Coromandel Q1 profit rises 24%
Jul. 30, 2018
Besides being a leading manufacturer of phosphatic fertiliser, the Hyderabad-based firm is into crop protection solutions, specialty nutrients, organic manure and retail.
The normal south-west monsoons, improved reservoir levels and recent pick up in crop sowing in our key operating markets are expected to augment agriculture growth. Further, with the higher crop support price and farmer welfare schemes, we are seeing positive agrarian sentiments. The recently announced GST rate reduction on fertiliser grade Phosphoric acid from 12% to 5% is likely to bring down the Company's GST credit accumulation and improve the working capital situation.
Coromandel with an exciting product pipeline will continue to leverage its strengths in providing unique, differentiated products, agri-technology offerings and crop solutions. Our channel strength and last mile connectivity combined with the agronomist structure would further enhance the engagement with the farmers. Coromandel is well positioned to support the farming community by providing sustainable solutions and improving farmer's prosperity".