Coromandel International Q1 net falls 31% to Rs 62 crore

Hyderabad: Agri-solutions provider Coromandel International on Monday reported a 31 per cent fall in its consolidated net profit at Rs 62.43 crore during the first quarter of 2019-20 fiscal on poor income.

Net profit stood at Rs 90.21 crore in the same quarter previous year, the company said.

Total income declined to Rs 2,140.70 crore during the April-June quarter of the current fiscal from Rs 2,537.29 crore in the same quarter of 2018-19 fiscal.

Expenses stood at Rs 2,045.51 crore as against Rs 2,404.54 crore in the same period last year.

Coromandel International Managing Director Sameer Goel said the company "experienced a challenging quarter as late monsoon arrival, deficit rains and consequent lower crop sowings delayed the agri-input consumption in its addressable markets."

The company has integrated its fertiliser and Single Super Phosphate (SSP) businesses to generate operational synergies and strengthen its position in the complementary markets of west and north India, he said.