Coromandel International Ltd. and its wholly owned subsidiary Coromandel Chemicals Ltd. have signed a lease agreement for property in Thane on Tuesday.
Following the signing of the agreement, Coromandel International will receive Rs 156.90 crore, while its subsidiary will obtain Rs 253.10 crore, according to an exchange filing on Wednesday.
On Tuesday, Coromandel International bagged a Rs 1,539-crore order from the Andhra Pradesh government for the expansion of a fertiliser manufacturing facility at Kakinada.
The Industries and Commerce Department has offered a 45% incentive on eligible fixed capital investments, provided certain conditions and requirements are met.
Coromandel International Q3 Performance
Coromandel International's net profit rose to Rs 511.77 crore, a 122% rise for the third quarter of the current fiscal, as compared to Rs 230.98 crore for the same period last year.
Its revenue surged by 26.9% to Rs 6,935.19 crore for the October-December quarter, as against Rs 5,464.15 crore for the year ago period.
Earnings before interest, tax, depreciation and amortisation grew to Rs 721.77 crore, denoting a 102% rise for the quarter ended Dec. 31, 2024, from Rs 357.84 crore for the same quarter of the previous fiscal.
Margins expanded to 10.4% for the third quarter from 6.5% in the same period last year.
Shares of Coromandel International closed 1.17% higher at Rs 1,840.85 apiece, compared to a 0.12% decline in the benchmark Nifty. The stock has risen 70.46% in the last 12 months.
Eight of the 11 analysts tracking the company have a 'buy' rating on the stock, one recommends a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 10.7%.
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