The shares of the crop fertilizer manufacturer gained up to 1.4 percent after the company’s subsidiary announced the acquisition of drone manufacturing company Dhaksha Unmanned Systems Private Limited stake worth Rs 150 crore.
With a market capitalization of Rs 35,788.07 crore, the shares of Coromandel International Ltd were trading at Rs 1,215.45 per share, increasing around 1 percent as compared to the previous closing price of Rs 1,204.95 apiece.
According to the company filing, Coromandel International Ltd, through its wholly-owned subsidiary Coromandel Technology Limited (CTL), announced the acquisition of an additional 7 percent stake in Chennai-based drone manufacturing company Dhaksha Unmanned Systems Private Limited. Coromandel will invest Rs 150 crores through a fresh issue of shares to increase its overall shareholding in Dhaksha to 58 percent.
Moreover, Dhaksha, founded in 2019 and located in Chennai, is a market leader in drone technology in India, offering a comprehensive spectrum of Unmanned Aerial Systems (UAS) technological solutions for agricultural, defense, surveillance, and enterprise applications.
Additionally, Dhaksha has also received multiple orders from defense and agricultural input firms in the recent year, with a current order book of INR 265 crore. The firm has boosted its production capacity by establishing a cutting-edge manufacturing plant on the outskirts of Chennai.
Looking into the company’s finances, Coromandel International Ltd’s revenue decreased by 29 percent from Rs 5,476 Crore in Q4FY23 to 3,913 Crore in Q4FY24. During the same period, net profits decreased by 33 percent from Rs 246 crore to Rs 164 crore.
Coromandel International Ltd is a large crop production organization in India, producing over 80,000 tons per year from 6 plant locations. The company has 10,000+ dealers and supplies 60+ brands in 81 countries.
Coromandel International Ltd is one of India’s major agricultural solution providers. It provides a wide variety of products and services throughout the farming value chain. It specializes in fertilizers, crop protein, biopesticides, specialized nutrients, organic fertilizers, and so on.
Written by:- Abhishek Singh
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