The shares of one of India’s leading agri-solutions provider, specializing in offering a diverse range of products and services across the farming value chain jumped upto 7 percent upon signing a Memorandum of Understanding (MOU) with Saudi Mining Company Ma’aden to Partner for Phosphatic Fertilisers.
Price action
With a market capitalization of 63,053.65 Crores on Friday, the shares of Coromandel International Limited jumped upto 6.9 percent, making a high of Rs. 2144.00 compared to its previous closing price of Rs. 2005.25.
What Happened
Coromandel International Limited, engaged in offering a diverse range of products and services across the farming value chain, has signed a Memorandum of Understanding (MOU) with the Saudi Mining Company Ma’aden
The MoU intends to strengthen their long-term partnership for the supply of Di-Ammonium Phosphate (DAP) and NP/NPK fertilisers, and this agreement ensures a steady and sustainable fertilizer supply to support Indian agriculture.
Management Commentary
Mr. Narayanan Vellayan, Director – Strategic Sourcing, Coromandel International Limited, stated: “In recent times, DAP availability in India has been impacted due to global supply disruptions. This strategic partnership with Ma’aden is a natural extension of our longstanding relationship and will help Coromandel ensure the timely availability of DAP and complex fertilisers to the Indian farming community.
Coromandel, with its close connection to over 4.5 million farmers, remains steadfast in its commitment to Indian agriculture, working alongside Ma’aden as a trusted and sustainable partner.”
Mr. Saud Al Tamimi, Director – Fertiliser Sales Commercial, Phosphate Business Unit, Ma’aden, stated: “Ma’aden has been the largest supplier of phosphate fertilisers to India for over a decade. We are expanding our production capacity from 6 million tonnes to 9 million tonnes in the near term, reinforcing our commitment to serve the growing needs of India’s agriculture sector.”
About the Company
Coromandel International Limited is the 2nd largest manufacturer and marketer of Phosphatic fertiliser in India, offering diverse products and services across the farming value chain. It operates in two major segments: Nutrient and other allied businesses and Crop Protection. These include Fertiliser, Crop Protection, Bio Products, Specialty Nutrients, and Organic businesses.
Financials
The company’s revenue rose by 27.63 percent from Rs. 5,522.69 crore to Rs. 7,048.86 crore in Q3FY24-25. Meanwhile, Net profit declined from Rs. 230.98 crores to Rs. 511.77 crore during the same period.
Written by Sridhar J
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