Coromandel International's Profit Soars Amid Strategic Expansion

Coromandel International Ltd reported a consolidated net profit surge to Rs 578.46 crore in Q1 2024-25, primarily due to strong sales. The company experienced a 28.72% increase in income. It received approval for a Rs 65 crore equity infusion to explore new ventures in gypsum-based building materials.

Agrochemicals giant Coromandel International Ltd has seen a significant upswing in its consolidated net profit, reporting a more than three-fold increase to Rs 578.46 crore for the March quarter of the fiscal year 2024-25. This impressive financial result is attributed to robust sales figures.

The company recorded a net profit of Rs 163.92 crore during the same period last year. For the January-March quarter, total income rose by 28.72% to Rs 5,114.34 crore, while expenses amounted to Rs 4,714.65 crore, according to a recent regulatory statement.

In a bid to diversify and strengthen its long-term strategy, the board has approved a Rs 65 crore equity infusion into Coromandel Chemicals to explore joint ventures in gypsum-based building materials. CEO S Sankarasubramanian attributed the success to increased sales volumes and strategic initiatives, particularly in nutrient and crop protection sectors, as well as geographical retail expansion.

(With inputs from agencies.)