Coromandel International Q3 Results: Net Profit Jumps Two-fold To Rs 508 Crore

Agrochemicals firm Coromandel International Ltd. on Thursday posted a more than two-fold jump in its consolidated net profit to Rs 507.91 crore in the third quarter of 2024-25 on strong sales.

The company had a net profit of Rs 228.11 crore in the year-ago period.

Total income increased by 27.63% to Rs 7,048.86 crore for the December quarter of the 2024-25 fiscal from Rs 5,522.69 crore in the year-ago, according to a regulatory filing.

Coromandel International Managing Director S. Sankarasubramanian attributed the robust Q3 performance to strong sales volumes in nutrients and crop protection segments, operational excellence across businesses and "continued execution of our strategic initiatives".

It was further aided by strong tailwinds such as good monsoon, higher reservoir levels and increased crop sowing in the target markets, he said.

Expenses remained higher at Rs 6,357.26 crore as against Rs 5,207.95 crore in the year-ago period.

The board approved the company's plan to establish a wholly owned subsidiary firm in the Netherlands, Europe, with an investment value of up to EUR 1,00,000.

It also approved issuance of corporate guarantee for up to $11 million in favour of one or more banks for availing working capital facilities by its associate company Senegal-based rock phosphate mining company BMCC.

"With favourable agricultural conditions and increasing adoption of our products, we are confident of sustaining our growth momentum in the quarters ahead," he added.

Coromandel International, which specialises in crop protection products, fertilizers, and speciality nutrients, has 18 manufacturing facilities across the country.