Farm connect initiatives, increased operational efficiencies, smart sourcing and better working capital management contributes in growth
Agribusiness major Coromandel International has posted a consolidated net profit of ₹334 crore for the quarter ended December, which is an increase of 26% compared to the ₹265 crore of the year-earlier period.
Total income at ₹3,542 crore (₹3,288 crore) was higher by over 7 per cent. Managing Director Sameer Goel said continuous emphasis on superior products, farm connect initiatives, increased operational efficiencies, smart sourcing and better working capital management helped the company register a strong performance in the third quarter. Fertilizer business registered a volume growth of 8%. Excessive rainfall in some of the geographies in which the company operates led to the postponement of Rabi sowing and skipping of few applications.
“We plan to take annual turnaround of our major plants during the upcoming quarter and fast track the capital projects. With the forecast of a normal monsoon and the roll out of COVID vaccination programme in the coming months, we expect economic activities to normalise in FY-2022,” he said in a statement.
The company is setting up a large evaporator plant, to improve the availability of concentrated phosphoric acid, and a pilot liquid fertilizer plant in Visakhapatnam. It had recommissioned the sulphuric acid plant Ranipet, the release said.
