3 min read Last Updated : Aug 16 2024 | 2:17 PM IST
Coromandel International stocks rise: Shares of fertiliser manufacturer Coromandel International were buzzing in trade on Friday, August 16, 2024.
The stock rose as much as 5.60 per cent in intraday deals to hit a fresh all time high of Rs 1,779.90 per share.
The uptick in the share price came after the company said that it has been granted permission to resume operations at its Chennai plant.
In an exchange filing, Coromandel International said, “We wish to inform you that TNPCB has granted permission to resume the operation of the other allied units (Phosphoric Acid Plant and Sulphuric Acid Plant) located at Ennore, Chennai without Ammonia Storage facility and also advised to comply with specified conditions thereto.”
Tamil Nadu Pollution Control Board (TNPCB) ordered the company to stop operations at the Ammonium Phosphate Potash Sulphate (APPS) Plant and other allied units until certain compliances are fulfilled last year in December.
Earlier this month, Coromandel International roped in S Sankarasubramanian as managing director and CEO, effective August 7.
Q1FY25 financial performance
Coromandel International reported a 37.1 per cent fall in first-quarter profit due to weakness in its fertiliser and nutrients business.
The company’s net profit after tax fell to Rs 311 crore for the June quarter of financial year 2025 (Q1FY25), from Rs 494 crore in the same quarter a year ago (Q1FY24).
Its revenue from operations plunged nearly 17 per cent to Rs 4,729 crore, making it the company’s fifth consecutive quarter of decline.
Coromandel International Ltd stands among prominent players in India’s agricultural sector, offering a comprehensive suite of solutions across the farming value chain. Its diverse product portfolio includes fertilisers, crop protection solutions, bio-pesticides, specialty nutrients, and organic fertilisers.
The company’s operations are categorised into two primary segments: Nutrients and Allied Products, which contribute around 85 per cent of its revenue, and Crop Protection, accounting for roughly 15 per cent.
The company is a major force in the domestic fertiliser market, specialising in various phosphatic fertilisers. It commands approximately 40 per cent of the unique grade fertiliser market in India, making it the second-largest phosphatic fertiliser seller in the country and the leading seller of single super phosphate (SSP) with a market share of around 15%. The company holds a dominant position in Andhra Pradesh and Telangana, India’s largest complex-fertiliser markets.
In crop protection, Coromandel offers a broad array of products under more than 60 brands. It ranks as the third-largest global manufacturer of mancozeb, with exports constituting about 37 per cent of its revenue in this segment.
Apart from that, Coromandel is at the forefront of biological solutions with a robust pipeline focusing on plant extracts and microbial bio-pesticides. It is a leading global manufacturer of azadirachtin, holding around 65 per cent of the export market share, and exports its products to the USA, Canada, and Europe.
At 2:07 PM, shares of the company were trading 5.46 per cent higher at Rs 1,777.55 per share. In comparison, BSE Sensex was trading 1.41 per cent higher at 80,221.33 levels.First Published: Aug 16 2024 | 2:17 PM IST
https://www.business-standard.com/markets/news/coromandel-int-l-stock-hits-all-time-high-on-resuming-ops-at-chennai-plant-124081600980_1.html
