Shares of farm inputs provider Coromandel International Ltd gained 3% in the early deals on Wednesday, hitting a new 52-week high, after the company reported strong performance in March quarter.
Company’s revenues grew 9%, helped by higher rabi crop sowing and recovery in sales of fertilizers. Also, due to lower raw material costs, Coromandel’s earnings grew at a faster pace and its profit after tax more than doubled to ₹234 crore, up 112% year-on-year.
Raw material costs as a percentage of sales dropped five percentage points from the year ago to 65% in the last quarter, points out analysts at Motilal Oswal Financial Services Ltd.
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