Coromandel Intl Q4 profit falls 35%

CHENNAI: Coromandel International on Thursday reported a 33 per cent decline in its consolidated net profit to Rs 163.91 crore for the latest quarter ended March on lower income.

Its net profit stood at Rs 246.44 crore in the year-ago period. Total income fell to Rs 1,640.64 crore in the January-March period of the 2023-24 fiscal from Rs 2,012.93 crore in the corresponding period of the preceding year.

During the full 2023-24 fiscal, the company’s net profit declined to Rs 3,996.25 crore as against Rs 5,522.68 crore in the preceding year.

Total income also plummeted to Rs 22,289.75 crore last fiscal compared to Rs 29,799.03 crore in the 2022-23 fiscal.

Coromandel International is one of the leading agri solutions providers. It operates in two major segments, nutrient and other allied businesses and crop protection. Coromandel is a part of the Rs 74,220 crore Murugappa Group.

Arun Alagappan, executive VC, Coromandel International, said “FY2023-24 was marked by a challenging business environment as sub normal monsoons and lower reservoir levels in Coromandel’s key operating markets impacted the agri-inputs consumption.” He also highlighted the sharp corrections in subsidy rates in H2 of the year and global headwinds.

Arun Alagappan elevated as executive chairman

Coromandel International announced the following changes pursuant to a meeting of the Board of Directors, held on Thursday. A Vellayan retires from the position of chairman and non-executive director with effect from the close of April 25, 2024. The Board accepted the retirement sought by Vellayan and appointed him as chairman emeritus effective April 26, 2024. Consequently, the board approved the appointment and redesignation of Arun Alagappan as executive chairman effective from April 26, 2024. Arun Alagappan has been the executive vice chairman of the company since February 2021.