Industry News

Coromandel International Achieves 20% Gain on New Products

Nikita Arya
Nikita Arya
coromandel-international

One of India's largest phosphate fertilizer companies, Coromandel International has received an increase of 20 percent, thanks to the company's focus on bringing unique grade products and rising backward integration.

These grade products, which usually fetched higher margins, have contributed to the 38 percent to the total revenue in the financial year 2019. The company is also planning to raise it to half its output in the next few years.

As per recent data, the company's sales volume has grown by 44 percent on the Year-On-Year basis to 0.7 million tonnes in the quarter ended December 2019, as compared to 23 percent of the industry.

Coromandel International Limited produces a broad range of fertilizers and specialty nutrients. It also deals in the business segments of crop protection and retail. The company is a part of the Murugappa Group, which is worth Rs 36,893 crore.

The company is working aggressively towards its growth. Their major focus is on creating products with a new and unique chemistry. Recently, the company came up with a revolutionary insecticide called 'Astra' and a product named 'Prospell' in fungicides.

Satish Tiwari, who earlier used to be Coromandel's Senior General Manager - Crop Protection, has recently been promoted as National Head - Marketing. As a new marketing head, he envisions to work towards renovating their services and products that can please the farmer community. The core markets of Coromandel International are Andhra Pradesh, Telangana,  Karnataka, Tamil Nadu, Maharashtra, Punjab, Haryana, Madhya Pradesh, West Bengal, and Gujarat.

On Friday, the stock of Coromandel is trading at Rs 607.50, down by 0.64 percent against its previous close of Rs 611.40. Speaking of the week-high and week-low, the company recorded a 52-week high at Rs 618.70 and a 52-week low at Rs 336.50 on BSE.

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