Coromandel International Q2 profit up 17 per cent

The company’s consolidated total income however declined to Rs 4,620 crore during the second quarter, compared to Rs 4,867 crore

Hyderabad: Hyderabad-based Coromandel International Limited reported a net profit for the second quarter ended September 2020 at Rs 589 crore in comparison to Rs 504 crore for the corresponding quarter last year, registering a year-on-year growth of 17 per cent.

The company’s consolidated total income however declined to Rs 4,620 crore during the second quarter, compared to Rs 4,867 crore in the corresponding quarter last year.

For the half year ended September 2020, the company’s consolidated total income increased to Rs 7,843 crore as against Rs 7,008 crore in the corresponding quarter last year, while EBITDA stood at Rs 1,260 crore, up 39 per cent in comparison to the half-year ended September 2019.

The net profit has gone up by 48 per cent to Rs 840 crore compared to Rs 566 crore during the half year ended September 2019.

Commenting on the financial results, Sameer Goel, MD, Coromandel International said, “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, the excessive and continuous rainfall in September has resulted in crop losses and postponement of some agricultural applications.”

The fertilizer business registered a good performance during the first half and improved the phosphatic sales volume by 15 per cent over the corresponding period last year. The early onset of monsoon and the resultant advancement in demand led to lower channel inventory, the company stated.

The manufacturing plants continued their operations and operated at 90 per cent capacity versus 86 per cent of last year for Q2. Crop protection segment bounced back with a healthy performance during the quarter and first half of the year. Overall, the business grew by 35 per cent for the first half and 26 per cent during Q2 compared to the same period prior year.

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