Murugappa Group company Coromandel International posted a consolidated net profit of ₹494 crore for the quarter ended June, a decline of 1% compared to ₹499 crore in the year-earlier period.
Total income marginally declined to ₹5,738 crore (₹5,783 crore). “Coromandel posted a steady performance in Q1, registering strong volume growth and sustaining its profitability. This despite challenging business environment as delayed monsoon onset impacted crop sowing and agri-input applications,” Executive Vice Chairman Arun Alagappan said.
Nutrient and allied businesses’ performance was led by a robust 18% sales volume growth in phosphatic fertilisers. The crop protection segment’s performance during the quarter was affected by industry headwinds and sub-normal rainfall in its key markets, the company said. Coromandel International is into fertilisers, crop protection chemicals, bio products, speciality nutrients, organic fertiliser and retail.
With improved coverage of South-West monsoon across the country, “we expect the agri inputs consumption to pick up in Q2,” Mr. Alagappan said in a release. On BSE, the company’s shares closed with a gain of 1.05% at ₹1,003.00 apiece on Thursday.
