Agriculture solutions provider Coromandel International has reported consolidated net profit at Rs 246.44 crore for the quarter ending March 31, 2023, the company said on Tuesday.
The consolidated net profit stood at Rs 289.79 crore recorded in the corresponding quarter of the previous year.
For the year ending March 31, 2023, the consolidated net profit surged to Rs 2,012.93 crore from Rs 1,528.46 crore recorded in the corresponding quarter of the previous year.
Total income during the January-March 2023 quarter on a consolidated basis stood at Rs 5,522.68 crore as against Rs 4,303.60 crore recorded in the corresponding quarter of the previous year.
For the year ending March 31, 2023 the consolidated total income went up to Rs 29,799.03 crore from Rs 19,255.12 crore registered a year ago.
The Board of Directors had approved the financial results of the company for the quarter and year ended March 31, 2023.
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The Board has recommended a final dividend of Rs 6 per share for the financial year 2022-23.
Commenting on the financial performance, company executive vice-chairman Arun Alagappan said, "during the financial year, Coromandel delivered a robust performance, registering strong growth in turnover and profitability with its diversified portfolio of nutrients, crop protection, bio products and retail business."
"During the year, Coromandel strengthened its backward integration capabilities in the nutrient's business by acquiring a 45 per cent shareholding in the rock phosphate mining company in Senegal. Major capital expenditure projects like sulphuric acid plant and desalination plant are progressing well," he said in a statement.
Nutrient and allied business posted revenues for the quarter ending March 31, 2023 at Rs 4,881 crore as against Rs 3,683 crore recorded in the same period of previous year.
Revenue for the year ending March 31, 2023 from nutrient and allied business grew to Rs 27,162 crore as against Rs 16,714 crore recorded last financial year.
Revenue from the crop protection business during the quarter under review grew to Rs 610 crore from Rs 547 crore recorded in the same quarter of previous year.
For the year ending March 31, 2023 the revenue from crop protection segment went up to Rs 2,617 crore from Rs 2,488 crore recorded in the same period of last fiscal.
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