Long-term debt-equity remains very healthy: Coromandel Intl

Fertilisers manufacturer Coromandel International reported 38 percent rise in its consolidated Q3 net profit at Rs 94.21 crore from Rs 68.39 crore in same quarter a year ago aided by increased sale of fertilisers due to good monsoons. Its consolidated revenue improved by 13 percent at Rs 2,756 crore from Rs 2,424 crore on a year-on-year basis.

Sharing views on the financial performance of the company, MD Kapil Mehan said, "Our long-term debt and equity continues to be very healthy. It has improved from 0.37 to 0.32 because we had some repayment of loan during this quater. Our net debt is now at 0.84 as compared to 0.85 last year." The company aims to reduce its debt going ahead.

He further added that the company's hedging costs are high, but it did not report any MTM losses this time. "Relatively in this quarter the exchange rate has been rangebound. It was not very volatile. You have seen in between 61-63 kind of a movement. We have a robust forex management policy which takes care of these fluctuations," he said.

At 12:44 hrs shares of the company were quoting at Rs 222.90, down Rs 21.05, or 8.63 percent.