The shares of one of India’s leading agri solutions provider gained a percent after its subsidiary secured an order from the Indian army to deliver 200 drones.
At 1:05 p.m.,On the National Stock Exchange, Coromandel International Ltd shares were trading at Rs 1,062 a share, up Rs 15.35 or 1.47 percent from the previous close price. The company has a market capitalization of Rs 31,219 crore.
As per company’s exchange filing, Dhaksha Unmanned Systems, a subsidiary of Coromandel International, received a Rs 165 crore order for Defence and Agri drones,to supply 200 medium altitude logistics drones and accessories to the Indian Army.
Coromandel International, through its wholly-owned subsidiary Coromandel Technology Limited (CTL), acquired an additional 32.68 percent equity stake in Daksha Unmanned Systems (Dhaksha) in June 2023, bringing Coromandel’s stake to 51 percent.
In the earnings front, Coromandel International recorded a net profit of Rs 497 crore for the April-June quarter, which was the same as the previous year’s equivalent period.Sequentially, the net profit was up by 89 per cent from Rs 263 crore reported in the previous quarter.
Revenue from operations for June 2023 quarter declined YoY to Rs 5,693 crore as compared to Rs 5,729 crore in the year-ago period. The number increased by 4 percent, quarter-on-quarter, against Rs 5,475 crore reported in the March 2023 quarter.
Coromandel International Ltd achieved a return on equity ratio of 25.45 percent and return on capital employed at 34.79 percent.
As per current shareholding pattern,the promoters own 57.4 percent of the company, and Foreign institutional investors own 7.56 percent and domestic institutional investors own 20.63 percent.
Coromandel International Ltd manufactures fertilisers, plant protection chemicals, and specialty nutrients.The company has entered the retail market in the agro and lifestyle sectors.The company’s operations are separated into two major segments: nutrition and other linked products and crop protection.
Written by Omkar Chitnis
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