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A drop in fertiliser prices has impacted the consolidated revenues of Coromandel International, a Murugappa group company. The turnover of the firm came down to ₹2,060 crore in the quarter ended June 30, as against ₹2,204 crore in the comparable quarter last year.
The net profit fell by half to ₹7.49 crore (₹14.74 crore).
Sameer Goel, Managing Director, said: “International prices of fertilisers have softened. This helped in bringing down farm gate prices of phosphatic and potassic fertilisers. However, sharp correction in fertiliser prices ahead of the consumption season has impacted pipeline stocks, affecting the performance of fertiliser business.”
Commenting on the results, he said the crop protection business had been witnessing good growth and had performed well.
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