The board of directors at Coromandel International has approved an Rs 800 crore investment plan to expand operations.

A portion of these funds will enhance granulation capacity by 7.5 lakh tons per annum for the production of complex and unique fertilizers at Kakinada in Andhra Pradesh, aimed at meeting the growing domestic demand for high-quality phosphatic fertilizers.

Additionally, a multi-product plant for manufacturing recently off-patented fungicides will be established in Ankleshwar, Gujarat.

The company has reported a decline in net profit for the quarter ending September 30, 2024.

The company's profit after tax (PAT) fell to Rs 696 crore, down from ₹762 crore in the same quarter last year.

This decrease in profitability occurred despite a 7% rise in total income, which reached ₹7,509 crore, compared to ₹7,031 crore during the corresponding quarter of the previous year.

For the first half of the financial year, the company's net profit stood at Rs 1,027 crore, a decline from Rs 1,267 crore in the same period last year. Total income for this period also decreased to Rs 12,277 crore from ₹12,771 crore.

Despite the challenges faced in the quarter, Coromandel International remains optimistic about future prospects, bolstered by favorable agricultural conditions and increased government support for the sector.