Coromandel International  and Mahindra & Mahindra`s Farm Equipment Sector (FES) business vertical, Krish-e, announced a partnership to extend Coromandel`s drone spraying services, Gromor Drive, to Indian farmers. Currently operational in seven key states Andhra Pradesh, Telangana, Karnataka, Tamil Nadu, Maharashtra, Madhya Pradesh and Uttar Pradesh Gromor Drive`s operations are supported by RPTOtrained pilots. Coromandel`s drone services are uniquely positioned in the market through the support of its subsidiary, Dhaksha Unmanned Systems, which ensures reliable drone supply, pilot training, and service support. This backward integration provides Coromandel with a distinct competitive edge in this emerging market. The partnership further enhances accessibility to these services via the `Krish-e Kheti Ke Liye App,` along with other technology-driven farm solutions offered by Mahindra`s FES, aimed at sustainably maximizing farmers` income and benefiting the broader agricultural value chain.Powered by Capital Market - Live News

Net profit of Coromandel International declined 12.26% to Rs 664.05 crore in the quarter ended September 2024 as against Rs 756.87 crore during the previous quarter ended September 2023. Sales rose 6.36% to Rs 7432.83 crore in the quarter ended September 2024 as against Rs 6988.13 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales7432.836988.13 6 OPM %12.9415.10 - PBDT960.831053.50 -9 PBT891.85999.55 -11 NP664.05756.87 -12 Powered by Capital Market - Live News

The Board of Directors of Coromandel International today approved capital projects with an investment outlay of around Rs 800 crore mainly pertaining to:(i) Enhancement of granulation capacity by 7.5 lakh tons per annum for manufacture of complex and unique fertilisers at Kakinada, Andhra Pradesh, and (ii) Setting up of a state-of-the-art Multi-Product Plant for manufacture of recently off-patented Fungicides at Ankleshwar, Gujarat. The capacity enhancement will involve setting up of a new granulation train for NPKs at Coromandel`s existing fertiliser manufacturing unit at Kakinada. The new granulation train will have an annual production capacity of 7.5 lakh tons, taking the total production capacity of the Kakinada site to 30 lakh tons. Earlier this year, company announced the setting up of Phosphoric acid plant with a capacity of 650 tons per day (TPD) and sulphuric acid plant with a capacity of 2000 TPD at a cost of Rs 1000 crore. The strategic location of the Kakinada facility on the east coast of India provides Coromandel with logistical advantages, ensuring efficient supplies to markets across India. The proposed granulation plant will be equipped with state-of-the-art technology, adhering to the highest environmental and safety standards, while ensuring energy-efficient operations. The investment will enable production of high-quality phosphatic fertilisers to meet the growing demand of Indian farmers.Coromandel`s Board has also approved the establishment of a state-of-the-art Multi-Product Plant (MPP) for manufacturing Crop Protection Technicals at its Ankleshwar unit in Gujarat. This move aligns with the company`s growth ambitions in crop protection segment and capitalizes on India`s emerging role as a key player in the global AgChem supply chain. The investment reflects Coromandel`s longterm vision to become a leading player in crop protection, leveraging its expertise in complex chemistries to introduce next-generation molecules. Recently, the company has also launched 10 new crop protection products aimed at strengthening its domestic formulations business. The proposed MPP will further enhance Coromandel`s backend manufacturing capabilities and help meet the growing demand for the identified products in both domestic and export geographies. Besides these major capex projects, the Board has also approved fund infusion into company`s mining entity Baobab Mining Chemical Corporation (BMCC) at Senegal for its ongoing capex program. Also, during the quarter, Coromandel through its wholly owned subsidiary, Coromandel Chemicals, has announced acquisition of additional 8.8% stakes in BMCC, subject to regulatory approvals, which will take its overall shareholding in BMCC to 53.8%. Powered by Capital Market - Live News

Coromandel International will hold a meeting of the Board of Directors of the Company on 24 October 2024.Powered by Capital Market - Live News

Coromandel International announced acquisition of additional equity stake in Baobab Mining and Chemicals Corporation (BMCC), Senegal, through its wholly owned subsidiary Coromandel Chemicals. Coromandel will acquire an additional 8.82% equity stake in BMCC, taking its overall shareholding to 53.8%. Coromandel will invest USD 3.84 million (Rs 32 crore) in BMCC, besides loan infusion of US$ 6.5 million (Rs 54 crore) to fund expansion projects and meet working capital requirements. Rock phosphate is a critical raw material for manufacturing Phosphoric Acid, an intermediate used for Phosphatic fertiliser production. BMCC, incorporated in 2011, has renewable exploitation permit for processing phosphate ore and Coromandel acquired 45% stake in September 2022. The company has since stabilised mining operations and is currently commissioning fixed processing plant to optimise the rock production. Powered by Capital Market - Live News