Coromandel International Limited, a Murugappa group company that provides agri solutions, posted a profit after tax of ₹496 crore in the first quarter ended June 30, 2022, as against ₹329 crore in the same quarter last year, showing a growth of 50 per cent.
The total income in the quarter stood at ₹5,776 crore as against ₹3,677 crore in the same period last year, registering a growth of 57 per cent. The nutrient and allied business contributed ₹5,111 crore to the revenues as against ₹3,070 crore in the corresponding quarter last year.
The company registered a turnover of ₹19,255 crore in the financial year 2021-22. “We are witnessing adequate monsoon coverage and higher reservoir levels. This augers well for Indian agriculture in our key operating markets,” Sameer Goel, Managing Director of Coromandel International Limited, said.
“We focused on leveraging the operational efficiencies at the plants, smart sourcing-enabled timely availability of raw materials and marketing efforts backed by agronomist activities and this ensured meeting the agricultural needs of the farming community,” he said.
During the quarter, the company launched four new products in the crop protection segment. “We are conducting drone spraying trials in the farmer’s fields with speciality nutrition and crop protection products,” he said.
Investment in BMCC
The investment in the mining company, BMCC, Senegal, is expected to be completed in the coming quarter, which will help in securing our critical phosphate rock needs, he added.