Coromandel International's Profits Soar in Q3 on Strong Sales

Coromandel International Ltd reported a 122% increase in net profit to Rs 507.91 crore for Q3 2024-25, driven by higher sales in nutrients and crop protection. The company plans to establish a subsidiary in the Netherlands and offer a corporate guarantee for a bank facility related to its Senegal-based associate.

Agrochemicals company Coromandel International Ltd announced a remarkable rise in its consolidated net profit for Q3 2024-25, registering Rs 507.91 crore, more than double from the previous year's Rs 228.11 crore. The surge was fueled by robust sales in nutrients and crop protection products.

Total income during the quarter climbed by 27.63% to Rs 7,048.86 crore, in comparison to Rs 5,522.69 crore in the same period last year, the company stated in a regulatory filing. However, expenses were higher at Rs 6,357.26 crore, up from Rs 5,207.95 crore a year earlier.

The board has approved the creation of a wholly owned subsidiary in the Netherlands with an investment of up to EUR 1,00,000. Additionally, it sanctioned a corporate guarantee issuance of up to USD 11 million for a working capital facility for BMCC, a rock phosphate mining associate in Senegal. Furthermore, an interim dividend of Rs 6 per equity share was confirmed.

(With inputs from agencies.)