Coromandel International Q1 net jumps 90% on good monsoon sales
The company posted a consolidated net PAT at Rs 75 crore for the quarter ended June 30.
The company posted a consolidated net profit after tax (PAT) at Rs 75 crore for the quarter ended June 30, 2017 as against Rs 7 crore in corresponding quarter last year.
Sameer Goel, managing director, Coromandel International said, “During the quarter, the early onset of monsoons has resulted in higher crop sowings in our key operating markets and led to improved agri input consumption”.
The company’s consolidated revenue stood at Rs 2,289 crores in comparison to the corresponding quarter last year of Rs 2,072 crores. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the quarter stood at Rs 171 crores against corresponding quarter last year of Rs 88 crores registering a growth of 94%.
With forecast of normal south west monsoons and implementation of agrarian and policy reforms targeting soil health and balanced nutrition, we expect the agriculture scenario to improve, going forward, said Goel.
Coromandel International is in the business of fertilisers, crop protection, specialty nutrients, organic manure and retail.