Coromandel International net dips 79%

Sales turnover, however, increased marginally 2% to Rs 1,897.68 crore from Rs 1,854.54 crore in the same period

The net profit of Coromandel International Limited, belonging to the Chennai-based Murugappa group, declined 79 per cent to Rs 24.48 crore during the quarter ended June 30, 2013 compared with a profit of Rs 114.22 crore posted in the corresponding quarter of the previous year. Sales turnover, however, increased marginally 2 per cent to Rs 1,897.68 crore from Rs 1,854.54 crore in the same period.

"Excessive pipeline inventory of DAP and complex fertiliser has impacted sales volume and profitability during the quarter. Fundamentals of the business remain strong and with active monsoon generally covering all our key addressable markets we expect agricultural activity to gather momentum," company managing director, Kapil Mehan, stated.