India's Coromandel International Q3 profit beats forecast on robust demand

Coromandel International

02/02/2023 09:12

BENGALURU, Feb 2 (Reuters) - Agricultural chemicals
maker Coromandel International Ltd  CORF.NS  on Thursday
reported a better-than-expected rise in third-quarter profit, as
demand for its products was bolstered by healthy sowing 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.
    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 business segment, while revenue from
the crop protection segment rose about 5%. 
    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)
 ((Dimpal.Gulwani@thomsonreuters.com;))