Coromandel International Q1 net profit rises 10X

Coromandel International Limited, has reported the unaudited financial results for the quarter ended 30th June 2017.

Consolidated performance for the quarter ended 30th June 2017

During the quarter ended 30 June 2017 the Company's consolidated total income is Rs. 2289 crores in comparison to the corresponding quarter last year of Rs. 2072 crores. Profit before depreciation, interest and taxes (EBITDA) for the quarter ended 30 June 2017 is Rs.171 crores against corresponding quarter last year of Rs. 88 crores registering a growth of 94%. Consolidated net profit after tax for the quarter is Rs. 75 crores as against Rs. 7 crores in corresponding quarter last year.

Standalone performance for the quarter ended 30th June 2017

During the quarter ended 30 June 2017, the total income is Rs. 2288 crores in comparison to the corresponding quarter last year of Rs. 2069 crores. Profit before depreciation, interest and taxes (EBITDA) for the quarter ended 31 March 2017 is Rs. 172 crores against corresponding quarter last year of Rs. 89 crores. Net profit after tax for the quarter is Rs. 76 crores against corresponding quarter last year Rs. 8 crores.

The Company has received environmental clearance for raising production capacity of its Phosphoric Acid facility at Vishakhapatnam in Andhra Pradesh.

Commenting on the financial results, Mr. Sameer Goel said "During the quarter, the early onset of monsoons has resulted in higher crop sowings in our key operating markets and led to improved agri input consumption. Coromandel benefitted from a favorable business environment and leveraged its wide customer connect, brand presence and market coverage to improve its performance across the nutrient business segment.

With forecast of normal south west monsoons and implementation of agrarian and policy reforms targeting soil health and balanced nutrition, we expect the agriculture scenario to improve, going forward. Coromandel, with its diversified presence across the agri value chain, will continue to provide holistic solutions and partner with the farming community to maximize farmer's prosperity."