Coromandel International Q1 net profit rises 48 pc

Agri-solutions provider Coromandel International Ltd on Wednesday reported a 48 per cent increase in consolidated net profit at Rs 499 crore in the June quarter on strong income.

Net profit stood at Rs 337.78 crore in the April-June quarter of the 2021-22 fiscal, according to a regulatory filing.

Total income increased by 57 per cent to Rs 5,782.67 crore during the April-June quarter of the ongoing fiscal. In the year-ago period, the same stood at Rs 3,685.62 crore.

Tax expenses remained higher at Rs 5,114.84 crore as against Rs 3,240.15 crore during the comparable period last year.

Coromandel International Ltd Managing Director Sameer Goel said the company focused on leveraging the operational efficiencies at the plants and smart sourcing-enabled timely availability of raw materials.

During the quarter, the company launched four new products in the crop protection segment.

Goel also said that the company is successfully conducting drone spraying trials in the farmers' fields with speciality nutrition and crop protection products.

The investment in the mining company BMCC, Senegal, through its 100 per cent subsidiary Coromandel Chemicals Ltd, is expected to be completed in the coming quarter which will help in securing the critical phosphate rock needs.

The company through its subsidiary firm Dare Ventures Ltd has invested in two Agri startups EcoZen and String Bio, he added.

Coromandel International operates in two major segments -- nutrient and other allied businesses as well as crop protection.