 "Coromandel International Q1 results: Profit drops 37.1% to Rs 311 cr")
Indian agricultural chemicals firm Coromandel International reported a 37.1 per cent fall in first-quarter profit on Wednesday, hurt by weakness in its fertiliser and nutrients business.
The company's net profit after tax fell to Rs 311 crore ($37.05 million) for the April-June quarter from Rs 494 crore a year earlier.
Revenue from operations dropped about 17 per cent to Rs 4,729 crore, making it the company's fifth consecutive quarter of decline.
KEY CONTEXT
Agrochemical and fertilizer companies have reported a lackluster performance as excessive inventory in the domestic market pressured their sales volumes and margins.
However, domestic demand is expected to pick up on the prospects of above-average monsoon rains this year and a bumper harvest, analysts said.
Peer SRF posted a drop in its profit for the quarter, hurt by weak demand in its chemicals business, while Deepak Fertilisers and Petrochemicals posted profit rise, helped by lower input cost.
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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)