Coromandel International Ltd has reported its financial results for the quarter ended 31 March 2020 wherein the company's consolidated total income increased by 9% during the quarter ended 31 March 2020. Total income for the quarter stood at Rs. 2881 crore in comparison to the corresponding quarter last year of Rs. 2647 crore. Consolidated net profit touched Rs. 234 crore as against Rs. 110 crore for the corresponding quarter last year, an increase of 112%.

 

For the year ended 31 March 2020, the company's consolidated total income is Rs.13,176 crore as against Rs. 13,261 crore in FY19. The company reported net profit of Rs.1065 crore as against Rs.720 crore in 2019, a growth of 48%.

 

Sameer Goel, Managing Director, Coromandel International, said: "Coromandel registered a strong performance in Q2, driven by its superior sales mix, efficient manufacturing, improved marketing capabilities and effective sourcing. This was well supported by an above normal south west monsoon in most of its addressable markets, which improved crop sowing and agri inputs consumption.

 

The nutrient & allied businesses segment registered a very good performance during the quarter. Business improved its manufactured product sales by 8% over previous year, supported by stable raw material prices. The second phosphoric acid plant at Vizag got commissioned during the quarter in line with the plan and commercial production has begun successfully. With this, Vizag plant has become self-sufficient for its acid requirement. Other major infrastructure projects for improving capacity, storage and efficiencies are progressing well.

 

With a healthy reservoir position and prediction of normal north east monsoon, we expect good traction in the upcoming Rabi season. Our focus areas will remain on farmer connect, branding & marketing initiatives, operations & supply chain efficiencies and improved customer offerings. Coromandel as a leading agri solution provider, will continue to drive farm productivity and support farmer's prosperity."