The board of agri-solutions provider Coromandel International Ltd has given its nod to set up a phosphoric and sulphuric acid plants towards backward integration capabilities, a top official has said.

The proposal would further enhance the company's cost efficiencies, raw material security and can contribute towards the 'Government's vision of an Atmanirbhar Bharat', company Executive Vice-Chairman Arun Alagappan said.

"Agri inputs industry experienced a challenging quarter with external headwinds such as below normal monsoons and lower crop sowings. The NBS rates for the Rabi season underwent a steep downward revision which coupled with the rising raw material prices further impacted the industry's performance," Alagappan said.

"Despite the challenges, Coromandel's Nutrient and Allied businesses improved its market share during the quarter amidst decline in sales volumes. The crop protection business improved its market share during the quarter amidst decline in sales volumes," Alagappan said in a statement.

On the company's subsidiary Dhaksha, engaged in drone manufacture, he said it has built a strong order book from the defence, agriculture and enterprise customers and is ramping up its production capacity during the current year. Coromandel International is actively promoting usage of drones in agriculture through its 'Gromor Drive' programme and through its retail chain, he added.