Coromandel International Announces Q2 Results

 

Chennai October 19, 2010: The unaudited financial results for the Quarter/ Half year ended September 30, 2010 were approved by the Board of Directors at its meeting held on October 19, 2010.

Sales turnover during the half year ended September 30, 2010 is Rs.4,306.13 crore, as against Rs. Rs.3,273.15 crore in the corresponding period last year.

The gross profit before depreciation, interest and taxes for the half year is Rs.762.39 crore as against Rs. 442.73 crore during the same period last year; depreciation provided is Rs. 30.74 crore (corresponding period last year Rs.28.98 crore), interest charged is Rs. 41.10 crore (corresponding period last year Rs. 42.74 crore). Profit before tax for the half year is Rs. 690.55 crore as compared to Rs.371.01 crore in the corresponding period last year. Improved raw material procurement efficiencies in fertiliser business and increased contribution from pesticides, speciality nutrients and retail businesses over the last year has resulted in higher profitability besides recognition of subsidy income relating to previous periods following announcement of final rates of concession.

Provision for taxation for the period works out to Rs. 219 crore (Corresponding period last year Rs.131crore). The net profit is Rs.471.55 crore as against Rs. 240.01 crore during the corresponding period last year registering a growth of 96%.

The Board of Directors approved the sub-division of equity shares of Rs.2/- each to two shares of Re.1/- each and decided to seek Members approval through a Postal Ballot Process.

The Board of Directors appointed Mr Kapil Mehan as an Additional Director and Managing Director of the Company for a period of 5 years effective October 19, 2010. Mr V Ravichandran, Managing Director of the Company resigned from the office of Managing Director consequent to his elevation to the Murugappa Corporate Board as Lead Director Fertiliser and Sugar. Mr Ravichandran would continue as a Non-Executive Director on the Board of Directors of the Company.

A copy of the advise to the Stock Exchanges giving the highlights of the un-audited financial results approved by the Board of Directors of the Company on October 19, 2010 is attached.

About Murugappa Group

 Founded in 1900, the Rs.13617 Crores (USD 3.03 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including seven listed companies actively traded in NSE & BSE. Headquartered in Chennai, the major companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd, Coromandel International Ltd, Coromandel Engineering Company Ltd, EID Parry (India) Ltd, Parry Agro Industries Ltd, Tube Investments of India Ltd and Wendt (India) Ltd.

Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Mitsui Sumitomo, Foskor, Cargill, Groupe Chimique Tunisien, Winterthur Technology Group and Morgan Crucible. The Group has a wide geographical presence panning 13 states in India and 5 continents.

Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.