Agri-solutions firm Coromandel International on Monday posted a 16.69 percent increase in its consolidated net profit to Rs 588.93 crore in the second quarter of the current fiscal on lower expenses. Its net profit stood at Rs 503.90 crore in the same quarter of the previous fiscal, according to a regulatory filing.

The Murugappa Group company kept its expenses lower in the second quarter of 2020-21 fiscal even as its net income showed a decline on a consolidated basis. Net income declined to Rs 4,619 crore in the July-September period of 2020-21 from Rs 4,867 crore in the year-ago. Expenses were down at Rs 3,835.41 crore as against Rs 4,253 crore in the year-ago period, the filing said.

"With a healthy reservoir position and good soil moisture conditions, the outlook for Rabi appears positive," the company noted. The company said it navigated well through the COVID-19 pandemic taking utmost care of the safety of its employees and the sustainability of its operations. Awareness creation, education, relief and rehabilitation interventions were continued in and around its area of operations, it added.

Coromandel International has 16 manufacturing facilities, producing a wide range of nutrient and crop protection products.

Read all earnings here.

First Published:Nov 3, 2020 8:53 AM IST