A granular agrochemical composition is disclosed including a granular core material having a water soluble portion with a first coating layer applied on the surface of the core material and a second coating layer applied on the surface of the first coating layer. The first coating layer includes a wax composition having a biologically active ingredient incorporated therein and the second coating layer includes a polymeric composition. The granular agrochemical composition exhibits a controlled rate of release of the biologically active ingredient therefrom over a period greater than about 30 days from the date of initial exposure of the granular composition to moisture whereby essentially all of the biologically active ingredient incorporated in the wax material of the first coating layer is released from the granular composition before the water soluble portion of the granular core material is released from the granular composition.