BENGALURU (Reuters) – Agricultural chemicals maker Coromandel International Ltd on Thursday reported a better-than-expected rise in third-quarter profit, as demand for its products was bolstered by healthy sowing and firm crop prices.
The company’s consolidated net profit after tax rose 38.1% to 5.27 billion rupees ($64.24 million) from a year earlier, while analysts on average had expected a profit of 4.35 billion rupees.
Revenue from operations climbed 63.8% to 83.10 billion rupees.
The company’s revenue was boosted by a 72% growth in nutrient and other allied business segment, while revenue from the crop protection segment rose about 5%.
Peer UPL Ltd reported a smaller-than-expected rise in third-quarter profit earlier this week, hurt by higher raw material costs.
($1 = 82.0400 Indian rupees)
(Reporting by Dimpal Gulwani; editing by Eileen Soreng)
