Coromandel International Limited (NSE:COROMANDEL) is an Indian agricultural company that specializes in fertilizers, crop protection, and speciality nutrients. The company operates through three business segments: fertilizers, speciality nutrients, and crop protection. Coromandel is a subsidiary of the Murugappa Group, one of India’s largest business conglomerates. The company operates in India and exports to over 60 countries. It is known for its brands such as Coromandel, Mech, Zytex, and Paramfos.
Coromandel International reported its Q3FY23 results showing a 64% YoY increase in total income to Rs 8,350 crore compared to Rs 5,101 crore in Q3FY22. The company’s EBITDA grew 44% YoY to Rs 781 crore, while PAT rose 42% YoY to Rs 539 crore in Q3FY23. Consolidated total income for the quarter was at Rs 8,349 crore, with a profit after tax of Rs 527 crore. The growth in revenue and profitability was due to record volume sales in NPKs and higher subsidy realization in the Nutrients business.
The company launched new products such as Gardina and Azamax in the urban garden and bioinsecticide segments, respectively. The Crop Protection business also grew domestically and in the B2B sector, while the company plans to introduce new technical and formulations in the fourth quarter. The Executive Vice Chairman, Arun Alagappan, stated that Coromandel will continue to promote integrated farm practices and bring prosperity to the farming community.