The Board of Directors have also approved an interim dividend of 400% (Rs.4 per share) on face value of Re.1 per share.
Sales during the nine months ended December 31, 2011 is Rs.7051.64 crore, as against Rs. Rs.6353.20 crore in the corresponding period last year, registering a growth of 11%.
The gross profit before depreciation, interest and taxes for the nine months is Rs.957.83 crore as against Rs.1016.00 crore during the same period last year; depreciation provided was Rs. 41.54 crore (corresponding period last year Rs. 46.88 crore), interest charged Rs.72.33 crore (corresponding period last year Rs. 62.28 crore).
Profit before tax and exceptional item for the nine months is Rs. 843.95 crore as compared to Rs.906.84 crore in the corresponding period last year. After considering exceptional item of Rs.35.53 crore (corresponding period last year NIL) PBT for the nine months is Rs.808.42 crore. Profit before tax for the nine months includes prior period subsidy income of Rs.40.76 crore (corresponding period last year Rs.226.03 crore)
Provision for taxation for the period works-out to Rs. 236.69 crore (corresponding period last year Rs.285.00 crore). The net profit is Rs.571.73 crore as against Rs. 621.84 crore during the corresponding period last year.
During the quarter, the Company completed the acquisition of Sabero Organics Gujarat Limited (Sabero) and now holds 69.10% in Sabero along with its subsidiary.
Recently, Coromandel SQM a joint venture between the Company and SQM, world leader in manufacture of water soluble Speciality plant nutrition solutions announced completion of its water soluble plant at Kakinada, Andhra Pradesh.
Commenting on the financial results, Mr Kapil Mehan, Managing Director, Coromandel International Ltd., said – “We are pleased to report improved operating performance in spite of challenging market condition and depreciating Rupee. Without considering exceptional item, PBT for the quarter has gone by 4% to Rs.224.78 crore over corresponding quarter of previous year (Rs.216.29 crore)”.
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 23, 2012 is attached.
About Coromandel International Limited
Coromandel International Limited, India’s second largest Phosphatic fertilizer player, is in the business segments of Fertilizers, Specialty Nutrients, Crop Protection and Retail. The Company manufactures a wide range of fertilizers and markets around 2.9 million tons making it a leader in its addressable markets.
In its endeavor to be a complete plant nutrition solutions Company, Coromandel has also introduced a range of Specialty Nutrient products including Organic Fertilizers. The Crop Protection business produces insecticides, fungicides and herbicides and markets these products in India and across the globe. Coromandel is the second largest manufacturer of Malathion and only the second manufacturer of Phenthoate. Coromandel has also ventured into the retail business setting up more than 425 rural retail centers in the agriculture and lifestyle segments.
The Company clocked a turnover of Rs. 7,527 Cr during FY 2010-11. lt was ranked among the top 20 best companies to work for by Business Today and was also voted as one of the ten greenest companies in India by TERI, reflecting its commitment to the environment and society. Coromandel is a part of the Rs.17051 Cr Murugappa Group. For more details, please visit www.coromandel.biz.
About Murugappa Group
Founded in 1900, the Rs. 17051 Crores (USD 3.8 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eight 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., E.I.D. 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 Groupe Chimique Tunisien, Foskor, Cargill, Mitsui Sumitomo and Morgan Crucible. The Group has a wide geographical presence spanning 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.
For Media queries, please contact:
Sreenivasa Rao Behara
Head – PR, Coromandel International Limited
Tel : 040 – 66997476, 27842034/27847212
Mobile : 9963550040
Email : firstname.lastname@example.org