Sunday, Sep 24 2023 | Time 12:28 Hrs(IST)
Business Economy

Coromandel Intl net profit surges to Rs 499 cr in Q1 of FY 2022-23

Hyderabad, July 27 (UNI) The net profit of Coromandel International Limited has surged to Rs 499 crore in the first quarter ending June 30, 2022, as against Rs 338 crore in the corresponding period in the previous fiscal.
The company’s consolidated total Income in Q1 was at Rs.5,783 crore as against Rs.3,686 crore during the same period in previous financial year, the company said in a release here.
On a segmental basis, nutrient and other allied business revenue for the quarter increased to Rs 5,111 crore as against Rs 3,070 crore in the corresponding quarter in the previous fiscal while in crop Protection business, the company’s revenue during the quarter was Rs 654 crore compared to Rs 624 crore in the corresponding quarter of the previous financial year.
Commenting on the financial results, Mr Sameer Goel, Managing Director, Coromandel International Limited said, “Coromandel registered a strong performance in Q1 with a 57 percent revenue growth over the same quarter of last fiscal, with growth in both nutrient and crop protection businesses due to high price of raw materials.
The company focused on leveraging the operational efficiencies at the plants and smart sourcing enabled timely availability of raw materials and marketing efforts backed by agronomist activities ensured meeting the agricultural needs of the farming community.
During the first quarter, the company launched four new products in the Crop Protection Segment which have been well received by the farmers.
The company’s R&D team has developed a rich product pipeline of technically superior products which are planned to be introduced during the year.
Coromandel International is successfully conducting drone spraying trials in the farmer’s fields with specialty nutrition and crop protection products.
The company’s capital expansion program is on track with the proposed Sulphuric Acid plant at Visakhapatnam and is building a multi-Purpose plant for Crop protection.
The investment in the mining company, BMCC, Senegal through its 100 percent subsidiary Coromandel Chemicals Limited is expected to be completed in the coming quarter which will help in securing our critical phosphate rock needs.
The company through its 100 percent subsidiary, Dare Ventures Limited, invested in two Agri start-ups EcoZen and String Bio.
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