 "Coromandel International, Q3 results")
: Agri-solutions provider Coromandel International Ltd on Thursday reported a 16.2 per cent rise in profit after tax at Rs 379 crore for the quarter ending December 31, 2021.
The city-based company had recorded net profit at Rs 326 crore during corresponding quarter previous year.
For the nine month period ending December 31, 2021 the PAT grew by 6.2 per cent to Rs 1,228 crore as against Rs 1,156 crore registered in same quarter previous year.
Total income during the quarter under review grew to Rs 5,093 crore as compared to Rs 3,521 crore registered in same period of last financial year.
For the nine month period ending December 31, 2021 total income went up by 32 per cent to Rs 14,943 crore as compared to Rs 11,349 crore.
Commenting on the financial performance, Coromandel International Ltd, Managing Director Sameer Goel said, "Coromandel registered a resilient performance in Q3, with a 45 per cent revenue growth over the same quarter last year, driven by growth in nutrient and crop protection businesses".
"Coromandel continues to promote Balanced Nutrition and Integrated Pest Management. It is serving the farming community by providing crop specific products and solutions through its direct retail network and advisory through its agronomist teams", he said.
He said the company was focusing on operational, sourcing and marketing efficiencies to ensure that agri-inputs are available at the right time to farmers.
The company has been investing in research and development and product development and has launched products to meet the agricultural needs of the farmers, he said.
"During the year, the Government has been supporting the industry by ensuring timely disbursal of subsidy", he said.
In the nutrient and allied business, the company said the revenue for the quarter was at Rs 4,476 crore as compared to Rs 3,028 crore registered in the corresponding period of previous year.
In the crop protection business, the company said the revenue grew by 23 per cent during the quarter under reivew at Rs 623 crore as against Rs 508 crore registered in same period last fiscal, the statement added.
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