Coromandel appoints S Sankarasubramanian as MD-CEO

CHENNAI: Following the Board's approval, Coromandel International has appointed S Sankarasubramanian as its MD-CEO with effect from Wednesday.

Sankarasubramanian, who was ED, nutrient Business, was elevated to the current role in the Murugappa group company. He brings a wealth of experience and has a proven track record as a CFO and a business head. He is a mathematics graduate from University of Madras, and a member of the Institute of Cost and Management Accountants of India, and has completed Advanced Management Program (AMP) at Harvard Business School in the year 2009.

His association with the Murugappa Group goes back to the year 1993. He started his career at EID Parry (India) Limited in Corporate Finance, where he progressed through various roles before joining Coromandel International in 2003.

Coromandel International's net profit for Q1 stood at Rs 331 crore compared to Rs 505 cr in the Q1 of the previous year. It reported a total income of Rs 4,768 cr in Q1, against Rs 5,740 cr in Q1 of teh previous year.

Revenue for the quarter ended June 2024 was at Rs 4,198 cr as against Rs 5,192 cr for the quarter ended June 2023, registering a year on year de-growth of 19 per cent. Profit before interest and tax for the quarter was Rs 436 cr against Rs 672 cr for the quarter ended June 2023.

Sankarasubramanian said “during the quarter, Coromandel made sequential recovery, registering healthy volume sales in nutrients and crop protection businesses despite the delay in onset of monsoons. However, margins for the fertilizers business were impacted due to lower subsidy rates and rise in input costs."

Strengthening its backward integration capabilities has been one of the core focus areas for the company. Towards this, the fertilizer business has commenced activities for its Phosphoric acid (650 tpd)-Sulphuric acid (2000 tpd) complex at Kakinada.