Agri-solutions provider Coromandel International Monday reported a 31 per cent fall in its consolidated net profit at Rs 62.43 crore during the first quarter of 2019-20 fiscal on poor income.
Net profit stood at Rs 90.21 crore in the same quarter previous year, the company said in a regulatory filing.
Total income declined to Rs 2,140.70 crore during the April-June quarter of the current fiscal from Rs 2,537.29 crore in the same quarter of 2018-19 fiscal.
Expenses stood at Rs 2,045.51 crore as against Rs 2,404.54 crore in the same period last year.
Commenting on the performance, Coromandel International Managing Director Sameer Goel said the company "experienced a challenging quarter as late monsoon arrival, deficit rains and consequent lower crop sowings delayed the agri-input consumption in its addressable markets."
The company has integrated its fertiliser and Single Super Phosphate (SSP) businesses to generate operational synergies and strengthen its position in the complementary markets of west and north India, he said.
Goel said the nutrient and allied businesses segment had a reasonable performance during the first quarter of this fiscal.
Crop protection segment had a tough quarter, mainly impacted by lower production at its Sarigam plant. The operations at Sarigam resumed during June 2019 and production has since been normalised, he added.
"With a positive monsoon forecast in the south peninsular region in the coming weeks, the crop sowings and agri consumption are likely to improve. Further, reforms like DBT 2.0, focus on soil health and balance nutrition, income support schemes, improved crop prices, irrigation projects in Coromandel's key markets, will help the agriculture prospects," Goel added.
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