Coromandel International posts Q2 consolidated PAT at Rs 755 crore

Coromandel International Ltd, engaged in fertiliser and crop protection chemicals business, has recorded a consolidated profit after tax at Rs 755 crore for the quarter ended September 30, 2023. The company, part of the diversified conglomerate Murugappa Group, had registered a consolidated PAT at Rs 741 crore during the corresponding quarter of last year. 

For the six-month period ended September 30, 2023, the consolidated PAT grew to Rs 1,249 crore from Rs 1,240 crore registered in the same period of last year. 

Under the crop protection business, the revenue for the quarter under September 2023 was at Rs 722 crore, as against Rs 702 crore recorded in the same quarter of last year. 

For the half year ended September 30, 2023, the revenue stood at Rs 1,278 crore as against Rs 1,356 crore registered during the corresponding period of last year. 

Revenue from the nutrient and allied business, during the July-September quarter stood at Rs 6,307 crore, as against Rs 9,461 crore witnessed in the same period of last year. 

For the six-month period ended September 30, 2023, the revenue from the nutrient and allied businesses dropped to Rs 11,499 crore from Rs 14,572 crore registered in the same period of last year. 

Commenting on the financial performance, company Executive Vice Chairman Arun Alagappan said, "Coromandel displayed a resilient performance in a challenging business environment, sustaining its profitability and improving its working capital position during the quarter." 

The company's key operating markets were impacted by sub-normal monsoons affecting the agri inputs off-take, he said. 

On the company's foray into drone manufacturing through its subsidiary Dhaksha Unmanned Systems, he said it was progressing well.

"It has bagged order for its logistics drones from the Indian Army and is receiving good interest for its agricultural drones", Alagappan noted. 

Regarding the outlook, he said, "with a forecast of normal North-East monsoon, we expect the demand cycle to be conducive in the upcoming months."

"Coromandel with its presence across the farming value chain will continue to drive the sustainable agricultural practices and improve farm prosperity," he added.

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