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BusinessCoromandel International Q2 net profit dips 11.88%

Coromandel International Q2 net profit dips 11.88%

Published: 28th Oct 2021 9:09 pm

Hyderabad: Hyderabad-based Coromandel International reported a dip of 11.88 per cent in its net profit for the quarter ended 30 September 2021 at Rs 519 crore as against Rs 589 crore in the corresponding quarter of the previous year.   

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The agriculture solutions provider, which is in the business of fertilizers, crop protection, bio pesticides, specialty nutrients, organic fertilizer and retail, saw a jump of about 34 per cent in its total income to Rs 6,166 crore as against Rs 4,620 crore in the corresponding quarter of the previous year.

Commenting on the financial results, Sameer Goel, MD, Coromandel International, said, the company has registered a revenue growth of 34 per cent during the quarter, driven by both nutrient and crop protection business.

Several capital projects for enhancing storage and de-bottlenecking the capacity in its plants are planned to be completed during this year. The company continues to focus on new product development and applications.  

With healthy reservoir levels and good soil moisture conditions, the company said it expects good traction in the upcoming Rabi season. Coromandel plans to continue to work on integrated crop management solutions to support the needs of the farming community.

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