Chennai, 21st January 2010: The unaudited financial results for the Quarter ended December 31, 2009 were approved by the Board of Directors at its meeting held on January 21, 2010.
Sales turnover for the nine months period ended December 31, 2009 is Rs.5029.96 crore, as against Rs.8518.12 crore in the corresponding period last year. (3 months ended Dec’09 is Rs. 1756.81 cr against Rs.3726.25 cr for the corresponding period last year).
The Profit from operations before, interest and exceptional item for the nine months period is Rs. 642.75 crore as against Rs.680.56 crore during the same period last year. (3 months period is Rs.229 cr against Rs.230.09 cr during the same period last year).
After considering interest charge of Rs. 60.62 crore (Previous year : Rs.56.87 crore), Profit Before Tax for the nine months period is Rs.582.13 crore as compared to Rs 782.28 crore in the corresponding period last year which included an exceptional income of Rs .158.59 crore received from Foskor Pty Ltd , South Africa towards remuneration under the Business Assistance Agreement. (3 months period is Rs.211.12 cr against Rs.208.82 cr during the same period last year).
Provision for taxation for the period works out to Rs.196 crore (Corresponding period last year Rs.273.43 crore). The net profit is Rs. 386.13 crore as against Rs.508.85 crore during the corresponding period last year. (3 months period is Rs.146.12 cr against Rs.132.58 cr during the same period last year)
The Board of Directors approved payment of an Interim Dividend of Rs.6/- per share.(300% on face value of Rs.2/- share) on the equity capital of the Company to the shareholders whose name appear in the register of Members on February 03, 2010
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 January 21, 2010 is attached.
About Murugappa Group
Headquartered in Chennai, the Rs. 15,907 crores (USD 3.14 billion) Murugappa Group is one of India’s leading business conglomerates. Market leaders in diverse areas of business including Engineering, Abrasives, Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, its 29 companies have manufacturing facilities spread across 13 states in India. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees. The Group has forged strong joint venture alliances with leading international companies like DBS Bank, Mitsui Sumitomo, Foskor, Cargill and Groupe Chimique Tunisien has consolidated its status as one of the fastest growing diversified business houses in India.
About Coromandel International Limited
Coromandel, a leading manufacturer of a wide range of fertilisers and pesticides (technical and formulations), is a part of the Rs 15,907 crore Murugappa Group. The Company was incorporated in 1961, by the synergistic efforts of two major companies of the US – Chevron Chemical Company and International Minerals and Chemicals Corporation – and EID Parry Ltd, a leading business house in India associated with agriculture. Coromandel markets around 2.9 million tonnes of phosphatic fertilisers, making it the leader in its addressable markets and the second-largest producer of phosphatic fertilisers in India.
Coromandel is known in the global agro-chemical market as the second-largest manufacturer of Malathion and only the second manufacturer of Phenthoate. Coromandel’s pesticide business produces over 35 types of insecticides, fungicides and herbicides that are marketed across the country and exported to many countries in South America, Western Africa, Middle East and South East Asia.