Chennai, Jul 27 (PTI) Coromandel International Ltd, which is into fertilisers and crop protection chemicals business, on Thursday reported consolidated net profit for the April-June 2023 quarter at Rs 494.03 crore, the company said on Thursday.

The Murugappa Group firm had registered a consolidated net of Rs 499.08 crore during the corresponding quarter of the previous year.

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For the year ending March 31, 2023, the consolidated profit after tax stood at Rs 2,012.93 crore.

On the financial performance, executive vice-chairman Arun Alagappan said: "Coromandel posted a steady performance in Q1, registering strong volume growth and sustaining its profitability. This was despite the challenging business environment as delayed monsoon onset impacted crop sowings and agri-input applications."

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The consolidated total income during the quarter under review was at Rs 5,737.89 crore as against Rs 5,782.67 crore registered in the corresponding period of last year.

The consolidated total income for the year ending March 31, 2023, stood Rs 29,799.03 crore.

"Nutrient and allied businesses performance was led by robust 18 per cent sales volume growth in phosphatic fertilizers...major capital expenditure projects like sulphuric acid and desalination plant are progressing as per the schedule and are expected to be commissioned in August 2023."

As part of the expansion into the speciality chemicals segment, he said the company plans to introduce products in the second quarter by leveraging its technical capabilities and existing plant infrastructure.

The company has acquired a "majority" shareholding in Chennai-based drone startup Dhaksha Unmanned Systems Pvt Ltd, he said.

Dhaksha is a player in drone space in India, providing a complete range of Unmanned Aerial Systems (UAS) technology solutions across agriculture, defence, surveillance, and enterprise applications, he said.

Alagappan said the company expects the agri-inputs consumption to pick up in Q2 with improved southwest monsoons across India.

"We are committed to driving integrated farm management practices and introducing novel technologies that can enhance the efficiency of agricultural solutions and improve the sustainability of Indian farms," he said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)