The shares of one of the leading Fertilisers manufacturer and Agricultural solutions provider which is part of the famous Indian conglomerate group the Murugappa Group gains marginally after it commissions its third sulphuric acid plant with an investment of Rs. 400 crores, thereby almost doubling the sulphuric acid production capacity.
At 11:36 a.m the shares of Coromandel International were trading at Rs. 1152 down 0.10 percent from its previous day close price and the market capitalization of the company is Rs. 33,649 crores.
As per the company’s filing, Coromandel International Limited has commissioned its new state-of-the-art Sulphuric Acid Plant at Visakhapatnam. It has been set up with an investment of Rs. 400 crores, with the production capacity of 1,650 metric tonnes per day. In addition to this the Company has set up a 6 MLD desalination plant to meet its additional water requirements.
With this Coromandel International’s Sulphuric acid capacity will increase to 11 lakh tonnes per annum from 6 lakh tonnes per annum, supporting its requirement towards downstream processes involving Phosphoric acid and Phosphatic Fertilizer production.
The company’s revenue grew 55.03 percent from Rs. 19,110.85 crores in FY22 to Rs. 29,627.91 crores in FY23, accompanied by increasing profits of Rs. 1,528.46 crores to Rs. 2,012.93 crores.
The company reported a return on equity (ROE) of 28.27 percent and a return on capital employed (ROCE) of 40.51 percent, this indicates that the company is making good returns on its equity and is making effective utilisation of the company’s resources.
According to the latest shareholding data available for the June 2023 quarter, the company’s Promoters hold 57.40 percent stake, the Domestic Institutional Investors hold 20.59 percent and the Foreign Institutional Investors (FII) hold 7.56 percent.
Coromandel International Limited which is part of the Murugappa Group, is amongst India’s pioneers and leading Agri solutions provider, offering diverse products and services across the farming value chain which includes, Fertilisers, Crop Protection, Bio Products, Specialty Nutrients etc.
Written by: Bharath K.S
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