Jul. 27, 2016
Coromandel International posted a 47% drop in its consolidated net profit at Rs 8 crore for the first quarter of this fiscal ended June 30 on poor sales. The company had clocked a net profit of Rs 15 crore in the year-ago period.
The company's total income declined to Rs 2,060 crore, or 6.5% in the second quarter of 2016-17 from Rs 2,204 crore in the same quarter last fiscal, Coromandel International said in a statement.
The company's MD Sameer Goel said, "International prices of fertilizers have softened, which helped in bringing down farm gate prices of phosphatic and potassic fertilizers, thereby benefiting the farming community.
"However, sharp correction in fertilizer prices ahead of the consumption season has impacted pipeline stocks which affected the performance of fertilizer business." He said the crop protection business has been witnessing robust growth and has performed well during the quarter. Sales of crop protection segment rose by 21.4% to Rs 363.68 crore comparing with the same period of last fiscal year, income from operations surged 132.3% to Rs 59.36 crore.
"With near normal monsoon, improved crop sowings and stability in fertilizer prices, we expect demand for agri inputs to pick up. We are confident that our concentrated focus in providing quality inputs and services shall enable us to transform the lives of the farming fraternity," he added.