Coromandel posts 133 jump in Q1 EBITDA at Rs 415 crore

Agri solutions provider Coromandel International on Saturday reported 133 per cent jump in its earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter ended June at Rs 415 crore.

In Q1 FY20, it had reported EBITDA of Rs 195 crore. Consolidated net profit after tax for the quarter totalled Rs 251 crore in comparison to Rs 62 crore for the corresponding quarter last year.

Consolidated total income stood moved up to Rs 3,224 crore from Rs 2,141 crore. The company is in the business of fertilisers, crop protection, specialty nutrients, orgc manure and retail.

"Coromandel had a resilient performance in Q1 FY21, registering a strong growth despite the unprecedented external environment posed by Covid-19 pandemic," said Managing Director Sameer Goel.

"Better than normal rainfall in our key markets, good soil moisture conditions and pro-active steps taken by the government in procuring the bumper rabi harvest led to positive sentiments in the farming community, resulting in early demand for agricultural inputs," he said in a statement.

"With early onset of southwest monsoon and healthy reservoir position, we expect good traction in the upcoming kharif season," added Goel.

Coromandel operates in two major segments: nutrient and other allied businesses, and crop protection. These include fertiliser, crop protection, bio-pesticides, specialty nutrients and orgc compost businesses.

The company has 16 manufacturing facilities and is second largest manufacturer and marketer of phosphatic fertiliser in India. It belongs to the Rs 38,105 crore Murugappa Group.

( With inputs from ANI )