Latest News | Coromandel Int'l Posts 16.69pc Increase in Q2 Profit

New Delhi, Nov 2 (PTI) Agri-solutions firm Coromandel International on Monday posted a 16.69 per cent increase in its consolidated net profit to Rs 588.93 crore in the second quarter of the current fiscal on lower expenses.

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Its net profit stood at Rs 503.90 crore in the same quarter of the previous fiscal, according to a regulatory filing.

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The Murugappa Group company kept its expenses lower in the second quarter of 2020-21 fiscal even as its net income showed a decline on a consolidated basis.

Net income declined to Rs 4,619 crore in the July-September period of 2020-21 from Rs 4,867 crore in the year-ago.

Expenses were down at Rs 3,835.41 crore as against Rs 4,253 crore in the year-ago period, the filing said.

"With a healthy reservoir position and good soil moisture conditions, the outlook for Rabi appears positive," the company noted.

The company said it navigated well through the COVID-19 pandemic taking utmost care of the safety of its employees and the sustainability of its operations.

Awareness creation, education, relief and rehabilitation interventions were continued in and around its area of operations, it added.

Coromandel International has 16 manufacturing facilities, producing a wide range of nutrient and crop protection products.

Shares of the company fell 1.15 per cent to settle at Rs 718.90 apiece on BSE on Monday.

(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)