Coromandel Worldwide MD and CEO S. Sankarasubramanian
Coromandel Worldwide Board has accepted the agriculture options supplier’s capital expenditure plans to arrange a ₹513 crore granulation prepare on the fertiliser plant in Kakinada, Andhra Pradesh, and a ₹164 crore fungicides multi-product plant in Ankleshwar, Gujarat.
Each tasks are to be funded by way of a mix of inside accruals and exterior financing and meet rising buyer demand, the corporate stated in a submitting on Thursday after the Board assembly that additionally accepted outcomes for the quarter ended September.
The brand new, 7.5-lakh tonne granulation prepare will take the capability of the Kakinada website to 30 lakh tonnes and allow manufacturing of high-quality phosphatic fertilisers to satisfy the rising demand of Indian farmers. The growth venture will take 24 months and assist the 22.5 lakh tonne Kakinada plant emerge as one of many largest fertiliser manufacturing websites in India.
Earlier this yr, Coromandel Worldwide had introduced that it was organising a 650-tonne per day phosphoric acid plant and a couple of,000 TPD sulphuric acid plant at a value of ₹1,000 crore on the Kakinada plant. The tasks are prone to be commissioned by early 2026.
On the ₹164 crore fungicides multi product plant in Ankleshwar, for manufacturing crop safety technicals, it stated the ability would add 600 tonnes capability in 18 months. “The transfer aligns with the corporate’s development ambitions in crop safety phase and capitalises on India’s rising function as a key participant within the world provide chain,” it stated. The Ankleshwar facility current capability is 10,942 tonnes.
For the second quarter, the corporate reported consolidated internet revenue declined greater than 14% at ₹659 crore (₹755 crore) on a complete revenue of ₹7,498 crore (₹7,033 crore). Web revenue for the primary half ended September stood at ₹968 crore (₹1,249 crore) whereas complete revenue was ₹12,281 crore (₹12,771 crore).
Managing Director and CEO Mr. S.Sankarasubramanian stated the corporate registered a wholesome efficiency in Q2 on the again of upper gross sales volumes and improved operational efficiencies throughout companies. It continues to make sequential restoration quarter on quarter, regardless of decrease subsidy charges and firming up of uncooked materials costs. Coromandel shares closed 2.46% greater at Rs.1,639.75 every on the BSE.
EOM
Printed – October 24, 2024 08:12 pm IST
