ATM News Network: Agrochemicals maker Coromandel International Ltd has reported a better-than-expected third-quarter profit growth on rising demand for produce, healthy sowing, above-average monsoon and higher crop prices.
The company's consolidated net profit after tax rose 38.1% from a year ago to 5.27 billion rupees ($64.24 million), while analysts had expected a profit of 4.35 billion rupees on average. The company said the increase in revenue was due to higher subsidies in the nutrient business, including sales of nitrogen, phosphorus, and potassium fertilizers.
Arun Alagappan, the executive vice president of Coromandel International, said domestic formulation and B2B business in the crop protection segment increased, which faced a hostile environment in the export market. The company's segment revenue grew 63.8% to Rs 83.10 billion.
A 72% growth in nutrition and other related businesses led to the company's revenue growth. While, the revenue in the crop protection segment has increased by around 5%.
The company also approved an interim dividend of Rs 6 per share with the date of registration on February 17. It will be given on or after February 27.
(Except for the headline, this story has not been edited by ATM staff and is published from a web feed.)
(Source: Agropages.com