Jul. 30, 2018
Fertiliser maker Coromandel International has reported a ₹90.21 crore consolidated net profit for the quarter ended June 30, a more than 24% increase from the year-earlier period’s ₹72.65 crore.
Consolidated total income rose 9.4% to ₹2,537 crore (₹2,318 crore).
Besides being a leading manufacturer of phosphatic fertiliser, the Hyderabad-based firm is into crop protection solutions, specialty nutrients, organic manure and retail.
Commenting on the financial results, Mr. Sameer Goel - Managing Director, Coromandel International Limited, said: "Coromandel had a strong performance during the quarter, improving its capacity utilization, operational and sourcing efficiencies and customer connect initiatives. This was despite erratic monsoon distribution in our key operating markets. During the quarter, 5 new products were introduced across the businesses which have received encouraging response from the farming community. New product introductions included in-house patented crop protection molecule, crop-based water soluble fertiliser and value added Single Super Phosphate.
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".