Coromandel International rallied 6.39% to Rs 1,065.80 after the company's consolidated net profit surged jumped 47.8% to Rs 499.08 crore on a 56.4% rise in revenue from operations to Rs 5,729.10 crore in Q1 FY23 over Q1 FY22.
Consolidated profit before tax (PBT) rose 49.3% to Rs 669.36 crore in Q1 FY23 from Rs 448.20 crore posted in Q1 FY22.Total expenses increased by 57.9% to Rs 5,114.84 crore and cost of raw materials surged 123.7% to Rs 4,699.02 crore in Q1 FY23 over Q1 FY22.
Revenue from the nutrient and other allied business segment grew 66.4% year on year to Rs 5,110.53 crore and revenue from crop protection segment rose 4.64% year on year to Rs 660.74 crore in Q1 FY23.
Sameer Goel, managing director, Coromandel International, "Coromandel registered a strong performance in Q1 with a 57% revenue growth over the same quarter last year, with growth in both nutrient and crop protection businesses due to high price of raw materials.
The company focused on leveraging the operational efficiencies at the plants, smart sourcing enabled timely availability of raw materials and marketing efforts backed by agronomist activities ensured meeting the agricultural needs of the farming community. During the quarter, the company launched 4 new products in the Crop Protection Segment which have been well received by the farmers. Further, the company's R&D team has developed a rich product pipeline of technically superior products which are planned to be introduced during the year. The company is successfully conducting drone spraying trials in the farmer's fields with speciality nutrition and crop protection products.
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The company's capital expansion program is on track with the proposed Sulphuric Acid plant at Vizag and is building a multi-Purpose plant for Crop protection. The investment in the mining company, BMCC, Senegal through its 100% subsidiary Coromandel Chemicals Ltd is expected to be completed in the coming quarter which will help in securing our critical phosphate rock needs. The company through its 100% subsidiary, Dare Ventures Limited, invested in two Agri start-ups EcoZen and String Bio.
We are witnessing adequate monsoon coverage and higher reservoir levels which augers well for Indian agriculture in our key operating markets. We are ensuring timely availability of agri-inputs to the farming community through our dealers and our Retail outlets. Coromandel, with its diversified presence across the agri value chain, will continue to provide Balanced Nutrition and Integrated Pest Management solutions to maximise farm productivity."
Coromandel International is amongst India's pioneers and leading Agri solutions provider, offering diverse products and services across the farming value chain. It operates in two major segments: Nutrient and other allied businesses and Crop Protection. These include Fertiliser, Crop Protection, Bio Products, Specialty Nutrients and Organic businesses.
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