Coromandel International has slipped over 6% to Rs 165 after reporting a sharp 82% year-on-year drop in its consolidated net profit at Rs 21 crore for the quarter ended June 30, 2013 (Q1) due to excessive inventory build-up and margin pressures. The fertiliser company had profit of Rs 115 crore in a year ago quarter.
Operating profit of the company nearly halved at Rs 109 crore in Q1FY2014 over the previous year quarter, while operating margins declined to 5.7% from 11.37%.
The company’s net sales however, grew marginally by 2% to Rs 1,897 crore during the quarter from Rs 1,854 crore in the year-ago period.
The stock opened at Rs 171 and touched one year low of Rs 163 on NSE. A combined 37,000 shares have changed hands on the counter so far on NSE and BSE.
Operating profit of the company nearly halved at Rs 109 crore in Q1FY2014 over the previous year quarter, while operating margins declined to 5.7% from 11.37%.
The company’s net sales however, grew marginally by 2% to Rs 1,897 crore during the quarter from Rs 1,854 crore in the year-ago period.
The stock opened at Rs 171 and touched one year low of Rs 163 on NSE. A combined 37,000 shares have changed hands on the counter so far on NSE and BSE.