Coromandel International Q1 net declines 60 per cent

Company's total turnover up by 16% to Rs 2,181 cr

Murugappa Group company Coromandel International Limited reported a 60 per cent decline in net profit during the first quarter of the current financial year at Rs 14 crore, as against a net profit of Rs 35 crore in the corresponding quarter last fiscal.

The company, which produces fertilisers, crop protection products and specialty nutrients, saw its total turnover rise 16 per cent to Rs 2,181 crore during the quarter, when compared with Rs 1,881 crore in the same period last fiscal. Earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter dropped 25% to Rs 92 crore, as against Rs 122 crore.

V Ravichandran, vice chairman of the company, said: "Erratic rainfall in key addressable markets coupled with cost push pressures and rupee depreciation had impacted agri-input sales and margins. The company has taken adequate measures to face market challenges and would continue to focus on meeting customer needs by providing quality inputs besides offering advisory services through its Mana Gromor retail chain."

The company, which produces 3.2 million tonnes of fertilisers annually, clocked a turnover of Rs 11,285 crore for the full year 2014-15.

Shares of Coromandel International lost 3.85 per cent to close at Rs 236.30 on the BSE on Monday, as against the previous day's closing of Rs 245.75.