AgroPages-Coromandel International net profit rises 25% in Q2 FY17-Agricultural news

Coromandel International Limited has reported the financial results for the quarter and half year ended 30 September 2016.

During the quarter ended 30 September 2016, the Company’s consolidated turnover is 3575 crores in comparison to the corresponding quarter last year of 3600 crores.

Profit before depreciation, interest and taxes (EBITDA) for the quarter ended 30 September 2016 is 385 crores in comparison to the corresponding quarter last year of 307 crores. Consolidated profit before tax is 318 crores in comparison to the corresponding quarter last year of 254 crores. Consolidated net profit after tax for the quarter is 213 crores as against 170 crores in corresponding quarter last year.

For the half year ended 30 September 2016, the Company’s turnover is 5635 crores as against 5804 crores during the corresponding period last year and profit after tax is 221 crores as against 184 crores during the corresponding period last year.

Commenting on the results, Mr. Sameer Goel, Managing Director said “Normal monsoons in key addressable markets has enhanced the demand for nutrients, resulting in improved performance of all the business segments. Crop Protection business posted strong set of numbers on back of good demand from export and domestic markets. With improvement in residual soil moisture and expectation of normal North East monsoons, Rabi prospects are bright and we anticipate improved agri input consumption during the 2nd half of the year. We are confident that our diversified agri-solutions will bring prosperity to the Indian farmers and help in improving the farm productivity.”