Coromandel International has posted a consolidated net profit of ₹251 crore for the quarter ended June 30 or a manifold increase compared with the ₹62 crore of the corresponding period of the previous fiscal.
The consolidated total income of the fertiliser maker was ₹3,224 crore (₹2,141 crore). Profit before depreciation, interest, taxes and exceptional item (EBITDA) increased 113% to ₹415 crore (₹195 crore).
Managing Director Sameer Goel said it was a resilient performance in Q1 FY21. The company registered a strong growth despite unprecedented external environment posed by COVID-19. “Better than normal rainfall in our key markets, good soil moisture conditions and pro-active steps taken by the government in procuring the bumper Rabi harvest, led to positive sentiments in the farming community resulting in early demand for agricultural inputs,” he said in a release.
Coordinated efforts ensured efficient management across the value chain right from sourcing, manufacturing, supply chain to last-mile delivery. Focus on working capital yielded good results lowering the interest costs. The company leveraged digital marketing platforms to connect with the farmer community, he said.
“With early onset of southwest monsoon and healthy reservoir position, we expect good traction in the upcoming Kharif season. Coromandel will strive to ensure availability and meet the market demand,” Mr. Goel said.
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