarter last year, showing a growth of 42 per cent.
The total income of the company stood at ₹10,140 crore in the quarter as against ₹6,160 crore in Q2 FY22, registering a growth of 65 per cent.
Encouraged by good performance in the second quarter, the company is forecasting a positive outlook for the upcoming rabi season.
“With timely onset of North-East Monsoon, higher reservoir levels, residual soil moisture, and softening commodity prices, we expect a favourable business environment in the upcoming rabi season,” Sameer Goel, Managing Director, Coromandel International, said.
The Murugappa group company said the net profit for H1 FY23 stood at ₹1,234 crore (₹850 crore), reflecting a growth of 45 per cent.
The total income in the first half is put at ₹15,916 crore (₹9,837 crore), showing a growth of 62 per cent.
The nutrient and allied business contributed ₹9,461 crore (₹5,478 crore) to the revenues.
“The agricultural environment remained favourable in most of the key operating markets with above average monsoon, normal crop sowing coupled with favourable policies from the Government,” Sameer Goel said.
“Smart sourcing ensured timely availability of key raw materials and the plants operated at higher capacity and improved efficiencies,” he said.
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