Coromandel International Limited., a Indian fertilizers manufacturer announced its results for the second quarter ended Sept 30, 2022.
Q2 Results- QoQ
The company’s net profit grew 48.4% to Rs 7.41 billion for the period ended Sept 30, 2022 as against net profit of Rs 4.99 billion for the previous quarter.
Net sales increased 75.4% to Rs 101.44 billion during the period ended Sept 30, 2022 as compared to Rs 57.82 billion during the previous quarter.
Q2 Results- YoY
The company reported 42.6% growth in net profit of Rs 7.41 billion for the period ended Sept 30, 2022 as against net profit of Rs 5.19 billion for the prior-year quarter.
Net sales increased 64.5% to Rs 101.44 billion during the period ended Sept 30, 2022 as compared to Rs 61.66 billion during the prior-year quarter.
Commenting on the financial results, Sameer Goel, Managing Director, Coromandel International Ltd. said, “Coromandel delivered a robust growth in revenue during the quarter, primarily led by high subsidy and MRP in the Nutrients business and volume led growth in others. The agricultural environment remained favourable in most of the key operating markets with above average monsoon, normal crop sowing coupled with favourable policies from the Government.”
“During the quarter, the company launched liquid fertiliser ‘Acumist Calcium’, a Speciality Nutrient product. The 4 new products launched in the Crop Protection business in Q1 have received encouraging response from the market. During the year, the Crop Protection business has received 5 patent registrations for novel combinations developed by our R&D team. The company continues to work on a promising product pipeline and has plans for further launches in the upcoming period. The Company has invested in ‘Daksha’, a Drone manufacturing company and has successfully done pilot trials at the farmer’s fields for our Nutrients and Crop Protection products,” he added.
“With timely onset of North-East Monsoon, higher reservoir levels, residual soil moisture and softening commodity prices, we expect a favourable business environment in the upcoming Rabi season. As a leading Agri solutions provider, we will continue to drive farm productivity and bring prosperity to the farming community,” Mr Goel said.
H1 Results- YoY
The company reported 44.6% growth in net profit to Rs 12.39 billion for the period ended Sept 30, 2022 as against net profit of Rs 8.57 billion for the prior-year 1st half period.
Net sales increased 61.7% to Rs 159.27 billion during the period ended Sept 30, 2022 as compared to Rs 98.52 billion during the the 6 Months period last year.
Coromandel International Limited is a leading player in the Indian chemical industry engaged in the manufacture and sale of fertilizers and crop protection chemicals.