Coromandel International Reports Q1 FY25 Profit at Rs 309.24 cr

Chennai, Aug 7 (PTI) Coromandel International Ltd has reported a consolidated profit after tax of Rs 309.24 crore for the April-June 2024 quarter, the company said on Wednesday.


The company had registered a consolidated profit after tax of Rs 494.03 crore in the same period last year. For the financial year ending March 31, 2024 the consolidated net profit stood at Rs 1,640.64 crore.


The consolidated total income during the quarter under review is Rs 4,782.93 crore compared to Rs 5,737.89 crore in the same period a year ago.


For the financial year ending March 31, 2024, the consolidated total income was Rs 22,289.75 crore.


"During the quarter, Coromandel made sequential recovery, registering healthy volume sales in Nutrients and Crop protection businesses despite the delay in onset of monsoons. However, margins for the fertilisers business were impacted due to lower subsidy rates and rise in input costs," company Managing Director and CEO S Sankarasubramanian said.

The fertiliser business has commenced activities for its phosphoric acid-sulphuric acid complex at Kakinada. Further, to improve the operational efficiency and throughput at its phosphate mines at BMCC Senegal, (West Africa), the company is setting up a fixed processing plant which is expected to be commissioned during the second quarter, he said.

As part of its diversification strategy, Coromandel has been actively pursuing technology-based investments.


"During Q1, it increased its shareholding in drone-based company Dhaksha to 58 per cent, along with investing in clean tech start-up Ecozen, increasing its shareholding to 5.5 per cent" he said.


The revenue from the nutrient and allied business during the quarter under review was at Rs 4,198 crore as against Rs 5,192 crore in the same quarter last year.


Revenue from the crop protection business during the quarter was at Rs 551 crore compared to Rs 556 crore in the same period a year ago, the statement said.