Fertiliser and crop protection products company Coromandel International today posted a 47 per cent drop in its consolidated net profit at Rs 8 crore for the first quarter of this fiscal on poor sales.
The Secunderabad-based company had clocked a net profit of Rs 15 crore in the year-ago period.
The company's total income declined to Rs 2,060 crore in the April-June quarter of 2016-17 from Rs 2,204 crore in the same quarter last fiscal, Coromandel International said in a statement.
The company's MD Sameer Goel said, "International prices of fertilisers have softened, which helped in bringing down farm gate prices of phosphatic and potassic fertilisers, thereby benefiting the farming community.
"However, sharp correction in fertiliser prices ahead of the consumption season has impacted pipeline stocks which affected the performance of fertiliser business."
He said the crop protection business has been witnessing robust growth and has performed well during the quarter.
"With near normal monsoon, improved crop sowings and stability in fertiliser prices, we expect demand for agri inputs to pick up. We are confident that our concentrated focus in providing quality inputs and services shall enable us to transform the lives of the farming fraternity," he added.
Coromandel is part of the Rs 295 billion Murugappa Group.
