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NRIPage | Articles | Coromandel International Wins Appeal, Rs 589.2 Crore Recovery Order Quashed | Get Indian Desi Latest Sports News & Updates in USA. Stay Ahead in Sports & Gaming Action - NRI Page
Coromandel International Ltd. has won an appeal to quash an order to recover Rs 589.2 crore, including penalty and interest, from the company. The original order, filed by the additional commissioner of central tax from the Visakhapatnam Central GST Commissionerate, was contested successfully by the company. The Office of the Commissioner (Appeals), Central Tax and Customs, Guntur, ruled in Coromandel's favor on January 20, 2025.
In a related matter, the fertilizer manufacturer had earlier received a Goods and Services Tax (GST) demand order for Rs 11 crore from the Raigad tax authority. Additionally, the company had been handed a GST notice of Rs 7.3 crore, along with a fine of Rs 3.75 crore. However, the appeal result now provides significant relief to Coromandel International.
On the financial front, the company reported a revenue increase of 6.4% for the second quarter of fiscal year 2025, amounting to Rs 7,432.8 crore, compared to Rs 6,988.1 crore in the same quarter last year. Despite the growth in revenue, the company’s net profit dropped by 13%, coming in at Rs 659.1 crore, down from Rs 754.6 crore year-on-year. This dip in profitability was also reflected in a decrease in earnings before interest, tax, depreciation, and amortization (EBITDA), which fell by 8% to Rs 974.8 crore.
Coromandel's profit margins also saw a contraction, dropping to 13.1% in Q2 FY 2025 from 15.2% in the previous year. Despite these challenges, shares of Coromandel International closed 4.04% higher at Rs 1,848.75 on the National Stock Exchange, outpacing the benchmark Nifty 50’s 0.22% rise. The stock has gained 9.26% over the past 12 months, and analysts remain optimistic, with a 7.3% potential upside on the average 12-month price target.
