0
Home
News
Directory
E-newsletter
Magazine
Events
Data
AgReport
Subscribe
India Fertilizer Maker Sees Virus Outbreak Delaying Expansion
May. 29, 2020
> Coromandel plans to invest 4 billion rupees this fiscal year
> Shares have outperformed the benchmark as farm outlook bright
Coromandel International Ltd., an Indian maker of fertilizers and pesticides, will probably delay its planned investment as factories slowly reopen from a nationwide lockdown to contain the coronavirus outbreak.
“There could be a little bit of a push out of our capex given the Covid situation,” Chief Financial Officer Jayashree Satagopan said in an earnings call on Wednesday. “The first focus is going to be to ensure that our operations are fully functioning, all the critical essential capex will be carried out, some of them might be still lower by a quarter or so.”
The company expects to spend about 4 billion rupees ($53 million) to boost capacity in the year started April 1, and the amount will be roughly unchanged for the next two years. Coromandel’s shares have outperformed the benchmark stock index over the past year as agriculture is set to be a relative bright spot in an economy hurtling toward its first contraction in decades.
Rice and wheat output is poised to climb to a record in India. Farmers grow rice, pulses, cotton, sugar cane and soybeans on over 106 million hectares in the monsoon season that starts in June, according to the farm ministry.
[ Survey ]
Join AgroPages TOP 20 India Agrochemical Companies ranking list in FY2019-20
The ranking list of top 20 India agrochemical companies has been published by AgroPages for 7 years since FY2012-13. To understand Indian agrochemical market better and faster, we will make persistent efforts to keep on.
Top 20 Indian Agrochemical Companies in FY 2018-19: Backwards Integration, Forwards “OpenAg”
Note：
1. The list of rankings focuses only on Indian native enterprises, excluding the branches of multinational companies in India.
2. The list of rankings focuses only on the sales of pesticide products(TC & Formulation), excluding the sales of fertilizers and intermediates.
3. If you join this survey, we'll freely publish a PR news online for your company. Please contact: zorro@agropages.com
We'll offer you the Company Directory in the upcoming 2020 India Pesticide Suppliers Guide magazine once the information adopted.
Source: Bloomberg
More from AgroNews
Change
Hot TopicSubscribe
| Subscribe Email: | * | |
| Name: | ||
| Mobile Number: | ||
Comment
0/1200
NEWSLETTER