Coromandel Q2 net up 17%

City-based crop protection products manufacturer Coromandel International Limited on Monday reported a 17% rise in consolidated profit after tax for the quarter ended September 30, 2020, at Rs 589 crore as against Rs 504 crore in the year ago period. This was despite a 5% dip in consolidated total income during the second quarter of FY21 at Rs 4,620 crore as compared to Rs 4,867 crore in the corresponding quarter of FY20.

Commenting on the results, Sameer Goel, managing director, Coromandel International Ltd said, “Coromandel had a strong performance in Q2 FY21, despite the unprecedented external environment posed by Covid 19 pandemic. Better than normal rainfall in the country specially in the company’s key markets, good soil moisture conditions and proactive steps taken by the government for agriculture have resulted in increased crop sowing area and very good demand for agricultural inputs.”

However, he added that the excessive and continuous rainfall in September has resulted in crop losses and postponement of

some agricultural applications.