COROMANDEL.NSE Coromandel International Ltd

Coromandel Internationals subsidiary, Dhaksha Unmanned Systems, a has bagged an order to supply 200 medium altitude logistics drones and accessories to the Indian Army. Recently, Dhaksha has also bagged a 400-drone contract from agri inputs cooperative IFFCO for supply of agri-spraying drones. These are planned to be delivered over the course of next 12 months. Dhakshas orders for the current year have exceeded Rs 165 crore including the order from Defence and IFFCO. The company also has a strong order pipeline which will further increase the potential revenues for the current year.The company has a technology collaboration with Anna University and is the only player in the country to receive type certificates from DGCA for three drone models in medium & small categories for agriculture and surveillance applications

Recently, Dhaksha, an Indian drone manufacturer, had also bagged a 400-drone contract from agri inputs cooperative IFFCO for supply of agri-spraying drones. These are planned to be delivered over the course of next 12 months, Coromandel stated.Dhakshas orders for the current year have exceeded Rs 165 crore, including the order from Defence and IFFCO. The company also has a strong order pipeline which will further increase the potential revenues for the current year.The company has a technology collaboration with Anna University and is the only player in the country to receive type certificates from DGCA for three drone models in medium & small categories for agriculture and surveillance applications.Arun Alagappan, Executive Vice Chairman of Coromandel International said, The defence contract validates Dhakshas technology capability and its potential to capture opportunities in Unmanned Aerial Systems (UAS) space. This enables entry of Coromandel and Murugappa Group into Indian Defence sector supplies. We are excited to partner and support Dhaksha and drive the Atma Nirbhar Bharat vision in Drones manufacturing.”Coromandel International is amongst Indias pioneers and leading Agri solutions provider, offering diverse products and services across the farming value chain. It operates in two major segments: Nutrient and other allied businesses and Crop Protection. These include Fertiliser, Crop Protection, Bio Products, Specialty Nutrients and Organic businesses. The company had reported 1.01% fall in consolidated net profit to Rs 494.03 crore as sales remained flat at Rs 5,693.39 in Q1 FY24 over Q1 FY23.The scrip rose 0.47% to currently trade at Rs 1047.25 on the BSE.

Motilal Oswal is bullish on Coromandel International recommended buy rating on the stock with a target price of Rs 1185 in its research report dated July 30, 2023.