Indian agricultural chemicals maker Coromandel International Ltd reported a 15% fall in its quarterly profit on Monday, as soaring costs offset growing demand.
Consolidated net profit after tax for the quarter rose to 2.46 billion rupees ($30.08 million), compared with 2.9 billion rupees a year earlier. Revenue from operations rose nearly 30% to 54.76 billion rupees, but was outpaced by a 32% increase in total expenses.
Coromandel has reported a rise in quarterly profit in the last four quarters, as increased crop sowing and firm crop prices bolstered the demand for its products.
While the fertiliser sector witnessed high channel inventory in the fourth quarter driven by slight growth in demand and cooling raw material prices, reduced pest infestations have dented the consumption of pesticides, analysts said.
Last week, peer UPL Ltd reported a 42% fall in its Q4 profit, hurt by rising raw material costs.
