Coromandel Q3 net dips 4% to ₹488 cr. on 26% rise in total income

Agriculture solutions provider Coromandel International reported consolidated net profit for the December quarter declined nearly 4% to ₹488 crore compared to ₹508 crore a year earlier.

The lower net profit came on almost 26% increase in total income to ₹8,863 crore (₹7,049 crore). The company has declared an interim dividend of ₹9 per equity share (face value of ₹1 each).

“Coromandel delivered a resilient performance during the quarter despite a challenging business environment marked by late monsoon withdrawal, along with surge in raw material prices and sharp rupee depreciation. Company’s fertiliser plants operated at full capacity, delivering record quarterly production of 1 million tonne of NPKs,” MD and CEO S.Sankarasubramanian said.

The crop protection segment reported a strong performance, benefiting from favourable demand for its key molecules across export and domestic markets, the company said in a release.