Coromandel International Q2 net up 17% at Rs 589 cr, income down 5%

Firm attributes better profit show to good monsoon and soil moisture, and govt's proactive steps in farm space

Coromandel International Limited posted a 17 per cent increase in net profit after tax at Rs 589 crore for the quarter ended September 30, 2020, from Rs 504 crore for the same quarter last year.

During the quarter ended September 2020, the Company’s consolidated total income was down 5.07 per cent at Rs 4,620 crore, from Rs 4,867 crore a year ago.

 

Sameer Goel, Managing Director, Coromandel International said, “Coromandel had a strong performance in Q2FY21, despite the unprecedented external environment posed by Covid-19 pandemic. Better than normal rainfall in the country specially in the Company’s key markets, good soil moisture conditions and pro-active steps taken by the Government for Agriculture have resulted in increased crop sowing area and very good demand for agricultural inputs."

However, he added that excessive and continuous rainfall in September has resulted in crop losses and postponement of some agricultural applications.