Murugappa Group company Coromandel International has reported a consolidated net profit of ₹519.31 crore for the quarter ended September, almost 12% lower compared with ₹588.93 crore in the corresponding period of last fiscal.
The net profit of the agri solutions provider declined even as the total income increased by more than 33% to ₹6,166.40 crore (₹4,619.50 crore). The company is in the business of fertilizers, crop protection, bio pesticides, specialty nutrients, organic fertilizer and retail.
Managing Director Sameer Goel said the revenue growth during the quarter was driven by both nutrient and crop protection business. The company ensured agri inputs were made available to the farmers in its key operating markets. “Our sourcing team ensured timely availability of key raw materials and operational flexibility at the plants helped in high-capacity utilisation during the quarter. The company has increased its bio extraction capacity, built a new liquid fertiliser plant and commissioned its 10th evaporator. Several capital projects for enhancing storage and de-bottlenecking capacity are planned to be completed this year,” he said.
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With healthy reservoir levels and good soil moisture conditions, the company was expecting good traction in the upcoming Rabi season, Mr. Goel said.