Coromandel International logs Q3 standalone profit after tax at Rs 539 cr

Coromandel International Ltd has reported standalone profit after tax at Rs 539 crore upby 42 per cent during the quarter ending December 31, 2022, the company said on Thursday.

The city-based diversified conglomerate Murugappa Group company had registered standalone profit after tax at Rs 379 crore last year. Total income during the quarter under review surged to Rs 8,350 crore as against Rs 5,101 crore registered last year.

Profit after tax for the nine month period ending December 31, 2022 grew to Rs 1,773 crore upby 44 per cent from Rs 1,229 crore registered corresponding period of last year. Total income during the nine month period ending December 31, 2022 stood at Rs 24,265 crore as compared to Rs 14,937 crore registered last year.

The revenue from the nutrient and allied business during the quarter under review was at Rs 7,710 crore as against Rs 4,483 crore registered in December 2021.

Crop protection business generated revenues of Rs 651 crore as compared to Rs 623 crore registered in same period of last year.

The board at its meeting held on Thursday approved an interim dividend of Rs 6 per share.

Commenting on the financial performance, company executive vice chairman Arun Alagappan said, "Coromandel delivered an excellent performance during the quarter registering good growth in revenue and profitability which will help its further investments in the agri business."

"In crop protection business, domestic formulation and B2B business grew during the quarter which was offset with headwinds faced in the export markets. Plants continued to operate efficiently and key capex projects for capacity expansion and backward integration are progressing," he said.