India's Coromandel Int'l Q3 profit beats view on robust demand (updated)

Coromandel International

02/02/2023 12:49

(Adds details)
       BENGALURU, Feb 2 (Reuters) - Agricultural chemicals
maker Coromandel International Ltd  CORF.NS  reported a
better-than-expected rise in third-quarter profit on Thursday,
as demand for its products was bolstered by healthy sowing,
above average monsoon and firm crop prices.
    The company's consolidated net profit after tax rose 38.1%
to 5.27 billion rupees ($64.24 million) from a year earlier,
while analysts on average had expected a profit of 4.35 billion
rupees.
    The company saw a higher nitrogen, phosphorous, potassium
fertilizer sales along with higher subsidy realization in the
nutrients business, thus boosting their revenue, it said.
    For the crop protection segment, domestic formulation and
B2B business grew which was offset with headwinds faced in the
export markets, said Arun Alagappan, executive vice chairman,
Coromandel International.
    Revenue from operations climbed 63.8% to 83.10 billion
rupees. 
    The company's revenue was boosted by a 72% growth in
nutrient and other allied businesses, while earnings from the
crop protection segment rose about 5%. 
    The company also approved interim dividend of 6 rupees per
share, which will be paid on or after Feb. 27, with the record
date set as Feb. 17. 
    Peer UPL Ltd  UPLL.NS  reported a smaller-than-expected rise
in third-quarter profit earlier this week, hurt by higher raw
material costs.
($1 = 82.0400 Indian rupees)
 (Reporting by Dimpal Gulwani; editing by Eileen Soreng and
Rashmi Aich)
 ((Dimpal.Gulwani@thomsonreuters.com;))