Coromandel International has executed agreement to subscribe to equity shares in Coromandel Crop Protection Philippines Inc (CCPP) by infusion of USD 193,000. This infusion of 193,000 USD will increase the Company`s stake from 40% to 93.23% and then CCPP will become a subsidiary of the Company.Powered by Capital Market - Live News

Coromandel International introduced 10 new products aimed at enhancing crop yield, controlling pest infestations, and fostering sustainable agricultural practices across the country. These include three patented products, an innovative neem coated bio plant and soil health promoter and five generic formulations providing high-impact comprehensive crop protection solutions for the Indian farmer. Company has partnered with ISK Japan to launch Prachand, a patented product, which utilises advanced Japanese technology to safeguard paddy crops from destructive pests such as stem borers and leaf folders, mitigating potential yield losses of up to 70% to the farmer.Another highly destructive pest that devastates corn crops (up to 30% damage every year) is the fall armyworm. The company has developed a very unique formulation to effectively combat this menace for the corn farmer. Two novel patented fungicides have been launched to improve crop health and yields: 1) For long lasting control of a widely occurring disease (fungal attack called sheath blight) in rice; and, 2) An innovative fungicide solution that offers both contact (Surface) and systemic action (absorbed by crop for long lasting control) for comprehensive disease control in potato, grapes, and tomato crops.The company has also launched five new generics, which includes 3 herbicides. With these introductions, Coromandel`s solution portfolio provides comprehensive crop protection solutions for various agricultural needs of the Indian farmer who is facing significant challenges controlling pest attacks.Powered by Capital Market - Live News

Coromandel International has announced increasing its investment in Ecozen, a pioneering climate-smart technology solutions provider. The Rs 24 crore investment was made through its wholly owned subsidiary and corporate venture capital arm Dare Ventures. With this, Coromandel has increased its shareholding in Ecozen to 5.54%, an increase of 3.13%. Ecozen is known for its innovative and sustainable solutions such as the solar-powered irrigation (Ecotron) and cold chain systems (Ecofrost) that have positively impacted the lives of over 180,000 farmers in India. The company leverages advanced technologies including Artificial Intelligence (AI), Internet of Things (IoT), and energy storage to boost agricultural incomes and also significantly reducing greenhouse gas emissions and food losses. Ecozen clocked a turnover of Rs 274 crores in FY23, quintupling its growth in last three years, underscoring the increased consumer acceptance and demand for sustainable solutions. The company has further set its sights on expanding its offerings and market presence into Africa and Southeast Asia to build climate-smart solutions for agriculture.Powered by Capital Market - Live News

Coromandel International has commenced the project activity to set up its Phosphoric Acid-Sulphuric Acid complex facility at Kakinada, Andhra Pradesh. With an estimated outlay of Rs 1000 crore, the project is expected to be commissioned in two years` time. The proposed 650 ton per day (tpd) Phosphoric Acid facility is designed with advanced DA-HF (Dihydrate Attack-Hemihydrate Filtration) process technology and automated DCS system. This will enhance Company`s backward integration capacities and provide stable supplies of phosphoric acid for its fertiliser manufacturing by replacing more than 50% of Kakinada plant`s imported acid requirement. The Company also plans to set up an 1800 tpd Sulphuric Acid Plant to meet the captive needs in phosphoric acid manufacturing besides augmenting power from the waste heat generation. Phosphoric acid and Sulphuric acid are used as key intermediates for manufacturing Phosphatic fertilizers like DAP and NPKs. Currently, company`s fertilizer plants at Visakhapatnam and Ennore are fully integrated with captive Sulphuric and Phosphoric acid facilities and the proposed expansion plan at Kakinada will make this unit also an integrated complex. With a capacity of around 2 million tons, Coromandel`s Kakinada plant is the India`s second largest phosphatic fertiliser facility and contributes close to 15% of nation`s NPK fertilizer output. The plant facility also acts as a habitat for countless diverse species of birds, while greatly contributing to biodiversity and conservation of the ecosystem.Powered by Capital Market - Live News

Net profit of Coromandel International declined 34.95% to Rs 160.31 crore in the quarter ended March 2024 as against Rs 246.44 crore during the previous quarter ended March 2023. Sales declined 28.55% to Rs 3912.72 crore in the quarter ended March 2024 as against Rs 5475.82 crore during the previous quarter ended March 2023.For the full year,net profit declined 18.42% to Rs 1642.19 crore in the year ended March 2024 as against Rs 2012.93 crore during the previous year ended March 2023. Sales declined 25.55% to Rs 22058.39 crore in the year ended March 2024 as against Rs 29627.90 crore during the previous year ended March 2023. ParticularsQuarter EndedYear Ended�Mar. 2024Mar. 2023% Var.Mar. 2024Mar. 2023% Var. Sales3912.725475.82 -29 22058.3929627.90 -26 OPM %6.727.06 -10.759.79 - PBDT284.68381.09 -25 2417.012882.79 -16 PBT221.70336.52 -34 2188.452700.84 -19 NP160.31246.44 -35 1642.192012.93 -18 Powered by Capital Market - Live News