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Coromandel Q3 net jumps 34%, Vellayan steps down as chairman

India's second largest phosphatic fertiliser player Cor..

India's second largest phosphatic fertiliser player Coromandel International on Wednesday announced 34% increase in profit at Rs 172 crore for third quarter of fiscal 2017-18 against Rs 112 crore reported in same quarter last year.

The growth was mainly on the back of a favourable agricultural environment in key operating markets, coupled with improved capacity utilisation of the company's nutrient segment.

The company posted a revenue of Rs 2,707 crore in December quarter as against Rs 2,283 crore in corresponding quarter last fiscal, while earnings before interest, taxation, depreciation and amortization (EBITDA) for the quarter stood at Rs 318 crore, up from Rs 237 crore in the corresponding quarter last fiscal.

Sameer Goel, managing director, Coromandel International, said during the quarter, the agri environment in the company's key operating markets remained positive, augmenting the overall input consumption.

Meanwhile, A Vellayan, executive chairman of the Rs 30,000-crore Murugappa group, Coromandel's parent company, has stepped down as Chairman of the board upon attaining the age of 65.

For the nine-months period ended December 2017, the company posted a revenue of Rs 8,662 crore and profit after tax (PAT) of Rs 590 crore, as against a revenue of Rs 7,948 crore and a PAT of Rs 333 crore in the same period last fiscal.

"Coromandel's nutrient segment improved on its capacity utilization, operational efficiencies and channel and branding initiatives resulting in an improved performance," he said, adding that with the government's focus on agriculture, moderated channel inventories and early prediction of a normal monsoon in addressable market, the company expects positive agrarian sentiment to continue over the next season as well.

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